Exam (elaborations)
Accounting Entrance Exam Questions and Answers
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- Accounting
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- Accounting
Accounting Entrance Exam Questions and Answers
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Accounting Entrance Exam Questionsand Answers
Which of the following financial statements could properly have the following in the date
line: "For the Year Ended December 31, 2016"? - Answer-Income Statement and
Statement of Cash Flows.
Which of the following accounts could properly be found in an income statement? -
Answer-Interest Revenue
Which of the following accounts could properly be found on a balance sheet? - Answer-
Retained Earnings
In what section of a statement of cash flows would the purchase of land for cash be
reported? - Answer-Investing Activities
In what section of a statement of cash flows would the cash payment for interest on a
loan be reported? - Answer-Operating Activities
In what section of a statement of cash flows would the cash payment for dividends to
stockholders be reported? - Answer-Financing Activities
Of the following account types, which normally displays a debit balance? - Answer-
Assets and Expenses
Stephens Company received $10,000 from a customer for a service contract to be
preformed at a later date. What is the journal entry to record this transaction? - Answer-
Debit Cash and credit unearned revenue
The Prepaid Insurance account has an account balance of $3,000. At the end of an
accounting period, the controller has decided that $2,000 of the balance has expired.
Which of the following adjusting entries should be made? - Answer-Insurance Expense
2,000
Prepaid Insurance 2,000
The journal entry to close temporary accounts at the end of an accounting period could
include a: - Answer-debit to revenue accounts
Which of the following items would be treated as "product cost"? - Answer-
Transportation (freight)-in
For which of the following items would an expense be debited for when occurred? -
Answer-Transportation (freight)-out and the cost of advertising the merchandise.
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