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ARMSTRONG 11a practicemidterm 1.pdf
ARMSTRONG_11a_practicemidterm_1.pdf
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Page 12
41.
Revenues, expenses, and dividends accounts, which are closed at the end of each
accounting period are:
A)
Real accounts.
B)
Temporary accounts.
C)
Closing accounts.
D)
Permanent accounts.
E)
Balance sheet accounts.
42.
A company had sales of $695,000 and its cost of goods sold of $278,000.
Its gross
margin equals:
A)
$(417,000).
B)
$ 695,000.
C)
$ 278,000.
D)
$ 417,000.
E)
$ 973,000.
43.
A company had revenues of $75,000 and expenses of $62,000 for the accounting period.
Which of the following entries could not be a closing entry?
A)
Income Summar
y
................................ .............
13,00
0
Retained earnings
................................ ..
13,00
0
B)
Income Summar
y
................................ .............
75,00
0
Revenue
s
................................ ...............
75,00
0
C)
Revenue
s
................................ .........................
75,00
0
Income Summar
y
................................ ..
75,00
0
D)
Revenue
s
................................ .........................
75,00
0
Income Summar
y
................................ ..
75,00
0
E)
All of the above are possible closing entries.
44.
Marian Mosely is the owner of Mosely Accounting Services.
Which accounting
principle requires Marian to keep her personal financial information separate from the
financial information of Mosely Accounting Services?
A)
Monetary unit principle
B)
Going-concern principle
C)
Cost principle
D)
Business entity principle
E)
None of these.
Since Marian is a sole proprietor, she is not required to separate her
personal financial information from the financial information of Mosely
Accounting Services.
Page 11
Page 13
45.
A credit entry:
A)
Increases asset and expense accounts, and decreases liability, common stock, and
revenue accounts.
B)
Is always a decrease in an account.
C)
Decreases asset and expense accounts, and increases liability, common stock, and
revenue accounts.
D)
Is recorded on the left side of a T-account.
E)
Is always an increase in an account.
46.
Merchandise inventory:
A)
Is reported on the balance sheet as a current asset.
B)
Refers to products a company owns and intends to sell.
C)
Can include the cost of shipping the goods to the store and making them ready for
sale.
D)
Does not appear on the balance sheet of a service company.
E)
All of the above.
47.
Net Income:
A)
Decreases equity.
B)
Represents the amount of assets owners put into a business.
C)
Equals assets minus liabilities.
D)
Is the excess of revenues over expenses.
E)
Represents owners' claims against assets.
48.
If throughout an accounting period the fees for legal services paid in advance by clients
are recorded in an account called Unearned Legal Fees, the end-of-period adjusting
entry to record the portion of those fees that has been earned is:
A)
Debit Cash and credit Legal Fees Earned.
B)
Debit Cash and credit Unearned Legal Fees.
C)
Debit Unearned Legal Fees and credit Legal Fees Earned.
D)
Debit Legal Fees Earned and credit Unearned Legal Fees.
E)
Debit Unearned Legal Fees and credit Accounts Receivable.
49.
Resources owned or controlled by a company that are expected to yield benefits are:
A)
Assets.
B)
Revenues.
C)
Liabilities.
D)
Stockholder's Equity.
E)
Expenses.
Page 12
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