Financial Accounting Chose the best answers Part 2? related questions

Answers
Asked by
Updated
Financial Accounting Chose the best answers Part 2?0SJH all the way_<32012-08-10 14:40:03
Question No. 16 (Marks: 1) - Please choose a An overdraft is displayed as: ? A negative balance in both the bank statement and cash book ? A credit balance on the bank statement, but as a debit balance in the cash book ? A credit balance in the cash book, but as a debit balance on the bank statement ? A credit balance in both the bank statement and cash book Question No. 17 (Marks: 1) - Please choose a Which of the following cases the bank can not refuse payment? ? Verification stale ? Bearer check ? Customer insolvency ? Post dated check Question No. 18 (Marks: 1) - Please choose a Which of the following is NOT a financial statement? ? Balance sheet ? Audit Report ? Income statement ? Cash flow Question No. 19 (Marks: 1) - Please choose a In a society of Mr. A and B, the Lord, the percentage of the profits of Mr. A is 75 rupees, 375 and the rate of profit of Mr. B is Rs. 25,125. What is the reason on his side? ? 1:02 ? 2:03 ? 3:02 ? 3:01 Question No. 20 (Marks: 1) - Please choose a No ___________ register will result in underestimates net income. ? The accrued expenses ? Expenses incurred ? Earned income ? Accounts payable Question No. 21 (Marks: 1) - Please choose a The value of a stock listed on the stock exchange known as: ? Reserve now the value ? Nominal ? Market value ? Face value Question No. 22 (Marks: 1) - Please choose a Cash flow statement helps stakeholders to assess: ? The ability to pay cash dividends in the future ? All the options given ? The ability to generate future cash flows ? The business cash Question No. 23 (Marks: 1) - Please choose a The financial statement captures both current operating income and associated changes in the balance sheet is as follows: ? Statement of retained earnings ? Statement of financial position ? Cash flow statement ? Statement of changes in equity Question No. 24 (Marks: 1) - Please choose a Which of the following relationship can not be calculated for a period in which the company incurred a net loss? ? Acid test ratio ? Return on Investment ? Price-earning ratio ? None of the options gives Question No. 25 (Marks: 1) - Please choose a In cash flow statement, made interest payments on loan from the bank is related to: ? Investment activity ? Financing of the activity ? Operational activity ? Net changes in working capital Question No. 26 (Marks: 1) - Please choose a Which of the following is the type of business owned by one person? ? Sole ? Association ? Of Companies ? unlimited liability company Question No. 27 (Marks: 1) - Please choose a Which of the following shows a debit balance under normal circumstances? ? Assets ? The capital ? Responsibility ? Earnings Question No. 28 (Marks: 1) - Please choose a Which of the following account is credited when the goods are given as charity? ? Charity a / c ? Free sample A / C ? Purchases a / c ? Sales a / c Question No. 29 (Marks: 1) - Please choose a Which of the following account is credited when the owner of the business of selling machinery of Rs. 10,000 for cash? ? Sales a / c ? Machinery a / c ? Owner a / c ? Cash a / c Question No. 30 (Marks: 1) - Please choose a What is the best condition for financing a business? ? Funded entirely from its own resources ? Fully trusted financial institutions ? Investments through equity and the instructions are based on financial ? None of the options offered
Need help with the following accounting question?(Serious answers please)?0jessica =]2012-09-06 00:52:06
My question is : How do these pieces ? (use AL = OE to establish Jack 's initial capital ) . This is the general opening requires a journal entry ) . And on July 2 Jack contributed a motor vehicle and boat business with different values ​​. Explain how Jack came to these values ​​(200 words ) . MedlinePlus MedlinePlus The following transactions took place in July 2007 . MedlinePlus MedlinePlus On July 2 , Jack decided to make a series of assets and liabilities to help you begin your fishing business classes. MedlinePlus MedlinePlus Cash in bank $ 7,000 MedlinePlus MedlinePlus Accounts Receivable. MedlinePlus $ 1,000 MedlinePlus Boats $ 25,000 . MedlinePlus Fishing rods . MedlinePlus $ 8,000 MedlinePlus Motor Vehicles . MedlinePlus $ 12,000 MedlinePlus Accounts payable $ 2,500 MedlinePlus MedlinePlus $ 15,000 loan from MedlinePlus MedlinePlus ( Note : use AL = OE to establish Jack 's initial capital ) . This is the general opening requires a journal entry ) .
