Tuesday, March 17, 2015

96 Free Test Bank for Cornerstones of Financial Accounting 2nd Edition by Rich

You need the free online access to practice accounting tests? Come here! You can find out a huge chunk of knowledge from the questions for each the chapters in 96 free test bank for Cornerstones of Financial Accounting 2nd Edition by Rich Multiple Choice Questions. They’re pertaining to each chapter in the book, as a result, you can get more and better understanding of the accounting problems and enhance your accounting career in the future. Do yourself a favor by practicing relevant, real-world free textbook question bank as soon as possible. You will have a better chance of getting a good grade.
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Barr Attorneys reported the following information for the year ended December 31, 2013. Revenue $14,000,000; Expenses 11,500,000; Dividends 1,000,000; Retained Earnings at December 31, 2013 1,750,000; What was the retained earnings balance at December 31, 2012?
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Which statement summarizes the results of the company's operations?
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Calculate total sales for a company that reported a net loss of $1,500,000 and total expenses of $2,900,000.
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The resources used to earn revenues during a period are called:
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Which one of the following items is a classification on the Classified Balance Sheet?
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Which one of the following financial statements show the end of the year cash balance for a business entity?
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Which one of the following is an internal user of financial information?
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Which of the following terms best describes a distribution of the net income of a corporation to its owners?
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What is the name of the branch of accounting concerned with providing outside decision makers with information to assess the amounts, timing and uncertainties of the company's future cash flows?
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Bargain Spot Fabrics: This company’s end-of-year balance sheet consisted of the following amounts: Cash $75,000; Accounts Receivable $250,000; Property, plant & equipment 350,000; Long-term debt 200,000; Capital stock 500,000; Accounts payable 100,000; Retained earnings ; ?Inventory 175,000. Refer to Bargain Spot Fabrics. What amount should the company report on its Balance Sheet for Total Assets?
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Bay Camera: The company reported the following items on its financial statements for the year ended December 31, 2013: Sales $780,; of Sales $700,000; Selling, general & administrative expense 20,000; Other Expense 15,000; Dividends 5,000; Income Tax Expense 12,500. Refer to Bay Camera. What amount will be reported as Retained Earnings on the Balance Sheet at December 31, 2013, assuming this is the first year of operations?
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You are a potential creditor and are concerned that a particular company you are ready to give a loan to might have too much debt. Which financial statement would provide you information needed in order to evaluate your concern?
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Which of the following invests funds into a business and is considered an owner?
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Which financial statement would you analyze to assess a firm’s operating performance for the past year?
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Businesses engage in which of the following three main activity categories?
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Net Income appears on which financial statement(s)?
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Which one of the following correctly represents one of the basic financial statement models?
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Which of the following best describes the term "expenses"?
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A company had the following balance sheet amounts at the beginning of the year: Total assets $650,000; Total stockholder's equity 250,000; During the year, total assets increased by $350,000, total liabilities increased by $100,000, and dividends were paid in the amount of $300,000. No other transactions occurred except revenues and expenses. How much is net income for the year?
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Which one of the following groups is considered an internal user of financial statements?
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Beard Marine: The company reported the following information for the year ended December 31, 2013: Net income $100,000; Dividends 6,000; Retained earnings at December 31, 2013 $120,000; Refer to Beard Marine. What was the economic effect of the dividend payment?
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What is the name for a person who lends funds to a business entity and expects repayment with interest?
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Which of the following best describes the term "retained earnings" of a company?
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Which of the following best describes the term "current assets"?
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Which one of the following is a correct fundamental accounting equation?
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Which one of the following is not an external user of financial statements?
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Suppose a company reports the following information at December 31, 2013: Sales $15,000,000; Cash $3,000,000; Unearned Revenue $ 400,000; Dividends $1,000,000; Cost of Sales $8,500,000; What is the company's Gross Profit?
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Which financial statement would you refer to in order to determine how much resources (assets) the company owned?
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