Reference no: EM131762987

Q1) What field of accounting would provide the most useful information to internal decision makers in regards to planning, budgeting, and forecasting?

financial accounting

tax accounting

managerial accounting

governmental accounting

Q2) Which of the following is TRUE of the net business profit of the partnership?

The profit is not taxable.

The profits of the partnership pass through the partnership to be taxed to the partners.

The profits of a partnership are only taxable to the limited partners.

The profits of a partnership are not taxable unless the partnership has over $250,000 of net profits.

Q3) Please refer to the table below.

Sales Returns and Allowances$2,400Sales Commissions$12,000Cost of Goods Sold$45,000 Sales Revenue$127,000Utilities$4,500Rent$15,000Sales Discounts$1,500Salaries$25,000Gain on sale of equipment$4,000Freight Out$4,500Depreciation Expense$3,000Interest Revenue$300

What is net income?

$14,100

$21,400

$9,800

$18,400

Q4) Angelo Company uses FIFO inventory costing method under the periodic system. Angelo had beginning inventory of 40 units at $20 each. They purchased 60 units at $22 each throughout the year and had sales of 80 units. At year end, replacement cost for each unit is $19.00. Ending inventory should be valued at ________.

$420

$400

$380

$440

 Q5) Unearned subscription revenue appears on the balance sheet as a_______.

current asset or long-term investment

long-term investment

liability

long-term asset

Q6) If a bookkeeper mistakenly recorded a disbursement as $83 instead of the correct amount of $38, the error would be shown on the bank reconciliation as a _______.

$45 deduction from the book balance

$45 addition to the bank balance

$45 addition to the book balance

$45 deduction from the bank balance

Q7) Most computerized accounting systems are organized by_______.

networks

outputs

inputs

function

Q8) Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account prior to closing net income or net loss?

$2,900 credit

$300 credit

$2,900 debit

$300 debit

Q9) Please refer to the table below.

Sales Returns and Allowances$2,400Sales Commissions$12,000Cost of Goods Sold$45,000 Sales Revenue$127,000Utilities$4,500Rent$15,000Sales Discounts$1,500Salaries$25,000Gain on sale of equipment$4,000Freight Out$4,500Depreciation Expense$3,000Interest Revenue$300

What is gross profit?

$82,000

$78,100

$79,600

$66,100