Reference no: EM132573354

Question 1: On June 10, ABC Corporation received a check for $ 25,000 from KLM Company for guide service revenue.

A) Debit to Notes Receivable and a credit to Domestic Sales

B) Debit to Sales Revenue and a credit to Cheques Given & Payment Orders

C) Debit to Cheques Received and a credit to Domestic Sales

D) Debit to Cash and a credit to Domestic Sales

E) Debit to Notes Payable and a credit to Domestic Sales

Question 2: is the procedure of transferring journal entries to the ledger accounts.

A) Simple entry

B) None of them

C) Compound entry

D) Journalizing

E) Posting

Question 3: While issuing some common shares that carry 1 TL par value pers hare for cash at 5 TL per share, which account shou debited?

A) Retained Earnings

B) Cash

c) Paid-in Capital in Excess of Stated

D) Common Share

E) Paid-in Capital in Excess of Par

Question 4: The financial statements for ABC Corporation contained the following information: Accounts receivable $ 10,000 Sales revenue $ 150,000 Cash $30,000 Salaries and wages expense $ 40,000 Rent expense $20,000 What was ABC Corporation's net income?

A) $ 90,000

B) $ 120,000

c)$ 20,000

D) $ 130,000

E) $ 30,000

Question 5: Extracts from an Income Statement for the year ended 31 December 2019.

Sales Revenue 25,000

Cost of Sales (11,500)

(2,300) Administrative Expenses

Finance Income 400

Finance Costs (150)

Taxation (1,356)|

The Gross Profit is:

A) None of them

B) $ 13,500

C) $ 11,200

D) $ 11,450

Question 6: What is the distribution of some portion of earnings to shareholders by a corporation called?

A) Investment

B) Deficit

C) Retained earnings

D) Dividend

E) Share split