Sunday, March 15, 2015

67 Free Test Bank for Financial Accounting 4th Canadian Edition by Libby

Let’s practice accounting! Why not? 67 free test bank for Financial Accounting 4th Canadian Edition by Libby Multiple Choice Questions, one of the most popular self-study test finishes an excellent task of delivering highly engaging and relevant professional accounting questions which are also suitable for the non-major learners. The most important feature of this test is assisting students in grasping all stuff involved in financial accountancy that is relevant to the business world. Following are friendly-style multiple choice questions with clear explanations for your interest.
Kindly go to the link below to get full questions and answers:
During 20B, its second year in operation, Banner Company delivered goods to customers for which customers paid or promised to pay $5,850,000. The amount of cash collected from customers was $5,960,000. The amount of accounts receivable at the beginning of 20B was $1,200,000. What is the amount of sales revenue that Banner should report on its income statement for 20B?
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Which of the following is not a principal type of business activity?
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Why would Parker Bank, in deciding whether to make a loan to Davis Company, be interested in the amount of liabilities Davis has on its balance sheet?
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What is accounting information developed primarily for external decision makers called?
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If total liabilities increased by $25,000 and shareholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
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Which of the following might be included in the assets of a particular business?
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Which of the following is true of financial accounting?
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What form does financial accounting information provided by an entity to decision makers generally take?
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Carrington Company owes you $500 on account due within 15 days. Which of the following amounts on its balance sheet would help you to determine the likelihood that you will be paid in full and on time?
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Brown Corporation reported the following amounts at the end of the first year of operations, December 31, 20A: share capital $20,000; sales revenue $95,000; total assets $85,000, no dividends, and total liabilities $35,000. What would shareholders' equity and total expenses be?
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If Bender Corporation recently purchased goods from you on account, which of Bender's financial statements would you look at to determine whether Bender has sufficient resources to be able to pay for the goods when payment is due in 30 days?
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During 20B, its second year in operation, Banner Company delivered goods to customers for which customers paid or promised to pay $5,850,000. Assume all sales were on account and the amount of cash collected from customers was $5,960,000. The amount of accounts receivable at the beginning of 20B was $1,200,000. Based on this information, what is the amount of accounts receivable that Banner would report at the end of 20B?
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Which financial statement reports the financial position of a business?
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External decision makers want answers to all of the following questions except
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What is the primary purpose of the balance sheet?
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The BAT Corporation had 20B revenues of $110,000, expenses of $85,000, and an income tax rate of 20 percent. What would net income after taxes be?
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What is the primary means that a corporation uses to communicate financial information to its shareholders and creditors?
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What are the two categories of shareholders' equity usually found on the balance sheet of a corporation?
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What is the amount of revenue recognized in the income statement by a company that sells goods to customers?
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What are business liabilities?
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Why can't a business' balance sheet be used to accurately predict what the business might be sold for?
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For a business, what is an example of an internal decision maker?
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Which financial statement for a business would you look at to determine the company's performance during an accounting period?
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What does the separate entity assumption state?
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Kamil's Car Repair Shop Ltd. started the year with total assets of $70,000 and total liabilities of $40,000. During the year, the business recorded $100,000 in car repair revenues, $65,000 in expenses, and dividends of $5,000. Shareholders' equity at the end of the year was
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How do most businesses earn revenues?
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What is the accounting equation (balance sheet equation)?
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Which financial statement is prepared first?
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On January 1, 20A, two individuals invested $150,000 each to form Hornbeck Corporation. Hornbeck had total revenues of $15,000 during 20A and $40,000 during 20B. Total expenses for the same periods were $8,000 and $22,000, respectively. Cash dividends paid out to shareholders totalled $6,000 in 20A and $12,000 in 20B. What was the ending balance in Hornbeck's retained earnings account at the end of 20A and 20B?
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The cash flow statement and the balance sheet are interrelated because
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Retained earnings at the end of the period is equal to
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