Question 1

The Interest Income account is classified as Other Income on the income statement.

Accepted Answer

A) True 
 B)False

Question 2

Net sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company?

Accepted Answer

A)  $3,100 
B)  $36,200 
C)  $(1,600) 
D)  $13,600 
E)  $(3,100) 
A)  $3,100 
B)  $36,200 
C)  $(1,600) 
D)  $13,600 
E)  $(3,100)

Question 3

On an income statement, net sales minus cost of goods sold equals

Accepted Answer

A)  delivered cost of purchases. 
B)  cost of goods available for sale. 
C)  net income. 
D)  gross profit. 
E)  beginning inventory. 
A)  delivered cost of purchases. 
B)  cost of goods available for sale. 
C)  net income. 
D)  gross profit. 
E)  beginning inventory.

Question 4

The adjusting entry for supplies on hand is always reversed.

Accepted Answer

A) True 
 B)False

Question 5

Operating Expenses consist of

Accepted Answer

A)  Interest Expense and General Expenses. 
B)  Selling Expenses and Cost of Goods Sold. 
C)  Interest Expense and Selling Expenses. 
D)  General Expenses and Selling Expenses. 
E)  Interest Expense and Cost of Goods Sold. 
A)  Interest Expense and General Expenses. 
B)  Selling Expenses and Cost of Goods Sold. 
C)  Interest Expense and Selling Expenses. 
D)  General Expenses and Selling Expenses. 
E)  Interest Expense and Cost of Goods Sold.

Question 6

Long-Term Liabilities are usually listed in the order of their expected payment.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following lists of items is used to compute the cost of goods available for sale?

Accepted Answer

A)  Delivered cost of purchases and beginning inventory 
B)  Sales, beginning inventory, and ending inventory 
C)  Net sales, beginning inventory, and ending inventory 
D)  Gross profit, beginning inventory, and ending inventory 
E)  Beginning inventory and ending inventory 
A)  Delivered cost of purchases and beginning inventory 
B)  Sales, beginning inventory, and ending inventory 
C)  Net sales, beginning inventory, and ending inventory 
D)  Gross profit, beginning inventory, and ending inventory 
E)  Beginning inventory and ending inventory

Question 8

What would be an appropriate account number for Cash?

Accepted Answer

A)  11 
B)  21 
C)  31 
D)  41 
A)  11 
B)  21 
C)  31 
D)  41

The Interest Income account is classified as Other Income on the income statement.

Net sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company?

On an income statement, net sales minus cost of goods sold equals

The adjusting entry for supplies on hand is always reversed.

Operating Expenses consist of

Long-Term Liabilities are usually listed in the order of their expected payment.

Which of the following lists of items is used to compute the cost of goods available for sale?

What would be an appropriate account number for Cash?

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters

Exam 12: Financial Statements, Closing Entries, and Reversing Entries

The Interest Income account is classified as Other Income on the income statement.

Net sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company?

On an income statement, net sales minus cost of goods sold equals

The adjusting entry for supplies on hand is always reversed.

Operating Expenses consist of

Long-Term Liabilities are usually listed in the order of their expected payment.

Which of the following lists of items is used to compute the cost of goods available for sale?

What would be an appropriate account number for Cash?

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters