Principles of Accounting Exam Bank
Course Introduction
Principles of Accounting provides a comprehensive introduction to the key concepts, principles, and procedures of financial and managerial accounting. The course covers the accounting cycle, including the recording, classification, and summarization of business transactions, preparation of financial statements, and analysis of financial information. Students will learn the foundational rules and frameworks that guide accounting practices, such as Generally Accepted Accounting Principles (GAAP), and explore topics such as internal controls, accruals, inventories, and the role of ethics in accounting. This course is essential for understanding how financial information supports business decision-making and resource allocation.
Recommended Textbook College Accounting A Practical Approach 12th Edition by Jeffrey Slater
Available Study Resources on Quizplus
25 Chapters
3163 Verified Questions
3163 Flashcards
Source URL: https://quizplus.com/study-set/3464 Page 2
Chapter 1: Accounting Concepts and Procedures
Available Study Resources on Quizplus for this Chatper
124 Verified Questions
124 Flashcards
Source URL: https://quizplus.com/quiz/68859
Sample Questions
Q1) The claims of creditors against the assets are:
A)expenses.
B)revenues.
C)liabilities.
D)owner's equity.
Answer: C
Q2) A partnership is a business which is:
A)easy to form.
B)ends with the death of a partner.
C)owned by more than one person.
D)All of these answers are correct.
Answer: D
Q3) An acceptable variation of the accounting equation is:
A)Assets - Liabilities = Owner's Equity.
B)Assets + Owner's Equity = Liabilities.
C)Assets = Liabilities - Owner's Equity.
D)All of these answers are correct.
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Debits and Credits: Analyzing and Recording
Business Transactions
Available Study Resources on Quizplus for this Chatper
133 Verified Questions
133 Flashcards
Source URL: https://quizplus.com/quiz/68848
Sample Questions
Q1) Accounts Payable would appear on which financial statement?
A)Balance sheet
B)Income statement
C)Owner's equity statement
D)None of these answers are correct.
Answer: A
Q2) Carrie flew to San Francisco on a business trip.The purchase price of the ticket was $422 and it was bought on account.The entry to record the transaction is:
A)debit Accounts Payable,$422; credit Travel Expense,$422.
B)debit Capital,$422; credit Accounts Payable,$422.
C)debit Travel Expense,$422; credit Accounts Payable,$422.
D)debit Travel Expense,$422; credit Cash,$422.
Answer: C
Q3) A debit may signify a(n):
A)increase in asset accounts.
B)increase in liability accounts.
C)increase in the capital account.
D)decrease in expense accounts.
Answer: A
Page 4
To view all questions and flashcards with answers, click on the resource link above.
Chapter 3: Beginning the Accounting Cycle
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/68841
Sample Questions
Q1) A transaction completed by Norton Company caused a $4,000 increase in both the total assets and the total liabilities.This transaction could have been:
A)purchase of office equipment for $12,000,paying $8,000 cash,with the rest on account.
B)investment by the owner of an additional $4,000.
C)purchase of office equipment,paying $4,000 cash,and $8,000 on account.
D)None of these answers are correct.
Answer: A
Q2) A debit to a revenue account was posted to an expense account.This would cause:
A)expenses to be overstated.
B)revenue to be understated.
C)expenses to be understated.
D)capital to be overstated.
Answer: A
Q3) The process of transferring the data from the journal to the ledger accounts is called posting.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: The Accounting Cycle Continued
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/68840
Sample Questions
Q1) Depreciation Expense would be found on which of the following financial statements?
A)Balance sheet
B)Income statement
C)Statement of Owner's Equity
D)Depreciation report
Q2) Which of the following would be an example of a contra-asset?
A)Depreciation Expense
B)Residual Value
C)Accumulated Depreciation
D)Supplies
Q3) The worksheet contains a trial balance.
A)True
B)False
Q4) Bailey's received its electric bill for December on December 31 but did not pay nor record it in the general journal.This resulted in:
A)understated assets.
B)overstated net income.
