Please I will appreciate if you can provide the answer within 30 minutes. This is a timed quiz.

Most are multiple choice question.

Thanks

1. Which of the following is not considered a part of the financial statements?

A. The Statement of Cash Flows

B. Statement of Financial Position

C. The Footnotes to the Financial Statement

D. Both B & C

E. All of the Above are Part of the Financial Statements

2. Which of the following best describes how profits of a business are incorporated in the financial statements?

A. Net income is reinvested in the business (minus any dividends paid to owners) as retained earnings, which decreases owner's equity.

B. Net income is reinvested in the business (plus any dividends paid to owners) as retained earnings, which decreases owner's equity.

C. Net income or loss has no impact on owner's equity.

D. Net income is reinvested in the business (minus any dividends paid to owners) as retained earnings, which increases owner's equity.

E. Net income is reinvested in the business (plus any dividends paid to owners) as retained earnings, which increases owner's equity.

3. Which of the following best describes how to record the following transaction: March 31st: Paid for $5,000 in Office Supplies in cash for the month of March.

A. Debit Cash & Credit Office Supplies since the expense has been incurred during the month of March.

B. Debit Accounts Payable & Credit Office Supplies since the expense represents a liability to the company.

C. Debit Office Supplies & Credit Accounts Payable since the expense represents a liability to the company.

D. Debit Office Supplies & Credit Cash since the expense has been incurred during the month of March.

E. None of the Above

4. Which of the following best represents the change in the accounting equation for the following transaction: December 1, 2022: Obtained a $10,000 bank loan to be paid back in June 2025.

A. Current Assets increase and Long-term Liabilities increase

B. Current Assets increase and Current Liabilities increase

C. Long-term Assets increase and Long-term Liabilities increase

D. Long-term Assets increase and Current Liabilities increase.

5. You were recently hired as the Senior Accountant of a regional marketing company that provides advertising services to clients. The company typically signs five-year contracts, prepaid in full, with clients. Your first day is on December 31 and the Controller (your direct supervisor) asks you to prepare the financial accounting adjusting journal entry relating to all revenue transactions for the year.

1. Why does the company need to prepare this adjusting journal entry? In your response, be sure to include the account names and types necessary to prepare this adjusting entry.

2. Name and describe two accounting principles that are relevant to question (1) above? How so?

6. Please provide the following information, from the business' perspective, for each of the following business transactions. Assume your responses are as of EOD (end of day) on the date of the transaction.

1. Which portions of the accounting equation changed (i.e. Increase, Decrease, or No Effect)? Have Revenues or Expenses in the Income Statement been affected?

2. Which specific line-item accounts have been affected (e.g. Cash, Revenues, Accounts Payable, etc.)?

3. How did each of these line-items change? Increase or decrease?

7. On May 21th , 2022, DC Comics, Inc. purchases a line of Superman toys (to be resold) from a vendor for $10,000 in Cash.

8. On December 30th, 2022, a laundry maintenance company, Suds 'n' Go, signs a contract to provide laundry machine maintenance to a local apartment complex for five years beginning on January 1st, 2023. The contract totals $250,000. No cash or deposit is received as part of the contract signing.

9. On December 31st, 2023, Suds 'n' Go receives a $50,000 cash payment from the apartment complex for the first-year of machinery maintenance services.

10. Giancarlo starts a graphic design company on January 1, 2023. For each of the below transactions occurring in 2023, provide the necessary T-Accounts (with final balances) to document all of the below transactions from the business' perspective.

January 30, 2023: Giancarlo invests $210,000 Cash into the business in exchange for Common Stock.

July 1, 2023: Collect $150,000 Cash from clients billed in March.

December 31, 2023: Utilized 6 months of a 1-year term insurance contract (total contract value of $24,000). The contract period is July 1, 2023 - June 30, 2024 and the remaining 6 months will be used in 2024.

Provide the individual Journal Entries to record the transactions in Prompt #3A

10. Which of the following least represents a benefit of financial reporting?

A. Assisting a business' external investors in decision-making

B. Assisting a business' external creditors in decision-making

C. Providing a guarantee of the financial health of a business

D. Providing a clear picture of the financial health of a business

E. Presenting useful information to assess a business' future cash flows

11. What is a key difference between financial accounting and management accounting?

A. Financial accounting primarily assists internal users, while management accounting primarily assists external users

B. Financial accounting primarily assists external users, while management accounting primarily assists internal users

C. Financial accounting is subject to Generally Accepted Accounting Principles, while management accounting is not

D. Management accounting is subject to Generally Accepted Accounting Principles, while financial accounting is not

E. Both A & B

F. Both A & C

G. Both B &D

H. Both B & C