please answer all the questions

98) For a journal entry with only two lines, the following entry is valid Increase in an asset, Decrease in Dividends. A) True B) False 99) ABC paid dividends of $2.410, so, S1,570 and $1,060 over the first four years of the company's existence. If Retained Earnings after year four has an ending balance of $9,700, what is the average annual amount of net income (loss) over the past four years for ABC A) S3,685. B) S840. C) $1.260 D) $14.740 100) For a journal entry with only two lines, the following entry is valid Increase in one Liability, Increase Owners' Equity A) False B) Truc 101) For a journal entry with only two lines, the following entry is valid: Increase in an asset, Increase in Revenuc. A) False B) True 102) For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Dividends. A) False B) True 103) Which of the following items would not appear in an income statement? A) Cash C) Salaries expense. B) Service revenue. D) Advertising expense 14 104) When Managers report they A) Always try to look bad B) Sometimes like to look good, and sometimes like to look bad C) Always try to look good 105) Subsidiary Acounts and Master Accounts A) Are reported in the Financial Statmnts C) Are bookkeeping devices B) Are only used in the Income Statement D) Are only used in the Balance Sheet 106) Which of the following is recorded upon receipt of a payment on April 7, 2018, by a customer who pays a $900 invoice dated March 3, 2018, with terms 2/10, n/60? Debit Cash $900 C) Credit Accounts Receivable $882 B) Debit Sales Discounts $18. D) Credit Purchase Discounts $18. 107) How many of the following transactions are operating activities? Borrowed $50,000 from the bank Purchased S12,000 in supplies Provide services to customers for $27,000 Paid the utility bill of $750 Purchased a delivery truck for $12,000 Received $25,000 from issuing common stock A) Four B) Three C) One. D) Two. 108) ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage policy was $12,000 for a two-year term. What was the balance in ABC's Prepaid Insurance account as of December 31 2018? B) S30,000. C) $18,000 D) $9,000. A) $48,000. 109) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a liability B) False A) True 15 110) ABC has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. I Cash Expenses Accounts Payable Dividends Supplics $35,000 10,000 7,000 23.000 4,000 1,000 18,000 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? A) Increase of $13,000. C) Increase of $14,000 B) Increase of $12,000. D) Increase of $11,000 111) The Accounts Receivable account has a beginning balance of $10,000 and the company provides services of S50,000 on account during the month. The ending balance was $12,000. How much did the company receive from customers during the month? A) $48,000. B) $52.000 D) S62,000. 112) In Cash Flow reporting at the point of Sale A) There is a Loss C) There is a Gain B) There is no Loss and no Gain D) It depends on the measuring system 113) A company has 1,184 customers they extend credit to, how many accounts receivable will they have on their books? A) I C) None of the other three B) 1,185 D) 1,184 114) Which of the following best explains the meaning of total stockholders' equity? A) The difference between total revenues and total expenses, less dividends for the year. B) The amount of common stock less dividen C) All revenues, expenses, and dividends over the life of the company D) The amount of capital invested by stockholders plus profits retained over the life of the ds over the life of the company. company 115) Choose one: A) The Statement of Cash Flows never balances B) It is possible for Cash Inflows to balance Cash Outflows on the Statement of Cash Flows C) The Statement of Cash Flows always balances 16 116) After the 2nd step in the Operating Cycle, the firm has A) Cash B) Inventory C) Receivable 117) A company has the following transactions L Pay employees salaries for the current period 2. Pay rent in advance 3. Pay dividends to stockholders in the current period 4 Receive (but do not pay) a utility bill S. Use supplies previously purchased. How many of these transactions result in an expense being reported in the current period usin accrual-basis accounting? A) 4. B) 1 C) 3 D) 2 118) For a journal entry with only two lines, the following entry is valid: Decrease in Expense, Increase in Dividends. A) True B) False 119) If the liabilities of a company increased by $55,000 during a month and the stockholders' ec decreased by $21,000 during that same month, did assets increase or decrease and by how r A) $76,000 increase. C) S55,000 increase. B) S34,000 decrease. D) S34,000 increase. 