Accounting question...need answers?0Emerald2012-11-03 22:05:25
Q). Set up an amortization schedule for a $20,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate in 8 percent
Need help on accounting quiz to check my answers...?0Colt2012-08-24 03:56:03
Question 1 MedlinePlus The allowance for doubtful accounts represents: MedlinePlus MedlinePlus A) cash to compensate the bad debt losses. MedlinePlus B) The amount of bad debts canceled to date. MedlinePlus C) The difference between the total sales of credit and collection of credit sales. MedlinePlus D) The difference between the face value of the accounts receivable and the net realizable value of accounts receivable. MedlinePlus MedlinePlus Question 2 MedlinePlus Pete, Inc. 's 2008 income statement, net sales of $ 8,000,000, uncollectible accounts expense of $ 360,000, and net income of $ 900,000. Average accounts receivable Pete in 2008 amounted to $ 1,600,000. With 360 days to one year, Pete MedlinePlus MedlinePlus A) Turnover Rate Accounts receivable is approximately 4.4 times. MedlinePlus B) Turnover Rate Accounts receivable is approximately 2.5 times. MedlinePlus C) Average number of days to collect an account receivable is 72 days. MedlinePlus D) Rate Accounts receivable turnover is about 2 times. MedlinePlus MedlinePlus Question 3 MedlinePlus Financial assets include all of the following except MedlinePlus MedlinePlus A) Cash MedlinePlus B) Securities MedlinePlus C) Goods MedlinePlus D) Accounts receivable MedlinePlus MedlinePlus Question 4 MedlinePlus The company's accounting records showed Golden Cash $ 15.250 as of June 30. The balance of the account statement as of June 30 was $ 15, 125. The reconciling items were only deposits in transit $ 3,200, outstanding checks totaling $ 4,100, a $ 1,000 NSF check returned by the bank of gold that had not changed back to the client, and a bank service charge $ 25. preparing a bank reconciliation should indicate gold property in cash on June 30 in the amount of: MedlinePlus MedlinePlus MedlinePlus A) $ 14.475 MedlinePlus B) $ 15,375 MedlinePlus C) $ 14,225 MedlinePlus D) $ 15.525 MedlinePlus MedlinePlus Question 5 MedlinePlus Factoring of receivables is as follows: MedlinePlus MedlinePlus A) One way to sell. MedlinePlus B) A form of pledges as collateral for a loan. MedlinePlus C) One way to get money quickly. MedlinePlus D) All three of the USDA Agricultural Research previously. MedlinePlus Question 6 MedlinePlus MedlinePlus MedlinePlus Taylor, Inc. had accounts receivable of $ 310,000 and an allowance for doubtful accounts of $ 19,500 before writing it off as a receivable value of the company of $ 1,300 Burton. The net realizable value of accounts receivable before and after the cancellation were: MedlinePlus MedlinePlus MedlinePlus A) $ 290,500 $ 289,200 before and after. MedlinePlus B) $ 290,500 $ 290,500 before and after. MedlinePlus C) $ 310,000 before and $ 308,700 after. MedlinePlus D) $ 329,500 $ 328,200 before and after. MedlinePlus MedlinePlus Question 7 MedlinePlus The accountant prepared a check for $ 58, but accidentally recorded it as $ 85. In preparing the bank reconciliation, this must be corrected by: MedlinePlus MedlinePlus A) Adding $ 27 to the bank account MedlinePlus B) Subtract $ 27 from the bank account MedlinePlus C) Adding $ 27 to the account balance D) Subtract $ 27 for balancing the USDA Agricultural Research MedlinePlus Question 8 MedlinePlus MedlinePlus MedlinePlus In late January, the unadjusted trial balance of Exec, Inc. includes the following accounts: MedlinePlus Sales (80% represent credit sales) $ 400,000 credit balance MedlinePlus MedlinePlus Accounts Receivable $ 240,000 debit balance MedlinePlus MedlinePlus Allowance for Doubtful Accounts $ 700 credit limit MedlinePlus MedlinePlus Exec uses the balance sheet approach in estimating uncollectible accounts expense, and the aging of accounts receivable indicates the estimated uncollectible $ 6,200. What is the amount of bad debts expense recognized in the income statement for January Exec? MedlinePlus MedlinePlus A) $ 6,200 MedlinePlus B) $ 5,500 MedlinePlus C) $ 6,900 MedlinePlus D) another amount. MedlinePlus MedlinePlus Question 9 MedlinePlus Sales to customers who use bank credit cards such as Visa or MasterCard, are recorded as: MedlinePlus MedlinePlus A) Cash sales. MedlinePlus B) An account receivable from cardholders. MedlinePlus C) A bank account receivable. MedlinePlus D) Credit card discount costs. MedlinePlus MedlinePlus Question 10 MedlinePlus The Sigma Corporation's financial statements include a holding gain on investments. This item: MedlinePlus MedlinePlus A) is included in the income statement. MedlinePlus B) is shown as a reduction in stockholders' equity total. MedlinePlus C) Indicates that the securities of Sigma has a market value greater than the cost. MedlinePlus D) Indicate that Sigma Corporation securities sold during the period profit.
