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Accounting
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1.

The right side of a T-account is used to record

Select one:

a. Decrease in revenue

b. Increase in Asset

c. Decrease in liability

d. Increase in Liability

2.

Odd-man Out.
Choose the letter that does not belong to the group.

Select one:

a. Interest Income

b. NSF check

c. Notes Receivable collected by banks in behalf of thedepositor

d. Proceeds of bank loan deposited in the account of thedepositor

3,

Any retiring partner may do any of the following except

Select one:

a. Sold his interest to the any of the remaining partners.

b. Sold his interest to outsider without the consent of thepartners.

c. Sold his interest to the partnership.

d. Transfer his interest to any member of his family.

4.

The profit and loss ratio of partners A and B of 2:3 means thatthe share of A is equivalent to

Select one:

a. 2%

b. 60%

c. 20%

d. 40%

5.

Odd-man Out.
Choose the letter that does not belong to the group.

Select one:

a. Trial Balance

b. Balance sheet

c. Worksheet

d. T-Accounts

6.

Which is not true?

Select one:

a. The industrial partner should not be sharing in the profitsof the partnership if he is receiving a separate salary.

b. Salaries to partners and interest on capital can be a way ofdividing net income of the partnership.

c. A person who is not receiving a share in the profit of apartnership is not a partner.

d. A partnership can have no stated agreement on how to dividelosses.

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Hubert Koch
Hubert KochLv2
28 Sep 2019

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Related questions

1) During 2015, Gardner Home Center sold 800 power washers for$350 each. The power

washers carry a 2-year warranty for repairs. Estimates indicatethat repair costs will average 2% of sales. How much warrantyexpense should be accrued as a result of the 2015 sales of thisproduct?

Select one:

a. $0

b. $2,800

c. $8,400

d. $5,600

2)

Front Corporation issues its bonds at a premium. Amortization ofthe premium will

Select one:

a. decrease the carrying value of the bonds on the balancesheet.

b. be reported as a loss on the income statement.

c. increase bond interest expense.

d. decrease bond interest expense.

3)

A corporation reported net income of $60,000, declared and paidcash dividends of $80,000,

andissued 3,000 shares of $2 par common stock at $15 per share duringthe year. What total effects would these transactions have on thefollowing stockholders' equity accounts?

Select one:

a. decrease retained earnings and increase common stock

b. decrease retained earnings and decrease common stock

c. increase retained earnings and decrease common stock

d. increase retained earnings and increase common stock

4)

Barr Motors, Inc. issued 50,000 shares of $1 par common stockand 10,000 shares of 4%, $5 par cumulative, preferred stock at thebeginning of 2008. Barr did not pay any cash dividend for the years2012, 2013 and 2014.On December 31, 2015, the company paid a totaldividend of $10,000. How much of this dividend went to the commonshareholders?

Select one:

a. $2,000

b. $8,000

c. $4,000

d. $10,000

5)

The statement of stockholders' equity shows an $8,000 increasein the common stock account, a $22,000 increase in the paid-incapital in excess of par--common stock account, and a $100,000increase in retained earnings. If the common stock has a par valueof $3 and dividends of $10,000 were declared and paid during theyear, what is the amount of net income for the year?

Select one:

a. $110,000

b. $100,000

c. $140,000

d. $90,000

6)

In a common size balance sheet, the 100 percent figure is

Select one:

a. total liabilities.

b. total current assets.

c. total assets

d. total property, plant and equipment.

In which of the following financial statements would a retained earnings account be found?

Select one:

a. Sole trader.

b. Company.

c. Partnership.

d. None of the options shown would contain a retained earnings account.

A partnership of three siblings would have how many capital accounts in the equity section of the balance sheet?

Select one:

a. One.

b. Two.

c. Three.

d. None.

Which of the following is an advantage of being a sole trader?

Select one:

a. The owner has total autonomy over business decisions.

b. The business is not a separate legal entity.

c. The owner has unlimited liability.

d. The business has limited life.

Partnerships should always have a Partnership Agreement in place to avoid potential disagreements.

Select one:

True

False

If a partner in a partnership decides to leave or retire from the business, the partnership can continue on with no disruption or administrative changes.

Select one:

True

False

1.If an investment’s net present value is zero, then it's IRRmust also be zero.

Select one:

a. TRUE

b. FALSE

2.Todd Arnold deposits $2000 in a savings account that compoundsat 8% annually. How much will he have in 10 years? (Round to thenearest dollar).

Select one:

a. $4306

b. $4300

c. $4318

d. $4377

3.Capital gains are tax consequences of the sale of an old assetif

Select one:

a. The asset is sold for any amount other than the bookvalue

b. the asset is sold for less than the book value

c. The asset is sold for more than the book value

d. The future depreciation is not lost

e. The future depreciation is lost

4.Qualitative considerations are as important as cash flow ininvestment decisions.

Select one:

a. TRUE

b. FALSE

5.John Guy is saving for a new boat. He needs $60,000. How muchmoney should he put in a savings account that compounds at 8% tohave $60,000? (Round to the nearest dollar).

Select one:

a. $36,410

b. Unable to determine from data given

c. $38,706

d. $39,420.

6.Unless an addition to working capital is permanent, it shouldnot be considered among the cash flows of a capital budget.

Select one:

a. TRUE

b. FALSE

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