Accounts Payable $4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 187) How many of these accounts would appear in a year end balance sheet A) Five B) Four C) Two D) Three Of the following, the most important objective for financial accounting is to provide information useful for Predicting cash flows B) Determining taxable income C) Providing accountability D) Increasing future profits For a journal entry with only two lines, the following entry is valid Decrease in Owners' Equity, Increase in Expense True B) False In a Balanced set of Accounting Records, EVERY Account must balance False B) True The following information pertains to ABC March 1 Beginning inventory 30 units $5 March 3 Purchased 15 units $4 March 9 Sold 25 units $8 What is the cost of goods sold for ABC assuming it uses LIFO A) $125 B) $85 C) $110 D) $100 For a journal entry with only two lines, the following entry is valid Increase in Liability, Decrease in Dividends False B) True A company overstates its ending inventory for 2018 What effect will this have on the reported amount of cost of goods sold for 2018 Cannot be determined given the information provided Understate cost of goods sold Overstate cost of goods sold Have no effect on cost of goods sold Investors and Creditors are interested in which of these entries (more than one possible correct answer) Adjusting Entries B) Closing Entries C) Transaction Entries A company in NY is buying goods from a Japanese company The goods are sold FOB San Francisco port The freight from Japan to San Francisco is an asset, the freight from San Francisco to New York is an expense The freight from Japan to San Francisco is an expense, the freight from San Francisco to New York is an Asset Both the freight from Japan to San Francisco and from San Francisco to New York are assets Both the freight from Japan to San Francisco and from San Francisco to New York are expenses A company had the following cash flows for the year Purchased land, $60,000 Borrowed from a local bank, $100,000 Paid employee salaries, $50,000 Issued common stock, $75,000 Paid dividends, $20,000 Sold equipment, $40,000 Sold services to customers, $120,000 What amount would be reported for net financing cash flows on the Statement of Cash Flows A) $70,000 B) $155,000 C) $40,000 D) ($20,000) The purchase of land is classified in the statement of cash flows as a(n) Noncash activity B) Financing activity C) Investing activity D) Operating activity

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Accounts Payable $4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 187) How many

Accounts Payable	$4,400
Salaries Expense	12,800
Cash	1,700
Common Stock	2,400
Service Revenue	8,300
Supplies	4,300
Retained Earnings	1,100
Utilities Expense	5,000

187)

How many of these accounts would appear in a year-end balance sheet?

A) Five. B) Four. C) Two. D) Three.

Of the following, the most important objective for financial accounting is to provide information useful for:
1. Predicting cash flows. B) Determining taxable income.

C) Providing accountability. D) Increasing future profits.

For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense.
1. True B) False

In a Balanced set of Accounting Records, EVERY Account must balance.
1. False B) True
The following information pertains to ABC: March 1 Beginning inventory = 30 units @ $5 March 3 Purchased 15 units @ $4 March 9 Sold 25 units @ $8
What is the cost of goods sold for ABC assuming it uses LIFO?

A) $125. B) $85. C) $110. D) $100.
For a journal entry with only two lines, the following entry is valid: Increase in Liability, Decrease in Dividends.
1. False B) True
A company overstates its ending inventory for 2018. What effect will this have on the reported amount of cost of goods sold for 2018?
1. Cannot be determined given the information provided.
2. Understate cost of goods sold.
3. Overstate cost of goods sold.
4. Have no effect on cost of goods sold.
Investors and Creditors are interested in which of these entries (more than one possible correct answer)?
1. Adjusting Entries B) Closing Entries C) Transaction Entries
A company in NY is buying goods from a Japanese company. The goods are sold FOB San Francisco port
1. The freight from Japan to San Francisco is an asset, the freight from San Francisco to New York is an expense
2. The freight from Japan to San Francisco is an expense, the freight from San Francisco to New York is an Asset
3. Both the freight from Japan to San Francisco and from San Francisco to New York are assets
4. Both the freight from Japan to San Francisco and from San Francisco to New York are expenses
A company had the following cash flows for the year:
Purchased land, $60,000
Borrowed from a local bank, $100,000
Paid employee salaries, $50,000
Issued common stock, $75,000
Paid dividends, $20,000
Sold equipment, $40,000
Sold services to customers, $120,000
What amount would be reported for net financing cash flows on the Statement of Cash Flows? A) $70,000. B) $155,000. C) $40,000. D) ($20,000)
The purchase of land is classified in the statement of cash flows as a(n):
1. Noncash activity. B) Financing activity C) Investing activity. D) Operating activity.