120) The Accounts Payable account has a beginning balance of S12,000 and the company purch $50,000 of supplies on account during the month. The ending balance was $10,000. How much did the company pay to creditors during the month? A) S50,000. B) S60,000 C) S52.000. D) $62.00 121) For a journal entry with only two lines, the followin Decrease in a liability, Decrease in an Expense. B) True A) False 122) For a journal entry with only two lines, the following entry is valid: Decrease in a liability, Increase in Dividends. B) False A) True 17 123) Below is the company's Cash T-account Cash Beg 1.200 5,200 End 3.300 The $3,100 amount could represent which of the following? A) Payment for salaries. C) Ending balance of cash. B) Purchase of supplies on account. D) Collection from customers. 124) For a journal entry with only two lines, the following entry is valid: Decrease in one Revenue, Decrease in another Revenue. A) True B) False 125) For a journal entry with only two lines, the following entry is valid: Decrease in a Liability, Increase Owners' Equity A) False B) True 126) Which of the accounts are decreased on the debit side and increased on the credit side? A) Expenses, dividends, and stockholders' equity B) Liabilities, stockholders' cquity, and revenucs. C) Dividends, liabilitics, and assets. D) Assets, dividends, and expenses. 127) Marketing is involved in which step in the Operating cycle? A) Fourth B) First C) Third 128) For most businesses what is the critical event? A) Sale of Inventory B) Collecting Cash for Receivables C) Acquiring Inventory 129) For a journal entry with only two lines, the following entry is valid Increase in one asset, Decrease in a second asset B) False A) True 130) For a journal entry with only two lines, the following entry is valid Decrease in Revenue, Decrease in Expense B) False A) True 18 131) For a journal entry with only two lines, the following entry is valid Increase in Owners Equity, Increase in Dividends B) T 132) For a journal entry with only two lines, the following entry is valid Increase in an asset, Decrease in a Owners' Equity A) False B) Trae 133) Which of the following are made BEFORE a Trial Balance is prepared? A) Closing Entries B) Adjusting Entries C) Transaction Entries 134) Which of the following is a balance sheet item? A) Net Income. C) Uilities Expense. B) Cash. D) Dividends. 135) For a journal entry with only two lines, the following entry is valid: Increase in a liability, Decrease in Dividends. B) False A) Truc 136) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in an Expense. A) True 137) On September 30, ABC Co. paid employee salaries of $7,000, including $1.000 it owed to its employees last month. What are the effects of this transaction on the accounting equation? A) Expenses increased, liabilities increased, and assets increased. B) Assets decreased, liabilities decreased, and expenses increased. C) Expenses decreased, liabilities decreased, and assets decreased. D) Assets decreased, expenses decreased, and liabilities increased. E) Assets increased, expenses increased, and liabilities decreased. 138) For a journal entry with only two lines, the following entry is valid: Increase in Revenue. Decrease in Dividends. B) False A) True A company provides services on account. Indicate how this transaction would affect (1) asset stockholders' equity, and (3) revenues. 139) A) (I) No effect, (2) No effect (3) No effect B () Increase, (2) Increase (3) Increa C) (1) No effect, (2) Increase (3) Increase D) (1) Increase, (2) No effect (3) Incre 19 0) Which of the following is not a possible journal entry? A) Debit assets; Debit stockholders' equity C) Debit expenses; Credit liabilitics. B) Credit revenues: Debit assets. D) Credit assets; Debit expenses. 1) For a journal entry with only two lines, the following entry is valid: Increase in one Liability, Increase in a second second liability. A) True B) False 42) Consider the following transactions: Issued common stock for cash. Purchased equipment by signing a note payable Paid rent for the current month. Collected cash from customers on account. How many of these four transactions increased the given company's total assets? A) One. B) Four D) Thre 143) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a Owners' Equity. A) True B) False 144) For which of the following must Debits equal Credits (This question may have multiple C) Adjusting Er A) Transaction Entries B) Closing Entries 145) For a journal entry with only two lines, the following entry is valid: Increase in a Liability, Increase in Revenue. B) True A) False 146) For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Revenue. B) True A) False 147) When writing formal journal entries A) There is no required ordering of Debits and Credits B) Credits are on top, Debits are on the bottom C) Debits are on top, Credits are on the bottom 148) Which of the following accounts would normally have a debit balance? A) Accounts Payable, Service Revenue, Common Stock. B) Income Tax Payable, Service Revenue, Dividends. C) Salaries Payable, Deferred Revenue, Utilities Expense D) Cash, Delivery expense, Dividends. 