C)overstated liabilities.
D)understated capital.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: The Accounting Cycle Completed
Available Study Resources on Quizplus for this Chatper
119 Verified Questions
119 Flashcards
Source URL: https://quizplus.com/quiz/68839
Sample Questions
Q1) When the Withdrawals account is closed:
A)Owner's Capital will be debited.
B)Income Summary will be debited.
C)Income Summary will be credited.
D)None of these are correct.
Q2) When the balance in the Income Summary account is a debit,the company has:
A)incurred a net loss.
B)incurred a net income.
C)had more revenue than expenses.
D)made an error in their closing entries.
Q3) The income statement and balance sheet sections of the worksheet provide the information needed to prepare the closing entries.
A)True B)False
Q4) The Withdrawals account is closed to Income Summary. A)True B)False
Q5) The goal of closing is to clear all temporary accounts and update Capital. A)True B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 6: Banking Procedure and Control of Cash
Available Study Resources on Quizplus for this Chatper
124 Verified Questions
124 Flashcards
Source URL: https://quizplus.com/quiz/68838
Sample Questions
Q1) The replenishment of the petty cash fund was recorded twice.This would cause:
A)expenses to be overstated.
B)expenses to be understated.
C)petty cash to be overstated.
D)petty cash to be understated.
Q2) Riley's Limousines' entry to establish a $75 petty cash fund for the office would include a:
A)debit to Cash for $75.
B)credit to Petty Cash for $75.
C)credit to Cash for $75.
D)debit to Office Expense for $75.
Q3) Outstanding checks:
A)have been subtracted on the bank records but not the checkbook records.
B)have not been presented to the bank for payment and have not been subtracted from the checkbook.
C)have not been presented to the bank for payment but have been subtracted in the checkbook.
D)have been returned to the business for nonpayment.
Q4) ________ Filled up the company's van with gas
Q5) ________ Replenishment of petty cash
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Calculating Pay and Payroll Taxes: The
Beginning of the Payroll Process
Available Study Resources on Quizplus for this Chatper
127 Verified Questions
127 Flashcards
Source URL: https://quizplus.com/quiz/68837
Sample Questions
Q1) Ocean's Auction House's payroll for April includes the following data: \[\begin{array}
{ | l | r | }
\hline \text { Gross earnings } & \$ 4,000 \\
\hline \text { Salaries subject to FICA: } & \\
\hline 6.2 \% \text { OASDI } & 2,550 \\
\hline 1.45 \% \text { Medicare } & 4,000 \\
\hline \text { Salaries subject to unemployment: } & \\
\hline 0.8 \% \text { FUTA } & 2,000 \\
\hline 2.0 \% \text { SUTA } & 2,000 \\
\hline \text { Other deductions include: } & 500 \\
\hline \text { Federal income tax } & 300 \\
\hline \text { State income tax } & \$ 20 \\
\hline
\end{array}\] What is the employer's portion of the tax?
A)$1,072.10
B)$56.00
C)$272.10
D)$800.00
Q2) Why would a business decide to use an external company to prepare their payroll checks and related reports?
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process
Available Study Resources on Quizplus for this Chatper
120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/68836
Sample Questions
Q1) Prepare the general journal entry to record the employer's payroll tax expense.
Q2) The entry to record the payroll tax expense would include:
A)a credit to Federal Income Taxes Payable.
B)a credit to Cash.
C)a credit to FICA (OASDI and Medicare)Taxes Payable.
D)a credit to Wages Payable.
Q3) The 940 is filed annually.
A)True B)False
Q4) The W-2 is the Wage and Tax Statement.
A)True B)False
Q5) Compute the employers payroll tax.________ Page 10
Q6) A banking day is any day that the bank is open to the public for business.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 11
Chapter 9: Sales and Cash Receipts
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/68835
Sample Questions
Q1) Recording to the accounts receivable subsidiary ledger is done:
A)daily.
B)monthly.
C)quarterly.
D)annually.
