Finacial Accounting

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  1. Patents would appear in which section of the balance sheet
    Intanbible assets
  2. Which of the following appears on the balance sheet
    merchandise inventory
  3. An adjusting entry made to record accrued interest on a note payable due next year consist of
    • Interest Expense-Debit
    • Interest Payable-Credit
  4. Earnings per share are found on which financial statement
    Income Statement
  5. Which accounting term does not mean the same as the others
    retained earnings
  6. Which type of account is cost of goods sold
    an expense account
  7. Which of the following transactions will not result in an increase in revenues
    sale of stock to investors for cash
  8. What is the adjustment entry for the portion of revenue received in advance which has now been earned
    • Unearned Revenue - Debit
    • Revenue from services - Credit
  9. The cost of doing business is also know as
    an expense
  10. The matching rule is applied
    to help produce an accurate measurement of a company's performance
  11. If on December 31,2010 supplies on hand were $20 the adjusting entry would contain a
    debit to supplies expense for $130
  12. Which of the following is an example of a deferral
    a commission collected in advance
  13. Which of the following is not an application of accrual accounting
    Recording on the basis of actual receipt and payment of cash
  14. To obtain a slightly more accurate measure of net income, Gabrielli, Inc., has determined that is must hire two full-time accountants. If it decides against the hiring, it has followed the convention of
  15. The store supplies account had a 360 debit balance at the of the accounting period before adjustment for supplies used, and an inventory of $80 worth of unused supplies was on hand, which of the following is the required adjusting entry?
    • Debit Store Supplies Expense $280
    • and Credit Store Supplies $280
  16. Gross margin equals the differece between net sales and
    cost of goods sold
  17. If a services totalling $125 had been performed but not billed, the adjusting entry to record this would include a
    credit to service Revenue Earned for $125
  18. A company should classify land held for a planned manufacturing facility as
    an investment
Card Set:
Finacial Accounting
2011-12-02 23:20:22

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