20 98) For a journal entry with only two lines, the following entry is valid Increase in an asset, Decrease in Dividends. A) True B) False 99) ABC paid dividends of $2.410, so, S1,570 and $1,060 over the first four years of the company's existence. If Retained Earnings after year four has an ending balance of $9,700, what is the average annual amount of net income (loss) over the past four years for ABC A) S3,685. B) S840. C) $1.260 D) $14.740 100) For a journal entry with only two lines, the following entry is valid Increase in one Liability, Increase Owners' Equity A) False B) Truc 101) For a journal entry with only two lines, the following entry is valid: Increase in an asset, Increase in Revenuc. A) False B) True 102) For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Dividends. A) False B) True 103) Which of the following items would not appear in an income statement? A) Cash C) Salaries expense. B) Service revenue. D) Advertising expense 14 104) When Managers report they A) Always try to look bad B) Sometimes like to look good, and sometimes like to look bad C) Always try to look good 105) Subsidiary Acounts and Master Accounts A) Are reported in the Financial Statmnts C) Are bookkeeping devices B) Are only used in the Income Statement D) Are only used in the Balance Sheet 106) Which of the following is recorded upon receipt of a payment on April 7, 2018, by a customer who pays a $900 invoice dated March 3, 2018, with terms 2/10, n/60? Debit Cash $900 C) Credit Accounts Receivable $882 B) Debit Sales Discounts $18. D) Credit Purchase Discounts $18. 107) How many of the following transactions are operating activities? Borrowed $50,000 from the bank Purchased S12,000 in supplies Provide services to customers for $27,000 Paid the utility bill of $750 Purchased a delivery truck for $12,000 Received $25,000 from issuing common stock A) Four B) Three C) One. D) Two. 108) ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage policy was $12,000 for a two-year term. What was the balance in ABC's Prepaid Insurance account as of December 31 2018? B) S30,000. C) $18,000 D) $9,000. A) $48,000. 109) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a liability B) False A) True 15 110) ABC has the following balances on December 31 prior to closing entries: Revenues Retained Earnings, Jan. I Cash Expenses Accounts Payable Dividends Supplics $35,000 10,000 7,000 23.000 4,000 1,000 18,000 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? A) Increase of $13,000. C) Increase of $14,000 B) Increase of $12,000. D) Increase of $11,000 111) The Accounts Receivable account has a beginning balance of $10,000 and the company provides services of S50,000 on account during the month. The ending balance was $12,000. How much did the company receive from customers during the month? A) $48,000. B) $52.000 D) S62,000. 112) In Cash Flow reporting at the point of Sale A) There is a Loss C) There is a Gain B) There is no Loss and no Gain D) It depends on the measuring system 113) A company has 1,184 customers they extend credit to, how many accounts receivable will they have on their books? A) I C) None of the other three B) 1,185 D) 1,184 114) Which of the following best explains the meaning of total stockholders' equity? A) The difference between total revenues and total expenses, less dividends for the year. B) The amount of common stock less dividen C) All revenues, expenses, and dividends over the life of the company D) The amount of capital invested by stockholders plus profits retained over the life of the ds over the life of the company. company 115) Choose one: A) The Statement of Cash Flows never balances B) It is possible for Cash Inflows to balance Cash Outflows on the Statement of Cash Flows C) The Statement of Cash Flows always balances 16 116) After the 2nd step in the Operating Cycle, the firm has A) Cash B) Inventory C) Receivable 117) A company has the following transactions L Pay employees salaries for the current period 2. Pay rent in advance 3. Pay dividends to stockholders in the current period 4 Receive (but do not pay) a utility bill S. Use supplies previously purchased. How many of these transactions result in an expense being reported in the current period usin accrual-basis accounting? A) 4. B) 1 C) 3 D) 2 118) For a journal entry with only two lines, the following entry is valid: Decrease in Expense, Increase in Dividends. A) True B) False 119) If the liabilities of a company increased by $55,000 during a month and the stockholders' ec decreased by $21,000 during that same month, did assets increase or decrease and by how r A) $76,000 increase. C) S55,000 increase. B) S34,000 decrease. D) S34,000 increase. 