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D102 PRACTICE QUESTIONS AND ANSWERS A+ GRADED
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D102 PRACTICE QUESTIONS AND ANSWERS A+ GRADED
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D102 PRACTICE QUESTIONS ANDANSWERS A+ GRADED
What is a balance sheet? - -Report of the assets, liabilities, and equity of a
company as of a point in time
- Which item is a liability? - -Accounts payable
- Which item is an owners' equity item? - -Retained earnings
- Which statement best describes the main features of inventories? - -Goods
purchased and held for sale
- What is a classified balance sheet? - -A balance sheet that distinguishes
between current and long-term assets
- What does owners' equity represent? - -The difference between total
assets and total liabilities
- For most companies, when assets or liabilities are classified as "current" on
the balance sheet, it generally means the related assets or liabilities will be
turned into cash or will be required to be paid, respectively, within what time
frame? - -The next year
- Which is the proper description of the accounting equation? - -Assets =
Liabilities + Owners' Equity
- After the effects of every transaction are considered and recorded, what
must the accounting equation do? - -Equal itself, or balance
- What is owners' equity? - -A residual amount representing the net assets
available after all obligations have been satisfied
- Which item is an asset? - -Accounts receivable
- According to the accounting equation, what is the correct computation of
owners' equity? - -Total Assets - Liabilities
- What is an accurate description of accounts payable? - -Obligation arising
from the purchase of inventory on account
- Bullzai Company's financial records include these accounts at the end of
the year:
, Land
Accounts Receivable
Buildings
Inventory
Loans Payable
Accounts Payable
Retained Earnings
Capital Stock
Cash
Which set of items composes a complete listing of Bullzai's current assets? -
-Cash, accounts receivable, and inventory
- What is an example of an expense that fits under the heading "selling,
general, and administrative expense"? - -Wages of company headquarters
accounting staff
- Which item is a revenue item? - -Sales
- What is an income statement? - -Report of the revenues and expenses of a
company during a period
- What is depreciation expense? - -The amount of wear and tear on long-
lived assets during the year
- Which are components of an income statement? - -Revenue and expenses
- What is net income? - -The amount by which revenues exceed expenses
- How is earnings per share (EPS) computed? - -Net income divided by the
number of shares
- What is bad debt expense? - -Amount of uncollectible accounts created by
credit sales during the year
- Which item is an expense item? - -Cost of Goods Sold
- What is a single-step income statement? - -Groups and total revenues;
groups and total expenses
- What is "gross profit"? - -Sales − Cost of Goods Sold.
- What is a company's gross profit percentage? - -Gross Profit ÷ Sales
- What is a statement of cash flows? - -Report of the operating, investing,
and financing cash flows of a company during a period.
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