Which of the following accounts has a debit normal balance?

Select one:

a. Dividends.

b. Accounts Payable.

c. Accumulated Depreciation.

d. Sales.

Question 12

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Which of the following is NOT associated with accrual basis accounting?

Select one:

a. Income statement.

b. Statement of cash flows.

c. Revenue recognition principle.

d. Matching principle.

Question 13

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The following analysis was made for Brennan Company:

The results of the analysis presented above best support which one of the following statements?

Select one:

a. Brennan Company controlled administrative costs better in 2013.

b. Brennan controlled product costs better in 2012.

c. Brennan Company generated more profit per dollar of net sales in 2013.

d. Net sales remained the same from 2012 to 2013.

Question 14

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Which combination of accounts is NOT characteristic of an adjusting entry?

Select one:

a. Liabilities and expenses.

b. Assets and expenses.

c. Assets and revenues.

d. Revenues and expenses.

Question 15

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GAAP refers to

Select one:

a. Generally Accepted Accounting Principles

b. The regulations of the IRS.

c. The natural laws of accounting.

d. Government Accounting and Auditing Principles

Question 16

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Which of the following describes the closing process when a company has net earnings for the period?

Select one:

a. The Income Summary account is debited for its balance.

b. The Dividends account is debited for its balance.

c. The individual asset accounts are credited for their balances.

d. The individual expense accounts are debited for their balances.

Question 17

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The entry to record the billing of customers for services performed includes a

Select one:

a. Credit to Accounts Payable.

b. Debit to Accounts Receivable.

c. Debit to Cash.

d. Debit to Sales Revenue.

Question 18

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What is the order of the accounts in the Chart of Accounts and the General Ledger?

Select one:

a. Revenues, Expenses, Assets, Liabilities, Equity.

b. Revenues, Expenses, Equity, Assets, Liabilities.

c. Assets, Revenues, Liabilities, Expenses, Equity.

d. Assets, Liabilities, Equity, Revenues, Expenses.

Question 19

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Equipment was purchased for $32,000 at the beginning of the fiscal year. It has a useful life of 5 years and a residual value of $4,000. What is the depreciation expense for year two under the double-declining-balance method?

Select one:

a. $7,680.

b. $6,720.

c. $5,600.

d. $12,800.

Question 20

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Including all of the relevant data a reader needs to understand the financial condition and performance of a business refers to which concept?

Select one:

a. Full disclosure concept.

b. Objectivity concept.

c. Going concern concept.

d. Business entity concept.