post university acc 111 all chapter quizess

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·Chapter 1
quiz

·
Question 1

·

Which
of the following is not one of the four financial statements?

Selected Answer:

Correct An:

Response Feedback:

The four financial statements are
the Balance Sheet, Income Statement, Statement of Retained Earnings, Statement
of Cash Flow.

·
Question 2

2 out of 2 points

The
accounting formula is Assets =

·
Question 3

2 out of 2 points

Net Income is equal to:

Selected Answer:

.

:

·
Question 4

0 out of 2 points

If total liabilities decreased by $5,000 and
stockholders’ equity increased by $15,000 during a period of time, then total
assets must change by what amount and direction during that same time period?

·
Question 5

2 out of 2 points

Retained Earnings represents:

Chapter 2 quiz

·
Question 1

0 out of 2 points

Post
Company uses $10,000 in cash to pay $10,000 on accounts payable.This would result in:

·
Question 2

2 out of 2 points

A
company was recently formed with $ 100,000 cash contributed to the company by
stock-holders. The company then borrowed $ 50,000 from a bank and bought a $
20,000 vehicle for cash.They also purchased $10,000 of equipment by
paying $ 2,000 in cash and issuing a note for the remainder. What is the
amount of total assets to be reported on the balance sheet?

·
Question 3

0 out of 2 points

In
regard to the balance sheet, which of the following statements is true?

·
Question 4

2 out of 2 points

Which
of the following are current assets?

·
Question 5

2 out of 2 points

Which
of the following true In regard to current liabilities?

Selected Answer:

Correct Answer:

·
Question 6

2 out of 2 points

A
company purchases $23,000 of supplies in the current month and promises to
pay for them next month.How would the company record a liability for the
supplies?

·
Question 7

2 out of 2 points

Alpha
Company borrows $200,000 from its bank and buys equipment.How does this transaction affect the
accounting equation?

2 out of 2 points

Bravo
Company purchases Land for $200,000 paying cash of $$80,000 and signing a
note for the balance.The accounting entry would be:

Chapter 3 quiz

·
Question 1

2 out of 2 points

The
New York Yankees baseball team has an account titled “Unearned Ticket
Revenue”.What type of account is this and on what
financial statement is it reported?

·
Question 2

0 out of 2 points

During
November 200X John painted a barn.The customer does not pay John until January this
next year.Which of the following statements is correct?

·
Question 3

0 out of 2 points

During
June 200X Mary Jones incurs $8,000 of legal expense. She will pay the expense in July.She uses the accrual basis of
accounting.How will these transactions affect her financial
statements?

Week 4 quiz

·
Question 1

2 out of 2 points

Retained
earnings for the ABC Company as of January 1, 200X was $800. During the year the company earned
revenue of $5,000, had expenses of $3,200 and paid a cash dividend of
$500.The income statement for the year ending December 31, 200X would show
net income of:

Selected Answer:

Correct Answer:

Response Feedback:

.

·
Question 2

2 out of 2 points

The
balance in Prepaid insurance is $ 2,500 before any adjustment.$1,000 worth of the insurance has
expired.The adjusting journal entry should include which
of the following?

·
Question 3

2 out of 2 points

On
January 1, 200X the Post Company started the year with a balance of $1,000 in
the supplies account.During the year the company purchased supplies
for $2,000.On December 31, 200X there was $1,200 of supplies
on hand.What adjusting entry would be made on December
31, 200X?

·
Question 4

2 out of 2 points

Payment
of a dividend will:

·
Question 5

0 out of 2 points

Central
Company purchased equipment on January 1, 200X for $12,000.The equipment has a useful life of
six years.What adjusting entry would be made for 200X to
record depreciation expense?

Unit 5 quiz

·
Question 1

2 out of 2 points

Based on the following income statement what is
the Net Profit Margin Ratio?

Cinnamon and Spice., Inc.

Income Statement

As of Dec. 31, 200X

Revenue:

Sales

$180,000

Expenses:

Selling
expense

84,000

Operating
expense

18,000

Interest
expense

11,000

Other
expense

7,000

Total
expense

120,000

Net Income

$60,000

·
Question 2

2 out of 2 points

Company
A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000.

What
is the debt to asset ratio for Company A?

Selected Answer:

Correct Answer:

Response Feedback:

%

Unit 5 chapter 6 quiz

·
Question 1

2 out of 2 points

Sales
with terms 2/ 10, n/ 30 means:

·
Question 2

2 out of 2 points

A
$ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if
received on May 9, will the customer’s check be?

·
Question 3

2 out of 2 points

A
company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage
is:

·
Question 4

2 out of 2 points

Company
Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns
of $50,000. How will this be shown on the
Income Statement?

