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The best definition of assets is the

resources belonging to a company that have future benefit to the company.

owners investment in the business.

cash owned by the company.

collections of resources belonging to the company and the claims on these resources.

Which of the following is not a liability?

Unearned Service Revenue

Accounts Payable

Accounts Receivable

Interest Payable

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Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

The balance sheet.

The income statement.

The statement of cash flows.

The retained earnings statement.

Ending retained earnings for a period is equal to beginning

Retained earnings + Net income + Dividends.

Retained earnings Net income + Dividends.

Retained earnings + Net income Dividends.

Retained earnings Net income Dividends.

Which of the following is not an advantage of the corporate form of business organization?

Easy to transfer ownership

Easy to raise funds

No personal liability

Favorable tax treatment

If services are rendered for cash, then

stockholders equity will decrease.

liabilities will decrease.

assets will increase.

liabilities will increase.

A revenue generally

increases assets and decreases stockholders equity.

leaves total assets unchanged.

increases assets and liabilities.

increases assets and stockholders equity.

A revenue account

is increased by credits.

is increased by debits.

is decreased by credits.

has a normal balance of a debit.

Which accounts normally have debit balances?

Assets, expenses, and dividends

Assets, expense, and retained earnings

Assets, expenses, and revenues

Assets, liabilities, and dividends

In recording an accounting transaction in a double-entry system

the number of debit accounts must equal the number of credit accounts.

the amount of the debits must equal the amount of the credits.

there must only be two accounts affected by any transaction.

there must always be entries made on both sides of the accounting equation.

The usual sequence of steps in the transaction recording process is

analyze, journalize, post to the ledger.

post to the ledger, journalize, analyze.

journalize, post to the ledger, analyze.

journalize, analyze, post to the ledger.

Under the expense recognition principle expenses are recognized when

the invoice is received.

they contribute to the production of revenue.

they are paid.

they are billed by the supplier.

Merchandising companies that sell to retailers are known as

brokers.

service firms.

corporations.

wholesalers.

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Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?

Freight-Out

Inventory

Freight Expense

Freight-In

check written by the company for $136 is incorrectly recorded by a company as $163. On the bank reconciliation, the $27 error should be

deducted from the balance per books.

added to the balance per bank.

deducted from the balance per bank.

added to the balance per books.

In recording an accounting transaction in a double-entry system

the number of debit accounts must equal the number of credit accounts.

the amount of the debits must equal the amount of the credits.

there must only be two accounts affected by any transaction.

there must always be entries made on both sides of the accounting equation.

The following information was available for Pina Colada Corp. at December 31, 2017: beginning inventory $84000; ending inventory $138000; cost of goods sold $700000; and sales $864000. Pina inventory turnover ratio (rounded) in 2017 was

6.3 times.

5.1 times.

8.3 times.

7.8 times.

The following information was available for Whispering Winds Corp. at December 31, 2017: beginning inventory $89000; ending inventory $110000; cost of goods sold $620000; and sales $992000. Whispering days in inventory (rounded) in 2017 was

58.9 days.

52.1 days.

36.5 days.

65.2 days.

The following information was available for Whispering Winds Corp. at December 31, 2017: beginning inventory $89000; ending inventory $110000; cost of goods sold $620000; and sales $992000. Whispering days in inventory (rounded) in 2017 was

58.9 days.

52.1 days.

36.5 days.

65.2 days.