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Manal Elkhoshkhany
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1. If a company receives cash for providing services to customers,

Resolved Question:

1. If a company receives cash for providing services to customers, that transaction is
a. an asset source transaction.
b. an asset use transaction.
c. an asset exchange transaction.
d. either A or C

2.Which of the following items would appear on a balance sheet?
a. Notes Payable
b. Dividends
c. Expenses
d. Revenues

3.The amount of land owned by a business appears on which financial statement?
a. income statement
b. statement of changes in stockholders' equity
c. statement of cash flows
d. balance sheet

4.Hanks Corporation acquired $150,000 cash by issuing common stock to investors. As a result of this event,
a. retained earnings increased.
b. assets increased.
c. liabilities increased.
d. both B and C.

5.The balance sheet for Raymond Company shows total assets of $4,000, liabilities of $1,500, and retained earnings of $1,200. Based on this information, the amount of common stock must be
a. $1,300.
b. $5,500.
c. $4,200.
d. $1,700.

6.The matching concept refers to the "matching" of:
a. expenses and liabilities
b. expenses and revenues
c. assets and equity
d. assets and liabilities

7.Which of the following lists represents the correct sequence of stages in an accounting cycle?
a. record transactions, prepare statements, adjust accounts, close temporary accounts
b. prepare statements, close temporary accounts, record transactions, adjust accounts
c. close temporary accounts, record transactions, prepare statements, adjust accounts
d. record transactions, adjust accounts, prepare statements, close temporary accounts

8.Which of the following accounts is a permanent account (an account that is not closed)?
a. Rent Expense
b. Service Revenue
c. Dividends
d. Prepaid Insurance

9.Which of the following transactions does not involve an accrual?
a. recording revenue that has been earned but not yet received
b. recording interest expense incurred but not yet paid
c. recording salary expense incurred but not yet paid
d. recording the pre-payment of two year's worth of insurance

10.Merchandising businesses
a. manufacture the goods they sell.
b. generate revenue primarily by providing services to customers.
c. buy the merchandise they sell from suppliers.
d. include dry cleaning companies and law firms.

11.Gross margin is equal to
a. Sales Revenue divided by the balance in Merchandise Inventory at the end of the period.
b. The balance in Merchandise Inventory at the beginning of the period plus the amount of inventory purchased during the year.
c. Sales Revenue minus Cost of Goods Sold.
d. Sales Revenue minus Cost of Goods Available for Sale.

12.A merchandising firm's accounting system must allocate the Cost of Goods Available for Sale between
a. the Merchandise Inventory balance at the start of the period and the balance at the end of the period.
b. Cost of Goods Sold and the ending balance in Merchandise Inventory.
c. the beginning balance in Merchandise Inventory and Cost of Goods Sold.
d. Purchases of inventory and the ending balance in Merchandise Inventory.

13.The balance in the Merchandise Inventory account at December 31, 2013 is:
a. $300.
b. $1,500.
c. $800.
d. $11,150.

14.The net cash flow from operating activities as a result of the four transactions is:
a. $1,012.
b. $1,015.
c. $2,100.
d. $2,188.

15. A business's administrative controls are concerned with
a. Safeguarding a company's assets.
b. Assessing the extent of compliance with laws and company policies.
c. Ensuring the company has enough cash to operate effectively.
d. Ensuring the reliability of the accounting records.

16.Which of the following is not a procedure for the control of cash receipts?
a. Immediate preparation of records of all cash receipts.
b. Giving customers written receipts for all monies paid.
c. Using prenumbered checks.
d. Depositing cash in the bank frequently.

17.An element that is often present when fraud occurs is
a. The availability of an opportunity.
b. The existence of some form of pressure.
c. The ability to rationalize.
d. All of these.

18.How is a business's certified check treated in doing the business's bank reconciliation?
a. It is added to the bank balance.
b. It is subtracted from the book balance.
c. It is subtracted from the bank balance.
d. It is not included in doing the bank reconciliation.

19.Moreland Ltd. Reported net sales of $10 million and net income of $3 million in 2012. Based on this information, which of the following is an example of a material misstatement on Moreland's 2012 financial statements?
a. Sales equal to $100,000 were recorded before goods were shipped to the customers.
b. Raw materials purchases of $500,000
Submitted: 3 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 3 years ago.

Hello

 

Please advise your deadline as well as the name of the book you are using: Title, author's name, and edition

 

Thank you

Customer: replied 3 years ago.

ten p.m. tonight survey of accounting third edition edmonds olds mcnair tsay

Expert:  Manal Elkhoshkhany replied 3 years ago.
Please advise the date for number 13 & 14
Expert:  Manal Elkhoshkhany replied 3 years ago.

Hello

 

Please advise the data for number 13 & 14, complete question 19 (only choice A is posted)

Expert:  Manal Elkhoshkhany replied 3 years ago.

I am not sure why you are not answering my messages. I will post the solutions for the ones you have posted and for 13 & 14 I used the data from a previous assignment, but I need to go help other students

 

Please click on the following link:

 

http://www.box.net/shared/e95i299mv3l786qt5x06

 

Regards,

Customer: replied 3 years ago.

i cant find info for 13 and 14, what about 15 16 17 18

Expert:  Manal Elkhoshkhany replied 3 years ago.
THIS ANSWER IS LOCKED!

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Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9476
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 6 other Homework Specialists are ready to help you
Expert:  Manal Elkhoshkhany replied 3 years ago.

If you do not have any questions, please do not forget to click the accept button

 

Thank you

Customer: replied 3 years ago.
Can u give me your opinion on the last few therorical
Expert:  Manal Elkhoshkhany replied 3 years ago.
These do not need my opinion :) Those are theoretical questions based on the explanations and definitions in your book

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