Internal users of accounting information

Assignment Help Accounting Basics

Reference no: EM1310471

1. A parcel of land is: offered for sale at $150,000, assessed for tax purposes at $95,000, recognized by its purchasers as being worth $140,000 and purchased for $137,000. The land should be recorded in the purchaser's books at:

$95,000
$137,000
$138,500
$140,000
$150,000

2. Stride Rite has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate the debt ratio.

38.6%
13.4%
34.9%
25.9%
14.9%

3. Internal users of accounting information include:

Shareholders
Customers
Creditors
Government regulators
Line Supervisor

4. Of the following accounts, the one that normally has a credit balance is:

Cash
Office Equipment
Sales Salaries Payable
Dividends
Sales Salaries Expense

5. Unearned revenues are:

Revenues that have been earned and received in cash
Revenues that have been earned but not yet collected in cash
Liabilities created when a customer pays in advance for products or services before the revenue is earned
Recorded as an asset in the accounting records
Increases to retained earnings

Reference no: EM1310471

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