ACCT 212 Week 1 Quiz
-
$20.00
| Institution | ACCT 212 Financial Accounting |
| Contributor | Jessica Brown |
- Question: The term GAAP stands for:
- Question: Financial accounting serves which primary function(s)?
- Measures business activities.
- Communicates business activities to interested parties.
- Makes business decisions on behalf of interested parties.
- Question: Which of the following represents an obligation of the company?
- Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles?
- 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.
- 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.
- 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?
- Question: Which of the following statements is NOT correct about the financial statements?
- Question: Which of the following is not a major section in the statement of cash flows?
- Question: Which of the following best describes the primary role of auditors in financial reporting?
| Instituition / Term | |
| Term | Summer 2021 |
| Institution | ACCT 212 Financial Accounting |
| Contributor | Jessica Brown |