Need help on accounting quiz to check my answers...?0moza2012-08-08 14:38:44
Question 1 The provision for uncollectible accounts: A) Cash set aside to offset bad debt losses. B) The amount of bad debts canceled to date. C) The difference between the total sales of credit and collections on credit sales. D) The difference between the face value of accounts receivable and net realizable value of accounts receivable. Question 2 Pete, Inc. 's 2008 income statement, net sales of $ 8,000,000, uncollectible accounts expense of $ 360,000, and net income of $ 900,000. Average accounts receivable Pete in 2008 was $ 1,600,000. Using 360 days a year, Pete A) Rate Accounts receivable turnover is about 4.4 times. B) Rate Accounts receivable turnover is about 2.5 times. C) Average number of days for recovery of a receivable is 72 days. D) Rate Accounts receivable turnover is about 2 times. Question 3 Financial assets include all the following except A) Cash B) securities C) Inventories D) Accounts receivable Question 4 The accounting records of Golden company showed cash of $ 15.250 as of June 30. The bank statement balance as of June 30 was $ 15, 125. The only reconciling items were deposits in transit, $ 3,200, outstanding checks totaling $ 4,100, a bad check for $ 1,000 returned by the bank of gold, which had not yet changed back to the client, and a bank service charge of $ 25. preparing a bank reconciliation should indicate cash owned by Gold on June 30 in the amount of: A) $ 14.475 B) $ 15,375 C) $ 14,225 D) $ 15,525 Question 5 Factoring accounts receivable is as follows: A) One way to sell them. B) A form of pledges as collateral for a loan. C) One way to raise money quickly. D) The three of above. Question 6 Taylor, Inc. had accounts receivable of $ 310,000 and an allowance for doubtful accounts of $ 19,500 just before the cancellation as worthless an account receivable from Burton company of $ 1,300. The net realizable value of accounts receivable before and after the cancellation were: A) $ 290,500 $ 289,200 before and after. B) $ 290,500 $ 290,500 before and after. C) $ 310,000 $ 308,700 before and after. D) $ 329,500 $ 328,200 before and after. Question 7 The bookkeeper prepared a check for $ 58, but accidentally recorded it as $ 85. In preparing the bank reconciliation, it must be corrected by: A) adding $ 27 to the bank account B) Subtract $ 27 from bank balance, USDA C) adding $ 27 to the balancing D) is subtracted $ 27 book balance, USDA Question 8 In late January, the unadjusted trial balance of Exec, Inc. includes the following accounts: Sales (80% represent credit sales) $ 400,000 credit balance Accounts Receivable $ 240,000 debit balance Allowance for Doubtful Accounts $ 700 credit balance Exec uses the balance sheet approach in estimating uncollectible accounts expense, and the aging of accounts receivable indicates the estimated uncollectible portion of $ 6,200. What is the amount of uncollectible accounts expense recognized in the income statement for January Exec? A) $ 6,200 B) $ 5,500 C) $ 6,900 D) any other amount. Question 9 Sales to customers using bank credit cards such as Visa or MasterCard, are recorded as: A) Cash sales. B) An account receivable of the cardholder. C) A bank account receivable. D) credit card discount expenses. Question 10 The financial statements of Sigma Corporation include an Unrealized holding gain on investments. This item: A) is included in the income statement. B) is shown as a reduction in total equity. C) Indicates that the securities of Sigma has a current market value exceeds the cost. D) Indicate that Sigma Corporation sold securities during the period with gains.