Q2) \[\begin{array} { | l | c | c | c | }
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\
\hline \text { Professional Fees Earned } & & & \\
\hline
\end{array}\]
Q3) The contra-revenue accounts include:
A)Sales Tax Payable.
B)Sales Returns and Allowances.
C)Sales Discount.
D)Both B and C are correct.
Q4) Sales Tax Payable is a:
A)liability account with a debit balance.
B)liability account with a credit balance.
C)contra-asset account with a debit balance.
D)contra-asset account with a credit balance.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 10: Purchases and Cash Payments
Available Study Resources on Quizplus for this Chatper
122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/68858
Sample Questions
Q1) Compare and contrast the controlling account Accounts Payable to the accounts payable subsidiary ledger.Discuss why the balance of the controlling account,Accounts Payable,does not equal the sum of the accounts payable ledger during the month.
Q2) Jackie's Online Service on April 30 has the following account balances:
\(\begin{array} { | l | r | }
\hline \text { Sales } & \$ 25,000 \\
\hline \text { Sales Returns and Allowances } & 5,000 \\
\hline \text { Purchases } & ? ? ? \\
\hline \text { Freight-In } & 1,000 \\
\hline \text { Purchases Returns and Allow. } & 2,000 \\
\hline \text { Purchases Discounts } & 1,500 \\
\hline
\end{array}\) If net purchases for the period are $14,000,what is the amount of gross purchases?
A)$18,500
B)$15,500
C)$17,500
D)$16,500
Q3) Explain the difference between F.O.B.shipping point and F.O.B.destination.
To view all questions and flashcards with answers, click on the resource link above.
Page 13
Chapter 11: Preparing a Worksheet for a Merchandise Company
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/68857
Sample Questions
Q1) This amount does not change during the period and is added to purchases when computing the cost of goods available for sale.
A)Beginning inventory
B)Ending inventory
C)Periodic inventory
D)Freight-in
Q2) The normal balance of Rental Income is:
A)a credit.
B)a debit.
C)zero.
D)dependent on the circumstances.
Q3) The financial statement on which Rental Income would appear is the:
A)income statement.
B)owner's equity statement.
C)balance sheet.
D)operations statement.
Q4) Unearned Revenue is a liability account used to record rent fees received in advance.
A)True B)False
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 12: Completion of the Accounting Cycle for a Merchandise Company
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/68856
Sample Questions
Q1) Prepare closing entries from the following information on the Warner Books worksheet income statement columns.Additional information: Withdrawals equal $20 for the period.
\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\text { Income Statement }\)
\(\begin{array}{lll}
& \text { Debit } & \text { Credit } \\
\text { Sales } &&90\\
\text { Sales Ret. and Allow. } & 8 &\\
\text { Income Summary } & 16 &22 \\
\text { Purchases } & 50 & \\
\text { Pur. Ret, and Allow. } & & 8 \\
\text { Sales Salaries Expense } & 12 & \\
\text { Office Salaries Expense } & 4 &
\end{array}\)
Q2) A company paid next month's rent in advance.This would be classified as a(n):
A)current asset.
B)Expense.
C)Revenue.
D)current liability.
Page 15
To view all questions and flashcards with answers, click on the resource link above.
Chapter 13: Accounting for Bad Debts
Available Study Resources on Quizplus for this Chatper
121 Verified Questions
121 Flashcards
Source URL: https://quizplus.com/quiz/68855
Sample Questions
Q1) Indy Sport and Hobby's Allowance for Doubtful Accounts had an unadjusted credit balance of $400.The manager estimates that $900 of the Accounts Receivable is uncollectible.Using the balance sheet approach,the year-end adjusting entry for Bad Debts Expense:
A)includes a credit to the Bad Debt Expense account for $500.
B)includes a debit to the Bad Debts Expense account for $900.
C)includes a credit to the Bad Debts Expense account for $1,300.
D)includes a debit to the Bad Debts Expense account for $500.
Q2) What type of account is a Bad Debts Expense?
