1. The Statement of Retained Earnings is prepared using:
a.
An Adjusted Trial Balance and Income Statement
b.
And Income Statement
c.
A Balance Sheet
d.
An Income Statement and a Balance Sheet
2. Deferred revenue is that revenue is
a.
earned but the cash has not been received
b.
not earned but the cash has been received
c.
not earned and the cash has not been received
d.
earned and the cash has been received.
3. Adjusting entries are
a.
rarely needed in large companies
b.
the same as correcting entries
c.
needed to bring accounts up to date and match revenue andexpense
d.
the same as correcting entries
4. Which of the following is considered to be unearnedrevenue?
a.
theater tickets sold yesterday on credit for yesterday’sperformance
b.
theater tickets sold for next month’s performance
c.
theater tickets that were not sold for the currentperformance
d.
theater tickets sold last month for yesterday’s performance
5. Which of the following is an example of accrued revenue?
a.
snow removal services that have been provided but have not beenbilled or paid
b.
snow removal services that has been provided and paid on thesame day
c.
an agreement that has been signed for snow removal services forthe next three months
d.
snow removal services that have been paid for three months inadvance
6. Which one of the fixed asset accounts listed below will nothave a related contra asset account?
a.
Land
b.
Buildings
c.
Delivery Equipment
d.
Office Equipment
7. The first item appearing on the statement of retainedearnings is
a.
the beginning balance of retained earnings
b.
net income
c.
dividends
d.
Net increase of current year
8. Which of the following accounts will not be closed to IncomeSummary at the end of the fiscal year?
a.
Fees Earned
b.
Insurance Expense
c.
Prepaid Insurance
d.
Utilities Expense
9. Which of the following accounts ordinarily appears in thepost-closing trial balance?
a.
Supplies Expenses
b.
Unearned Rent
c.
Dividends
d.
Fees Earned.
10. Which of the accounting steps in the accounting processbelow would be completed last?
a.
posting to ledger
b.
journalizing
c.
preparing the financial statements
d.
preparing the adjusted trial balance
11. When the terms of sale are FOB shipping point, who shouldultimately pay the transportation charges?
a. Supplier
b. Seller
c. Shippingcompany
d. Buyer
12. Which of the following methods uses the oldest price ofinventory first when assigning a value to our inventory?
a. FIFO
b. LIFO
c. Average cost
13. Merchandise inventory is classified on the balance sheet asa
a. current asset
b. current liability
c. it’s not on thebalance sheet
d. long-termliability
14. A new account on the multi-step income statement for amerchandiser uses which of the following as an expense when sellinginventory?
a. wagesexpense
b. merchandiseinventory
c. cost of goodssold
d. copyright
15. Taking advantage of a 2/10, n/30 purchases discount is equalto a yearly savings rate of approximately
a. 24%
b. 20%
c. 36%
d. 2%
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