(ACCT 212 Week 1 Quiz)
ACCT 212 Week 1 Quiz (Summer 2021)v1
1. Question: The term GAAP stands for:
2. Question: Financial accounting serves which primary function(s)?
a. Measures business activities.
b. Communicates business activities to interested parties.
c. Makes business decisions on behalf of interested parties.
3. Question: Which of the following represents an obligation of the company?
4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles?
5. Question: At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $58,500; Liabilities = $26,400; Dividends = $2,550; Revenues = $20,100; Expenses = $14,600.
Calculate net income and stockholders’ equity at the end of the period.
6. Question: During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows.
Year Net Income Dividends
1 $2,600 $1,700
2 2,200 500
3 2,600 1,600
4 4,800 2,200
5 7,700 2,700
Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1.
7. Question: Consider the following account balances of the Shattuck Law Firm at the end of the year:
Accounts Payable $ 4,400
Salaries Expense 12,800
Cash 1,700
Common Stock 2,400
Service Revenue 8,300
Supplies 4,300
Retained Earnings 1,100
Utilities Expense 5,000
How many of these accounts would appear in Shattuck’s year-end balance sheet?
8. Question: Which of the following statements is NOT correct about the financial statements?
9. Question: Which of the following is not a major section in the statement of cash flows?
10. Question: Which of the following best describes the primary role of auditors in financial reporting?
ACCT 212 Week 1 Quiz (Summer 2021)v2
1. Question: The term GAAP stands for:
2. Question: Financial accounting serves which primary function(s)?
– Measures business
– Communicates business activities to interested
– Makes business decisions on behalf of interested
3. Question: Which of the following represents an obligation of the company?
4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles?
5. Question: At the end of the current period, Maltese, Inc. reports the following amounts: Assets = $50,300; Liabilities = $32,100; Dividends = $4,100; Revenues = $21,600; Expenses = $15,900.
Calculate net income and stockholders’ equity at the end of the period.
6. Question: During its first five years of operations, Della Manufacturing reports net income and pays dividends as follows.
Year Net Income Dividends
1 $2,200 $1,500
2 2,600 800
3 3,500 2,100
4 5,000 1,800
5 8,300 3,100
Calculate the balance of retained earnings at the end of each year. Note that retained earnings will always equal $0 at the beginning of year 1.
7. Question: Consider the following account balances of the Shattuck Law Firm at the end of the year:
Accounts Payable $ 4,400
Salaries Expense 12,800
Cash 1,700
Common Stock 2,400
Service Revenue 8,300
Supplies 4,300
Retained Earnings 1,100
Utilities Expense 5,000
How many of these accounts would appear in Shattuck’s year-end balance sheet?
8. Question: Which of the following statements is NOT correct about the financial statements?
9. Question: Which of the following is not a major section in the statement of cash flows?
10. Question: Which of the following best describes the primary role of auditors in financial reporting?
ACCT 212 Week 1 Quiz (Summer 2020)
- Question: At the end current accounting period, account balances were as follows. Cash $28,000, Account Receivable, $44,000, Common Stock, $19,000, Retained Earnings $12 000. Liabilities for the period were:
- Question: Revenues were $147,000, expenses were $142,000, and cash dividends … and paid were $3,000. What were the next income and the change in the … earnings for the period?
- Question: Golden Company had the following accounts and balances at the end of the year. What are total assets at the end of the year?
- Question: Watzel Company has the … accounts and balances at the end of the fiscal year:
- Question: The accounting equation can … expressed as:
- Question: During the year, EcoWash Corporation has $270,000 in revenues, $145,000 in expenses, and dividend declarations and payments. Net income for the year was:
- Question: What item flows from the statement of retained earnings to the balance sheet?
- Question: Kolander Company has the following accounts and balances at the end of the year:
- Question: Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year?
- Question: Geraid Company has the following account balances at the end of the first year of operations: What are the total assets at the end of the first year?