A)Asset
B)Contra-asset
C)Expense
D)Liability
Q3) The Allowance for Doubtful Accounts is adjusted:
A)at the end of each accounting period.
B)each time a customer's debt is satisfied.
C)within one year of granting credit to a customer.
D)each time a customer is granted credit.
Q4) Reinstated an account previously written off under the allowance method. Debit account ________ Credit account ________
16
To view all questions and flashcards with answers, click on the resource link above.
Chapter 14: Notes Receivable and Notes Payable
Available Study Resources on Quizplus for this Chatper
132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/68854
Sample Questions
Q1) In computing interest,it is required to consider a 365-day year.
A)True
B)False
Q2) Both Accounts Payable and Notes Payable are both informal promises to pay.
A)True
B)False
Q3) Prepare general journal entries for Huckabee Corporation for the following transactions:
200x
\(\text {Dec. 1}\) \(\quad \) \(\text {Disccunted its own \(\$ 32,400,60 - d a y , 9 \%\) note at Colo Bank. }\)
\(\quad \) \(\quad \) \(\text {31}\) \(\quad \) \(\text { Accrued the interest expense on the discounted note.}\) 200x
\(\text { Jan. } 15 \quad \text { Paid the discounted note. }\)
Q4) Prepare the journal entries for Fit City Company for the following transactions:
a)Fit sold $9,500 of merchandise to AllSport Company on account.
b)Fit City received a 90-day,$9,500,10% note for a time extension of past-due account of AllSport.
c)Collected the AllSport note on the maturity date.
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 15: Accounting for Merchandise Inventory
Available Study Resources on Quizplus for this Chatper
125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/68853
Sample Questions
Q1) In a periodic inventory system,Purchases,Freight,and Purchases Returns and Allowances accounts are not used.
A)True
B)False
Q2) Sterling Supply uses a periodic inventory system.Magnum sold 25 globes during March.Other data for March includes: \(\begin{array} { | r | l | l | }
\hline \text { Mar. 1 } & \text { Balance } & 20 @ \$ 12 \\
\hline 11 & \text { Purchased } & 10 @ 11 \\
\hline 25 & \text { Purchased } & 10 @ 10 \\
\hline
\end{array}\) Cost of goods sold under the weighted-average method is:
A)$281.25.
B)$155.00.
C)$180.00.
D)$168.75.
Q3) Paid for merchandise after the discount period expired.- Periodic Debit ________ & ________ Credit ________ & ________
Q4) If merchandise is purchased ________,the buyer becomes the owner when the merchandise is placed on the carrier.
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 16: Accounting for Property, plant, equipment, and Intangible Assets
Available Study Resources on Quizplus for this Chatper
147 Verified Questions
147 Flashcards
Source URL: https://quizplus.com/quiz/68852
Sample Questions
Q1) R.J.Berkshire incurred the following expenditures to buy new equipment:
\(\begin{array} { l l }
\text { Invoice, subject to 3\% dircount } & \$ 25,000 \\
\text { Installation cost } & 1,800 \\
\text { Insurance for equipment after installation } & 500 \\
\text { 5ales tax } & 1,500
\end{array}\) Discount taken
The amount the Equipment account will be debited for is ________.
Q2) \(\begin{array} { | l | l | l | l | l | }
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\
\hline \begin{array} { l }
\text { Amortization of } \\
\text { patent }
\end{array} & & & & \\
\hline
\end{array}\)
Q3) Land is depreciated based on the MACRS schedule. A)True B)False
Page 19
To view all questions and flashcards with answers, click on the resource link above.
Chapter 17: Partnership
Available Study Resources on Quizplus for this Chatper
130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/68851
Sample Questions
Q1) Partner A invested furniture that was recorded at a value below the fair market value.This error would cause:
A)the period's net income to be overstated.
B)the period end capital to be overstated.
C)the period end assets to be overstated.
D)the period end assets to be understated.