Need help with the following accounting question?(No stupid answers please)?0Justine2012-08-17 02:01:31
Question. Jack decided to contibute a number of assets and liabilities to help start the business. Cash in the bank. $ 7000 Accounts Receivable. $ 1000 Boats $ 25,000 Fishing poles . $ 8000 Motor vehicle $ 12000 Accounts payable. $ 2500 Loan. $ 15000 ( A). Use the- L = OE to establish an initial capital of Jack. Then we need a general journal entry opening . ( B). On July 2, Jack contributed a boat and motor vehicle for business with different values. Explain how Jack came to these values.
Accounting help please!!! major test tommorow!! part 1?1reynalyn villanueva2012-11-03 08:15:01
1 MedlinePlus Melissa Hoadley and Kelly Quayle borrowed $ 16,479 on a 7-month, 10% note from Gopher State Bank to open their business, MK Coffee House. The money was paid on 1 June 2010, and the note due January 1, 2011. MedlinePlus MedlinePlus (A) Preparation of the entry to record the receipt of loan funds. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus Effective June 01, 16479 MedlinePlus Notes payable 16,479 MedlinePlus MedlinePlus (B) Prepare the entry to accrue the interest on June 30. (Answers Round to 0 decimal places, eg 255 and use a rounded amount for future calculations.) MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus June 30 Interest expense MedlinePlus Interest payable MedlinePlus MedlinePlus (C) Assuming adjusting entries made at the end of each month, determine the account balance of interest payable at December 31, 2010. MedlinePlus MedlinePlus $ MedlinePlus MedlinePlus (D) Prepare the entry required on January 1, 2011, when the loan is repaid. (List multiple debit / credit entries high to low amount, for example, 10, 5, 2). MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus January 1 16,479 Notes payable MedlinePlus Interest payable MedlinePlus Cash MedlinePlus MedlinePlus # 2 MedlinePlus MedlinePlus Ellison Company issued $ 556.000, 9%, 20-year bonds on January 1, 2010, at 102. Interest is paid annually on January 1. Ellison uses straight-line amortization of bond premium or discount. MedlinePlus MedlinePlus Prepare journal entries to record the following events. (List multiple debit / credit entries high to low amount, for example, 10, 5, 2). MedlinePlus MedlinePlus (A) The issuance of the bonds. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus Effective January 1 MedlinePlus Bonds payable 556,000 MedlinePlus Premium on bonds payable MedlinePlus (B) The accrual of interest and the amortization of the premium on December 31, 2010. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus Dec. 31 Bond interest expense MedlinePlus Premium on bonds payable Bond interest payable MedlinePlus MedlinePlus (C) The payment of interest on January 1, 2011. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus January 1 MedlinePlus Bond interest payable Cash MedlinePlus MedlinePlus (D) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus January 1, 2030 Bonds payable 556,000 MedlinePlus MedlinePlus 556,000 Cash MedlinePlus # 3 MedlinePlus MedlinePlus Rooney Company issued $ 399,000 9% 10-year bonds on December 31, 2009, for $ 379,050. Interest is paid annually on December 31. Rooney uses the straight-line method to amortize the premium or discount. MedlinePlus MedlinePlus Prepare journal entries to record the following events. (List multiple debit / credit entries high to low amount, for example, 10, 5, 2). MedlinePlus MedlinePlus (A) The issuance of the bonds. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus December 31 379 050 Cash MedlinePlus Discount on bonds payable Bonds payable 399,000 MedlinePlus MedlinePlus (B) The payment of interest and amortization of discount on December 31, 2010. