Description : What is total liabilities and stockholders' equity at December 31, 2008? a. $176,000 b. $190,000 c. $218,000 d. $232,000
Last Answer : c. $218,000
Description : What are total long-term liabilities at December 31, 2008? a. $0 b. $70,000 c. $88,000 d. $90,000
Last Answer : a. $0
Description : . What are total current liabililites at December 31, 2008? a. $18,000 b. $70,000 c. $88,000 d. $0
Last Answer : c. $88,000
Description : What are total current assets at December 31, 2008? a. $26,000 b. $32,000 c. $36,000 d. $218,000
Last Answer : c. $36,000
Description : At the beginning of September, 2008, RFI Company reported Merchandise Inventory of $4,000. During the month, the company made purchases of $7,800. At September 31, 2008, a physical count of inventory reported $3,200 on hand. ... sold for the month is a. $600. b. $7,800. c. $8,600. d. $11,800.
Last Answer : b. $7,800.
Description : What is the company’s net income for the year ending December 31, 2008? a. $133,000 b. $42,000 c. $28,000 d. $12,000
Last Answer : b. $42,000
Description : All of the following are stockholders’ equity accounts except a. Common Stock. b. Capital Stock. c. Investment in Stock. d. Retained Earnings.
Last Answer : c. Investment in Stock.
Description : The heading for a post-closing trial balance has a date line that is similar to the one found on a. a balance sheet. b. an income statement. c. an stockholders' equity statement. d. the worksheet.
Last Answer : a balance sheet.
Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.
Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.
Description : Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.
Last Answer : b. $15,000.
Description : At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000 ... a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.
Last Answer : b. $1,400,000 and 30%.
Description : Net Assets of D.Co. for Purchase Consideration worth Rs. 4,00,000. At the time of absorption, the company has paid 32,000 equity shares each of Rs.10 each at 10% premium, then remaining cash will be - (A) Rs. 48,000 (B) Rs. 84,000 (C) Rs. 80,000 (D) Rs. 90,000
Last Answer : (A) Rs. 48,000
Description : 20,000 equity shares of Rs.10 each issued at 10% premium , cash is Rs------------------- a) Rs.2,00,000 b) Rs.2,10,000 c) Rs.2,15,000 d) Rs.2,20,000
Last Answer : d) Rs.2,20,000
Description : Sal’s net income for August, 2008 is a. $18,000. b. $17,500. c. $16,500. d. $16,000.
Last Answer : c. $16,500.
Description : Sal’s operating income for the month of August, 2008 is a. $30,000. b. $19,500. c. $18,500. d. $16,000.
Last Answer : b. $19,500.
Description : Sal’s nonoperating income (loss) for the month of August, 2008 is a. $0. b. $500. c. $1,000. d. $1,500.
Last Answer : d. $1,500.
Description : Sal’s gross profit for August, 2008 is a. $30,000. b. $19,000. c. $18,000. d. $16,000.
Last Answer : d. $16,000.
Description : For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of ... Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times
Last Answer : (a) 8 times
Description : BDL Ltd. is currently preparing its cash budget for the year to 31 March 2014. An extract from its sales budget for the same year shows the following sales values. Rs March 60,000 April 70,000 May 55,000 June 65,000 40% ... 2013 is (a) Rs 60,532 (b) Rs 61,120 (c) Rs 66,532 (d) Rs 86,620
Last Answer : (a) Rs 60,532
Description : Balance sheet accounts are considered to be a. temporary stockholders’ accounts. b. permanent accounts. c. capital accounts. d. nominal accounts.
Last Answer : b. permanent accounts.
Description : Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the accreditation of Velasco and Co., CPAs, was renewed on September 30, ... . September 30, 2010 b. September 30, 2011 c. December 31, 2010 d. December 31, 2011
Last Answer : September 30, 2011
Description : The ratio which shows the relationship b/w share holder’s fund and total assets a) Debit equity ratio b) Proprietary ratio c) Solvency ratio d) Fixed asset
Last Answer : b) Proprietary ratio
Description : Have you heard that Stormy Daniels says she will donate the $130,000 to Planned Parenthood in Trump’s name?
Last Answer : I hadn’t heard that, and so far I haven’t seen it any reputable newspaper’s web site. Strategically, it’s a dumb idea. Let her win the case first, and then announce you are donating it.
Description : What is the overall objective of internal auditing? a. To attest to the efficiency with which resources are used. b. Ascertain that the cost of internal control is justified. c. To ... and stockholders' equity. d. To help members of the organization to effectively discharge their responsibilities.
Last Answer : To help members of the organization to effectively discharge their responsibilities.
Description : In the balance sheet, ending merchandise inventory is reported a. in current assets immediately following accounts receivable. b. in current assets immediately following prepaid expenses. c. in current assets immediately following cash. d. under property, plant, and equipment.
Last Answer : a. in current assets immediately following accounts receivable.