·
Question 5

2 out of 2 points

On
March 1, 200X Bravo Company sells $6,000 of services on credit terms offering
a 2% discount if paid within ten days.They are paid on March 3.The customer takes the discount,
what is Bravo Company’s accounting entry on March 3, 200X?

Selected Answer:

Correct Answer:

Response Feedback:

·
Question 6

2 out of 2 points

The
accounting entry for a sales return includes:

Selected Answer:

Correct Answer:

Response Feedback:

Sales returns is a contra
sales account.

Thursday, November 2

Unit 6 chapter 7 quiz

·
Question 1

2 out of 2 points

The
200X records of Thompson Company showed beginning inventory of $6,000, cost
of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

·
Question 2

2 out of 2 points

Post
Company began the current month with $10,000 in inventory, then purchased
inventory at a cost of $35,000. The inventory at the end of the
month was $20,000.The cost of goods sold would be:

·
Question 3

2 out of 2 points

Following is the inventory activity for July:

Beginning Balance 10 sweaters @
$12 each

1-Jul

Purchased 5 sweaters at $14 each

8-Jul

Purchased 8 sweaters at $17 each

17-Jul

Purchased 6 sweaters at $20 each

24-Jul

Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the
FIFO method?

·
Question 4

2 out of 2 points

Following is the inventory activity for July:

Beginning Balance 10 sweaters @
$12 each

1-Jul

Purchased 5 sweaters at $14 each

8-Jul

Purchased 8 sweaters at $17 each

17-Jul

Purchased 6 sweaters at $20 each

24-Jul

Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the LIFO method?

Selected Answer:

$224

Correct Answer:

$224

Response Feedback:

LIFO Ending Inventory consists of:

10 sweaters @ $12 each

10

$120

5 sweaters @ $14 each

5

$70

2 sweaters @ $17 each

2

$34

LIFO Ending Inventory consists
of:

17

$224

Unit 6 chapter 8 quiz

·
Question 1

2 out of 2 points

A
company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made
twice a year. Each interest payment will be for:

·
Question 2

2 out of 2 points

Which
of the following is true?

Selected Answer:

Correct Answer:

Response Feedback:

.

·
Question 3

2 out of 2 points

Post
Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5%
interest note. Post Company prepares financial statements
on April 30. What adjusting entry should they make?

Thursday, Novembe

Unit 7 chapter 9 quiz

·
Question 1

0 out of 2 points

Which
of the following is not capitalized when a piece of production equipment is
acquired for a factory?

Selected Answer:

Correct Answer:

·
Question 2

2 out of 2 points

On
January 1, 200X Post Company purchased a machine for $80,000. The machine had a salvage value of
$8,000 and a useful life of 10 years. Using straight line depreciation, the
accounting entry for recording depreciation expense for the second year of
operation would be:

·
Question 3

2 out of 2 points

Post
Company uses straight- line depreciation for all of its depreciable
assets.Post sold a piece of machinery on December 31,
2009, that it purchased on January 1, 2009 for $ 2,000. The asset had a five-
year life and zero residual value. Accumulated depreciation was $400.If the sales price of the used
machine was $ 1,200, the resulting gain or loss on disposal was which of the
following amounts?

·
Question 4

2 out of 2 points

Post
Company purchased a patent on January 1, 200X for $50,000.The patent has a useful life of 10
years.The accounting entry to record the patent
amortization expense for the first year would be:

Chapter 11 quiz

·
Question 1

2 out of 2 points

Post Company issues 10,000 shares of $5 par value
common stock for $20 a share. The accounting entry for this transaction
would be:

Selected Answer:

Correct Answer:

Response Feedback:

·
Question 2

2 out of 2 points

Dividends
become a liability of the corporation:

Selected Answer:

Correct Answer:

·
Question 3

2 out of 2 points

XYZ
Company has 100,000 shares of stock outstanding.On January 1, 200X XYZ Company
declared a cash dividend of .50 per share to be paid on January 31.On January 1 XYZ Company will make
the following journal entry:

·
Question 4

2 out of 2 points

Which
of the following will result when a dividend is paid?

·
Question 5

2 out of 2 points

In
its most basic form, the Earnings per Share (EPS) ratio is calculated as:

Selected Answer:

Correct Answer:

Thursday,
November 28, 2013 4:26:27 AM EST

Er 12 quiz

·
Question 1

2 out of 2 points

Which of the following is not one of the
activities shown on the Statement of Cash Flows?

·
Question 2

2 out of 2 points

Which of the following is not an operating
activity shown on the Statement of Cash Flows?

·
Question 3

2 out of 2 points

Which of the following is not an investing
activity shown on the Statement of Cash Flows?

·
Question 4

2 out of 2 points

Which of the following is not a financing
activity shown on the Statement of Cash Flows?

c

Thursday,
Novem

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