- Which of the following is an example of an adjusting entry?
2. An adjusting entry to record utilities used during a month for which no bill has yet been received is an example of
3.
Which of the following is not an example of a closing entry?
4.
Which of the following transactions does not affect total assets, total liabilities, or total stockholders’ equity on the balance sheet?
5.
The beginning and ending balances of retained earnings for the year were $30,000 and $35,000, respectively. If yearly dividends totaled $3,000, what was the net income or net loss for the year?
6.
The ending balance of the Accounts Receivable account was $12,000. Services billed to customers for the period were $21,500, and collections on account from customers were $23,600. What was the beginning balance of Accounts Receivable?
7.
Kelly Corporation received an advanced payment of $20,000 in 2015 from Rufus Company for consulting services. Kelly performed half of the consulting in 2015 and the remainder in 2016. Kelly reports using the accrual basis of accounting. How much revenue from this consulting project will Kelly report in 2015?
8. Which is the following items will not be reported on a classified balance sheet?
9.
Which of the following would not be considered a current asset?
10.
For the balance sheet to be in balance, the following must exist:
11.
Which of the following would be considered an intangible asset?
12. Which of the following would most likely be classified as a long-term liability?
13. Ratio analysis always involves which type of arithmetic operation?
14.
Which of the following is not a true statement?
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