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus Dec. 31 Bond interest expense MedlinePlus Cash MedlinePlus Discount on bonds payable MedlinePlus (C) The repayment of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. MedlinePlus MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus December 31, 2019 Bonds payable 399,000 MedlinePlus MedlinePlus 399,000 Cash MedlinePlus # 4 MedlinePlus MedlinePlus Noble Co. had these transactions during the current period. MedlinePlus MedlinePlus Posted June 12 83,430 shares of $ 1 par value common for cash of $ 312.863. MedlinePlus Published July 11th 3470 shares of $ 104 par value preferred for cash of $ 118 per share. MedlinePlus 28 November 2230 purchased shares for $ 14,970. MedlinePlus MedlinePlus Prepare journal entries for the transactions. (List multiple debit / credit entries high to low amount, for example, 10, 5, 2). MedlinePlus MedlinePlus Date Account / Description Debit Credit MedlinePlus June 12 312 863 Case MedlinePlus Capital Paid in Excess of Par Value MedlinePlus common 83,430 ordinary shares MedlinePlus Cash July 11 MedlinePlus MedlinePlus Preferred Stock Capital Paid in Excess of Par Value Preferred MedlinePlus 28 November 14 970 shares MedlinePlus Cash 14,970
Financial Accounting: Identifying items on financial statements?0jackeline2012-09-04 06:51:04
Classify the following as the location shown in the financial statements : one . Accounts payable MedlinePlus b. Rental income MedlinePlus c. Interest expense MedlinePlus d. property, plant and equipment MedlinePlus e. short-term investments in the shares of another company MedlinePlus f. sales to customers MedlinePlus g. repayment of a loan owed ​​to a financial institution MedlinePlus h. MedlinePlus common stock i. MedlinePlus cash j . Mortgage payable ( debt due in 10 years )
Financial worries - UK answers only?2Isaias g2012-09-30 14:45:02
I owe
Is SLG financial a scam? I need answers plz! ?0raja2012-09-16 12:44:04
i applied for loans online and this man called three times asking for me to return your call , so I did today and told me that I appeared for 1100 , but was approved for 5000 and to give him a fax number so you can fax the loan agreement documents for me to sign up to receive my money.Is this a scam or what should I do ? He did not ask for any money upfront or anything . PLEASE HELP !
I need help understanding the financial part of college. Help me please!?0Marketing Management2012-11-04 07:06:26
Okay so I'm attending a university this fall, straight out of high school. At first I was going to stay at home and go to college because the college is in my city. But this past week I decided I was going to live on campus. So I updated my FAFSA to see if I can get anymore loans for my housing. I've already gotten one loan for tuition and it is a federal stafford subsidized loan... but I don't know how it works. I don't know how to accept it or anything. My mom is about just as clueless as I am. Accepting these loans is the main part I need help with. And if my FAFSA doesn't offer me another loan for housing, where do I go to get a private loan? A bank or what? Please help! Thank you!
Will I get more financial aid for college if I have a part time job?0stephaine2012-10-27 10:30:47
I was wondering if I could get more financial aid if I had a part time job in college . I am a full time college student (20 credit hours ) . My university charges me extra if I take more than 18 credit hours . Since I am a double major , I have to take the maximum (20-21) each semester of full-time summer classes if I want to graduate in 4 years instead of 5 . That said, I'm really in need of financial assistance . I was not sure if I have a W -2 would help or hurt when it comes to financial aid , including loans, grants and scholarships . I'd be more than happy to work part time if you would help me. The only reason I 'm not currently due to my course load and my volunteer activities . MedlinePlus MedlinePlus Thanks in advance for all helpful answers !

Ask New Question  

  • You are not logged in,answer will be Anonymous.Set Nickname | Sign In | Sign Up
  • tags separate by ','
  • Shortcuts:Ctrl+Enter

Latest Questions