120) The Accounts Payable account has a beginning balance of S12,000 and the company purch $50,000 of supplies on account during the month. The ending balance was $10,000. How much did the company pay to creditors during the month? A) S50,000. B) S60,000 C) S52.000. D) $62.00 121) For a journal entry with only two lines, the followin Decrease in a liability, Decrease in an Expense. B) True A) False 122) For a journal entry with only two lines, the following entry is valid: Decrease in a liability, Increase in Dividends. B) False A) True 17 123) Below is the company's Cash T-account Cash Beg 1.200 5,200 End 3.300 The $3,100 amount could represent which of the following? A) Payment for salaries. C) Ending balance of cash. B) Purchase of supplies on account. D) Collection from customers. 124) For a journal entry with only two lines, the following entry is valid: Decrease in one Revenue, Decrease in another Revenue. A) True B) False 125) For a journal entry with only two lines, the following entry is valid: Decrease in a Liability, Increase Owners' Equity A) False B) True 126) Which of the accounts are decreased on the debit side and increased on the credit side? A) Expenses, dividends, and stockholders' equity B) Liabilities, stockholders' cquity, and revenucs. C) Dividends, liabilitics, and assets. D) Assets, dividends, and expenses. 127) Marketing is involved in which step in the Operating cycle? A) Fourth B) First C) Third 128) For most businesses what is the critical event? A) Sale of Inventory B) Collecting Cash for Receivables C) Acquiring Inventory 129) For a journal entry with only two lines, the following entry is valid Increase in one asset, Decrease in a second asset B) False A) True 130) For a journal entry with only two lines, the following entry is valid Decrease in Revenue, Decrease in Expense B) False A) True 18 131) For a journal entry with only two lines, the following entry is valid Increase in Owners Equity, Increase in Dividends B) T 132) For a journal entry with only two lines, the following entry is valid Increase in an asset, Decrease in a Owners' Equity A) False B) Trae 133) Which of the following are made BEFORE a Trial Balance is prepared? A) Closing Entries B) Adjusting Entries C) Transaction Entries 134) Which of the following is a balance sheet item? A) Net Income. C) Uilities Expense. B) Cash. D) Dividends. 135) For a journal entry with only two lines, the following entry is valid: Increase in a liability, Decrease in Dividends. B) False A) Truc 136) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in an Expense. A) True 137) On September 30, ABC Co. paid employee salaries of $7,000, including $1.000 it owed to its employees last month. What are the effects of this transaction on the accounting equation? A) Expenses increased, liabilities increased, and assets increased. B) Assets decreased, liabilities decreased, and expenses increased. C) Expenses decreased, liabilities decreased, and assets decreased. D) Assets decreased, expenses decreased, and liabilities increased. E) Assets increased, expenses increased, and liabilities decreased. 138) For a journal entry with only two lines, the following entry is valid: Increase in Revenue. Decrease in Dividends. B) False A) True A company provides services on account. Indicate how this transaction would affect (1) asset stockholders' equity, and (3) revenues. 139) A) (I) No effect, (2) No effect (3) No effect B () Increase, (2) Increase (3) Increa C) (1) No effect, (2) Increase (3) Increase D) (1) Increase, (2) No effect (3) Incre 19 0) Which of the following is not a possible journal entry? A) Debit assets; Debit stockholders' equity C) Debit expenses; Credit liabilitics. B) Credit revenues: Debit assets. D) Credit assets; Debit expenses. 1) For a journal entry with only two lines, the following entry is valid: Increase in one Liability, Increase in a second second liability. A) True B) False 42) Consider the following transactions: Issued common stock for cash. Purchased equipment by signing a note payable Paid rent for the current month. Collected cash from customers on account. How many of these four transactions increased the given company's total assets? A) One. B) Four D) Thre 143) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a Owners' Equity. A) True B) False 144) For which of the following must Debits equal Credits (This question may have multiple C) Adjusting Er A) Transaction Entries B) Closing Entries 145) For a journal entry with only two lines, the following entry is valid: Increase in a Liability, Increase in Revenue. B) True A) False 146) For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Revenue. B) True A) False 147) When writing formal journal entries A) There is no required ordering of Debits and Credits B) Credits are on top, Debits are on the bottom C) Debits are on top, Credits are on the bottom 148) Which of the following accounts would normally have a debit balance? A) Accounts Payable, Service Revenue, Common Stock. B) Income Tax Payable, Service Revenue, Dividends. C) Salaries Payable, Deferred Revenue, Utilities Expense D) Cash, Delivery expense, Dividends. 20