ACCT 212 Week 1 Quiz
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$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 = $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.
- 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.
- 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 |