Q2) Able partner withdrew cash from the business. Debit ________ & ________ & ________ Credit ________ & ________ &
Q3) Partners Brian,Josh,and Chad have average capital balances of $7,000,$3,000,and $90,000,respectively.Net income for the year is $12,000.Salary allowances are $14,000 for Brian and $5,000 for Josh.Chad gets 10% interest on his capital balance with the remainder being divided at a 1:1:2 ratio.What is Brian's capital balance after distributing the net income?
A)$17,000 credit balance
B)$3,000 debit balance
C)$10,000 debit balance
D)$7,000 debit balance
Q4) A partnership cannot be formed with an oral agreement.
A)True B)False
To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 18: Corporations: Organizations and Stock
Available Study Resources on Quizplus for this Chatper
124 Verified Questions
124 Flashcards
Source URL: https://quizplus.com/quiz/68850
Sample Questions
Q1) An amount determined by the corporation directors and assigned to no-par value stock is:
A)par value.
B)stated value.
C)book value.
D)market value.
Q2) The ownership of the corporation consists of:
A)the governing body.
B)the officers of the corporation.
C)the stockholders
D)the board of directors.
Q3) Retained Earnings is the account in which a corporation's net income and net losses are placed.
A)True
B)False
Q4) Organization costs are:
A)part of the company's start-up and are listed as expenses.
B)listed as an intangible asset on the balance sheet.
C)a current asset on the balance sheet.
D)another expense on the income statement.
To view all questions and flashcards with answers, click on the resource link above. Page 21
Chapter 19: Corporations: Stock Values, dividends, treasury
Stocks, and Retained
Earnings
Available Study Resources on Quizplus for this Chatper
123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/68849
Sample Questions
Q1) On May 31,Mason Corporation has the following stockholders' equity: Common Stock,$10 par value,6,000 shares
\(\begin{array}{llcc}
\text { issued and outstanding } & \$60,000 \\
\text { Retained Earnings } &\underline{20,000}\\
\text { Total Stockholders' Equity } &\underline{\$80,000}\\ \end{array}\)
The board of directors declared a 10% stock dividend on June 5 to the stockholders of record on June 15.The stock is to be distributed on June 30.On the date of declaration,the stock had a market value of $15 per share.Prepare the appropriate journal entries for these transactions.
Q2) Appropriations to retained earnings can be:
A)contractual only.
B)an increase in retained earnings.
C)a decrease in total retained earnings.
D)None of these answers are correct.
Q3) Book value is only calculated for common stock.
A)True
B)False
Page 22
To view all questions and flashcards with answers, click on the resource link above.
Chapter 20: Corporations and Bonds Payable
Available Study Resources on Quizplus for this Chatper
138 Verified Questions
138 Flashcards
Source URL: https://quizplus.com/quiz/68847
Sample Questions
Q1) To determine the bond interest expense using interest method,the computation is the ________ value times the ________ of interest.
Q2) On April 1,Braintree Corporation issued 10%,10-year,$300,000 bonds at 106.Interest dates are April 1 and October 1.The amount of cash paid out for interest during the current calendar year is:
A)$0.
B)$15,000.
C)$30,000.
D)$31,000.
Q3) A fund set up so that a bond can be retired at maturity is called a:
A)sinking fund.
B)bond payable fund.
C)stock fund.
D)retirement fund.
Q4) Bonds payable issued with collateral are called:
A)debenture bonds.
B)serial bonds.
C)callable bonds.
D)secured bonds.
To view all questions and flashcards with answers, click on the resource link above. Page 23
Chapter 21: Statement of Cash Flows
Available Study Resources on Quizplus for this Chatper
123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/68846
Sample Questions
Q1) The cash flows from operating activities are reported by the direct method on the statement of cash flow.Determine the following:
a.If sales for the current year were $600,000 and accounts receivable decreased $25,500 during the year,what was the amount of cash received from customers?
b.If sales salaries expense for the current years was $80,000 and sales salaries payable increased $25,000 during the year,what was the amount of cash payments for sales salaries?