Description : All of the following items would be reported as other expenses and losses except a. freight-out. b. casualty losses. c. interest expense. d. loss from employees' strikes.
Last Answer : a. freight-out.
Description : Land held for future use will be reported in the ____________ section of a classified balance sheet. a. Long-term assets. b. Long-term investments. c. Property, Plant and Equipment. d. Current assets..
Last Answer : b. Long-term investments.
Description : After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to a. the beginning retained earnings reported on the retained earnings statement. b. the amount of ... earnings reported on the balance sheet. c. zero. d. the net income for the period.
Last Answer : . b. the amount of retained earnings reported on the balance sheet.
Description : Non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the ___________ (a) Balance Sheet (b) Transaction (c) Settlement (d) None of the above
Last Answer : b) Transaction
Description : Fixed assets, inventories and investments in Equity shares are examples of ____________ items.
Last Answer : Non-monetary,
Description : Intrinsic value of each equity shares of the vendor company is Rs. 250 and that of the purchasing company is Rs. 400. The exchange ratio of shares on the basis of intrinsic value is - (A) 2:1 (B) 8:8 (C) 8:5 (D) None of the above
Last Answer : (C) 8:5
Description : The original amount of preference share capital should be transferred to ............ account in the time of amalgamation in the books of vendor co. (A) Preference shareholders Account (B) Capital Reserve Account (C) Equity share capital Account (D) Equity share capital Account
Last Answer : (A) Preference shareholders Account
Description : _________ is also known as working capital ratio. (a) Current ratio (b) Quick ratio ((c) Liquid ratio (d) Debt-equity ratio
Last Answer : (a) Current ratio
Description : -------------------means transfer of economic value of firm from one asset or equity to another. a) Flow of funds b) Uses of fund c) Inflow of funds d) Application of funds
Last Answer : a) Flow of funds
Description : Market price per share divided by earnings per share is------- a) Price earning ratio b) Return on equity c) Market test ratio d) Book value per share
Last Answer : a) Price earning ratio
Description : Debt equity ratio is a-------------------------------------- a) Profitability ratio b) Turnover ratio c) Short term solvency ratio d) Long term solvency ratio
Last Answer : d) Long term solvency ratio
Description : he ratio which is used to ascertain the soundness of the long term financial position is------------ a) Debt equity ratio b) Liquidity ratio c) Activity ratio d) Gross profit ratio
Last Answer : a) Debt equity ratio
Description : Ratio to assess the short term debt paying capacity of a firm is---------- a) Debt equity ratio b) Propriety ratio c) Liquid ratio d) Solvency ratios
Last Answer : c) Liquid ratio
Description : Net worth refers to owner’s-------------------------- a) Equity b) Solvency c) Liability d) None of these
Last Answer : a) Equity
Description : Coverage of fixed assets by shareholder’s equity is a good tests of---------------- a) solvency b) liquidity c) Activity d) profitability
Last Answer : a) solvency
Description : For dividend yield ratio -------------- price of the equity shares is taken into consideration a) Market b) Cash c) Cost d) None of the above
Last Answer : a) Market
Description : Satisfactory level of debt equity ratio is -------------------- a) 1:1 b) 3:1 c) 2:1 d) 1:2
Last Answer : c) 2:1
Description : Debt equity ratio is an example of ---------------- ratios a) Balance sheet ratio b) Profit & loss account ratio c) Mixed ratio d) Liquidity ratio
Last Answer : a) Balance sheet ratio
Description : The ratio which shows the relationship between borrowed funds and owners capital is --------------- a) Proprietary ratio b) Debt equity ratio c) Capital gearing ratio d) Fixed asset ratio
Last Answer : b) Debt equity ratio
Description : Long term solvency of a firm can be measured by a) Current ratio b) Net profit ratio c) Gross profit ratio d) Debt equity ratio
Last Answer : d) Debt equity ratio
Description : Equity includes -------------- a) Equity share capital b) Equity share capital+Preference share capital+-fictitious asset c) Equity capital+Prefernce share capital+reserves snd surplus-fictious asset d) Equity capital+Preference share capital
Last Answer : c) Equity capital+Prefernce share capital+reserves snd surplus-fictious asset
Description : The ratio which depicts the relationship between two items,one of which is drawn from the Balance Sheet and the other from the revenue account a) Current ratio b) Equity Ratio c) Net Profit ratio d) Debtors Turn over Ratio
Last Answer : d) Debtors Turn over Ratio
Description : Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost ... be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500
Last Answer : (a) Rs. 2,500
Description : In case of joint products, the main objective of accounting of the cost is to apportion the joint costs incurred up to the split off point. For cost apportionment one company has chosen Physical Quantity Method. Three joint ... 20,000 (b) Rs. 60,000 (c) Rs. 1,80,000 (d) None of the these
Last Answer : (c) Rs. 1,80,000