FBLA Accounting II A proof of the equality of debits and credits in a general ledger is a(n): - answerB.trial balance Expenses paid in one fiscal period but not reported as expenses until a later fiscal period
are initially recorded as: - answerB.prepaid expenses on the Balance Sheet
A written application requesting permission to form a corporation is called the: - answerD.articles of incorporation What effect would a two for one stock split have? - answerC.The stock price will drop by half and the number of shares of stock outstanding will double.Cole and Madison are partners who decided to liquidate the partnership. Before the liquidation, the partnership's balance sheet showed Cash $10,000, total "other assets", $106,000; total liabilities, $88,000; Cole Capital, $15,100; and Madison, Capital,
$12,900.
The "other assets" were sold for $118,000. After liabilities are paid, what is total distribution to Cole? - answerD.$21,100 Wilson invests cash of $30,000 in the partnership. Jones invests the assets of an existing business. Jones's balance sheet shows $8,000 in cash, $10,000 in accounts receivable, $500 in allowance for uncollectible accounts, $7,000 for other current assets, $15,000 for equipment, $5,000 for accumulated depreciation minus equipment, and $1,000 for accounts
payable. The total capital of the partnership will be: - answerC.$63,500
Marsh Corporation has a current assets valued at $15 million, inventory at $12 million, and 1 / 2
current liabilities valued at $6 million. The cost of goods sold was $60 million. Based on this
information, its current ratio is: - answerB.2.5
Use horizontal analysis to compute the percentage increase in sales: In 2009 sales were $200,000 and in 2010 sales were $250,000. The result is: - answerD.sales increased by 25 percent The entry to record the receipt of a note from a charge customer in settlement of the
account is: - answerC.debit Notes Receivable; credit Accounts Receivable
Using the aging method, Marsh Corporation estimates that uncollectible accounts will total $700 this year. The Allowance for Uncollectible Accounts balance is $490. The adjusting entry: - answerB.debit the expense account $490; credit the allowance account $490 Which one of the following items would be included in a cash budget? - answerA.dividends Marsh Corporation reported sales of $160,000 (20,000 units). Fixed costs amounted to
$20,000 and income for the period was $80,000. The per-unit variable cost is: -
answerD.$3.00 Which one of the following accounts is not considered factory overhead? - answerC.administrative office salaries What is the cost of raw materials used if Raw Materials Purchases is $800,000; beginning Raw Materials Inventory is $100,000; and, ending Raw Materials inventory is $150,000.
- answerC.$750,000
The cost of supplies used by a specific department is an example of a(n): -
answerD.direct expense Three departments (A, B, C) occupy floor space of 15,000, 75,000, and 30,000 square feet respectively. How much of this year's $225,000 rent expense will be allocated to the Department C? - answerD.$56,250 Allowing workers time to work for nonprofit organizations, making donations to schools, hospitals, and community projects, and sponsoring community programs such as the Special Olympics is a part of which one of the following? - answerA.social responsibility The principle that requires an accountant to protect information learned in the course of
- / 2