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Investing activities: a. involve day to day events like selling goods and services, which occur when running a business. b. involve the buying or selling of land, buildings, equipment, and other longer-term investments. c. only involve financial exchanges. d. All of these.

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31 Jan 2018

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1. A limited partnership:

A.)Includes a general partner with unlimited liability.
B.)Is subject to double taxation.
C.)Has owners called stockholders.
D.)Is the same as a corporation.
E.)Must only have two partners.

2. Identifying business activities requires selectingtransactions and events relevant to an organization. Which of thefollowing events would be recorded in the accounting records ofAcme Car Wash?

A.) Acme washes 500 cars.
B.)J.B. Smith, a customer, buys lunch at the restaurant next doorto Acme while waiting for her car to be washed.
C.) Clean Company, a supplier, sells 50 pounds of soap to ABCCompany.
D.) Sudsey Company, a supplier, goes out of business.
E.) Acme hires Andrea as a receptionist.

3.Assets created by selling goods and services on creditare:
A.) Accounts payable
B.) Accounts receivable
C.) Liabilities
D.) Expenses
E.) Equity

4.)Planning activities:

A.) Are the means organizations must use to pay forresources.
B.) Involve the acquiring and disposing of resources that anorganization uses to acquire and sell its products orservices.
C.) Involve defining the ideas, goals, and actions of anorganization.
D.) Are the carrying out of an organization's plans.
E.) Involve using resources to research, develop, purchase,produce, and market products and services.


5).Determine the net income of a company for which the followinginformation is available:

employee salaries expense- 180,000

Interest Expense- 10,000

Rent Expense- 20,000

Consulting Revenue- 400,000

A.) $190,000

B.) $210,000

C.) $230,000

D.) $400,000

E.) $610,000

6. )

FastForward has net income of $18,955 and assets at thebeginning of the year of $200,000. Its assets at the end of theyear total $246,000. Compute its return on assets.

A.) 7.7%

B.) 8.5%

C.) 9.5%

D.) 11.8%

E.) 13.0%

7.) Compute return on assets given net income of $13,764,beginning assets of $120,000, and ending assets of $176,000.

A.) 4.65%

B.) 7.82%

C.) 9.3%

D.) 11.47%

E.) 21.51%

8.) Ending liabilities are 67,000, beginning equity was $87,000,common stock issued during year totaled $31,000, expenses for theyear were $22,000, dividends declared totaled $13,000, endingequity for the year is $181,000, and beginning assets for the yearwere $222,000.
What was revenue for the year?

A.) $154,000

B.) $155,000

C.) $53,000

D.) $98,000

E.) $135,000

9.) Ending liabilities are 67,000, beginning equity was $87,000,common stock issued during year totaled $31,000, expenses for theyear were $22,000, dividends declared totaled $13,000, endingequity for the year is $181,000, and beginning assets for the yearwere $222,000.
What are the ending assets for the year?

A.) $154,000

B.) $134,000

C.) $212,000

D.) $248,000

E.) $155,000

Multiple Choice:

31. The Balance Sheet will report a company'sfinancial position:

a. For a period of time

b. As of a point in time

c. Either A or B

d. Both A and B

32. In the Customers & Sales center, youcan create a new quote by:

a. Clicking the Sales Invoice icon and selecting New Quote

b. Clicking the Sales icon and selecting New Quote

c. Clicking the Customer Quotes icon and selecting NewQuote
d. Clicking the Quote & Proposals and selecting New Quote

. 33. The Statement of Retained Earnings beginswith the beginning balance followed by:

a. Plus net Income (loss) less dividends

b. Plus net Income (loss) plus investments

c. Plus investments less dividends

d. Plus investments plus net Income (loss) less dividends

34. Gross profit equals net sales minus:

a. Interest income

b. Finance charges

c. Other income

d. Cost of sales

35. The Income Statement's net income or (netloss) is also shown on the:

a. Income statement's revenue section

b. Balance sheet's capital section

c. Departmental gross profit totals

d. Cash balance at the end of the period

36. Financing activities involve:

a. Lending money

b. Owner investments

c. Depreciation

d. Acquiring long-lived assets

37. The Customers icon on the Customers &Sales center allows you to:

a. Create customers

b. View and edit customers

c. Write letters to customers

d. All the above

38. On the Navigation Bar, make the followingselections to record a sales return:

a. Customers & Sales Navigation Center; click on the Creditsand Returns icon and select Make Payment to Customer, select thecustomer, type the invoice number

b. Customers & Sales Navigation Center; click on the Creditsand Returns icon and select New Credit Memo.

c. Customers & Sales Navigation Center; click on the SalesInvoices icon and select New Sales Invoice

d. Customers & Sales Navigation Center; click on the Creditsand Returns icon and select View and Edit Credit Memos

39. The order of activities on the statement ofcash flows is:

a. Operating, investing, and financing

b. Operating, financing, and investing

c. Financing, operating, and investing

d. Financing, investing, and operating

40. The following would be included in theheading of all financial statements:

a. Title of the statement

b. Name of the business

c. Period of time covered by the statement

d. All of the above

1. Which of the following statements, if any, is or are true?

I. As a general rule, income generated by property is not taxable tothe person who owns the property if the income is paid to directlyto another person who, prior to such payment, performed serviceswith respect to the property.

II. As a general rule, compensation with respect to the performance ofservices is taxable to the person who performed the services unlessthe compensation is assigned to and paid to a creditor of theperson who performed the services and the assignment was made priorto performance of the services.

a. Only I is true.

b. Only II is true.

c. I and II are true.

d. Neither of these is true.

2. Ramon is in the business of buying and selling securities. Which ofthe following is a capital asset for Ramon?

a. The securities he buys and sells each day in the normalcourse of his business

b. The securities he designates as held for investment at theend of the day of acquisition

c. The securities he holds more than 12 months

d. All the securities he owns

e. B., c., and d are capital assets.

3. Which of the following is not a “trade or business” expense?

a. Interest on business indebtedness

b. Property taxes on business property

c. Parking ticket paid on business auto

d. Depreciation on business property

e. All of the above are “trade or business” expenses.

4. Which of the following is a required test for the deduction of abusiness expense?

a. Ordinary

b. Necessary

c. Reasonable

d. All of the above

e. None of the above

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