Q2) Fidelity Furniture's Net Income was $25,000.Other accounts that changed included: Accounts Receivable decreased by $18,000; Merchandise Inventory increased by $7,000; Accounts Payable increased by $4,000; and Salaries Payable decreased by $3,000.The amount of Net Cash Flow from Operating Activities using the indirect method is:
A)$57,000.
B)$43,000.
C)$37,000.
D)$15,000.
Q3) One section of a statement of cash flows is purchasing activities.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
24
Chapter 22: Analyzing Financial Statements
Available Study Resources on Quizplus for this Chatper
124 Verified Questions
124 Flashcards
Source URL: https://quizplus.com/quiz/68845
Sample Questions
Q1) When net income before taxes and interest is $52,000 and total assets equal $205,000,the rate of return on total assets is 3.9%.
A)True
B)False
Q2) If the return on common stockholders' equity is less than the industry standard,it means the company is using debt financing successfully.
A)True
B)False
Q3) A type of analysis that compares each item with the same item in other periods is called horizontal analysis.
A)True
B)False
Q4) An accountant is completing a trend analysis for a company by comparing sales for years 2003 through 2013.The base year for the calculations is 2013.
A)True
B)False
Q5) Define two types of comparative income statements and compare the information provided by them.
To view all questions and flashcards with answers, click on the resource link above. Page 25
Chapter 23: The Voucher System
Available Study Resources on Quizplus for this Chatper
133 Verified Questions
133 Flashcards
Source URL: https://quizplus.com/quiz/68844
Sample Questions
Q1) \(\begin{array} { | l | l | l | l | l | }
\hline & \text { Column 1 } & \text { Column 2 } & \text { Column } 3 & \text { Column } 4 \\
\hline \text { Delivery expense } & & & & \\
\hline \end{array}\)
Q2) In a voucher system,a schedule of vouchers payable is essentially the same as a schedule of accounts payable.
A)True
B)False
Q3) Vouchers Payable is a liability account on the balance sheet.
A)True
B)False
Q4) On the balance sheet,the liability for vouchers will be:
A)Vouchers Payable.
B)Accounts Payable.
C)Invoices Payable.
D)None of these answers are correct.
Q5) Paid voucher #425.
Debit ________ & ________ & ________ Credit ________ & ________ &
To view all questions and flashcards with answers, click on the resource link above. Page 26
Chapter 24: Departmental Accounting
Available Study Resources on Quizplus for this Chatper
120 Verified Questions
120 Flashcards
Source URL: https://quizplus.com/quiz/68843
Sample Questions
Q1) If the property,plant,and equipment can be traced to a specific department,depreciation expense is a(n):
A)direct expense.
B)indirect expense.
C)cash expense.
D)sales expense.
Q2) When preparing an income statement showing departmental contribution margin:
A)indirect expenses are combined with direct expenses.
B)indirect departmental expenses are added to contribution margin.
C)direct expenses are subtracted from contribution margin on sales.
D)None of these answers are correct.
Q3) On a departmental income statement,sales less cost of goods sold and direct expenses equals:
A)gross margin.
B)income before taxes.
C)indirect expenses.
D)departmental contribution margin.
Q4) A common way to apportion janitorial expense is to base it on gross sales.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 25: Manufacturing Accounting
Available Study Resources on Quizplus for this Chatper
126 Verified Questions
126 Flashcards
Source URL: https://quizplus.com/quiz/68842
Sample Questions
Q1) In entries to record the movement of material,labor,and overhead through the operation of a company,the credit is the source and the debit is the destination.
A)True
B)False
Q2) Finished goods ending inventory was overstated.This error will cause:
A)the cost of goods manufactured to be overstated.
B)the cost of goods sold to be overstated.
C)the net income to be overstated.
D)All of these are correct.
Q3) The steps of the accounting cycle for a manufacturing company are different from those used for a merchandise company.
A)True
B)False
Q4) A cost of goods manufactured statement should be prepared before the income statement has been prepared.
A)True
B)False
Q5) Purchased raw materials on account.
Debit
To view all questions and flashcards with answers, click on the resource link above.