Financial Accounting I: Midterm Exam 1-5 | GAAP, Financial

School: Jefferson Community and Technical College - Course: ART MISC - Subject: Accounting

Question 1 0 out of 1.5 points The trial balance is the main source of information used to prepare the financial satements Question 2 1.5 out of 1.5 points GAAP is not theconcepts, standards, andrules that guide the preparation and presentation of financial statements. Question 3 2.5 out of 2.5 points Which of the following statements is not one of the financial statements? Question 4 2.5 out of 2.5 points Prepare a journal entry for the following transaction: January 22, purchased, an asset, merchandise inventory on account for 2,800. Question 5 0 out of 2.5 points Which two accounts are affected. Sold merchandise to customers on account. Question 6 2.5 out of 2.5 points The accounting equations is expressed as: Question 7 2.5 out of 2.5 points The balance sheet list which of the following?

Question 8 2.5 out of 2.5 points Stockholders can best be defined as which of the following? Question 9 2.5 out of 2.5 points Which of the following is the correct order of preparing the financial statements? Question 10 2.5 out of 2.5 points Which financial statement shows the financial position of the company? Question 11 2.5 out of 2.5 points Which of these accounts is a liability. Question 12 0 out of 2.5 points Calculate the missing value. Assets - Liabilities = Owner equity 178,000 ? 143,300 Question 13 0 out of 2.5 points Which of these accounts are an asset? Question 14 2.5 out of 2.5 points Which process of the accounting cycle often requires the most analytical thought? Question 15 2.5 out of 2.5 points Which of these events will not be recognized Question 16 2.5 out of 2.5 points What is the normal balance out for an asset?

Question 17 2.5 out of 2.5 points What type of account is prepaid insurance? Question 18 2.5 out of 2.5 points Which set of accounts has the same type of normal balance? Question 19 2.5 out of 2.5 points Journalize the following transaction. Office supplies worth 750 are purchased on account. Question 20 2.5 out of 2.5 points Purchased a sewing machine for 1500 paying 200 cash and signing a note for the balance. Choose the correct journal entry. Question 21 2.5 out of 2.5 points Which of the following is the principle that a business must report any business activity that could affect what is reported on the financial statements? Question 22 0 out of 2.5 points What is the impact on the accounting equation when in accounts receivable is collected? Question 23 2.5 out of 2.5 points Which type of adjustment occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period? Question 24 2.5 out of 2.5 points Salaries owed but not yet paid is an example of which of the following? Question 25

0 out of 2.5 points Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years coverage, in the amount of 6000. What is the December 31 adjusting journal entry to bring the balance is two current.