1) Which financial statement is used to determine cash generatedfrom operations?
2) In terms of sequence, in what order must the four basicfinancial statements be prepared?
3) In classifying transactions, which of the following is true inregard to assets?
4) An increase in an expense account must be
5) ABC Corporation issues 100 shares of $1 par common stock at $5per share, which of the following is the correct journal entry?
6) In the first month of operations, the total of the debit entriesto the cash account amounted to $1,400 and the total of the creditentries to the cash account amounted to $600. The cash account hasa
7) Which ledger contains control accounts?
8) Smith is a customer of ABC Corporation. Smith typicallypurchases merchandise from ABC on account. Which ledger would ABCuse to keep track of the details of Smith’s account?
9) Under the cash basis of accounting,
10) Under the accrual basis of accounting,
11) The Vintage Laundry Company purchased $6,500 worth of laundrysupplies on June 2 and recorded the purchase as an asset. On June30, an inventory of the laundry supplies indicated only $2,000 onhand. The adjusting entry that should be made by the company onJune 30 is
12) Greese Company purchased office supplies costing $4,000 anddebited Office Supplies for the full amount. At the end of theaccounting period, a physical count of office supplies revealed$1,100 still on hand. The appropriate adjusting journal entry to bemade at the end of the period would be
13) Based on the account balance below, what is the total of thedebit and credit columns of the adjusted trial balance?
Service revenue    $3,300       Equipment    $6,400
Cash    1,525       Prepaid insurance    1,225
Unearned revenue    5,320       Depreciation expense   640
Salary    1,050       Accum. depreciation    1,280
Common stock    390       Retained earnings    550
14) An adjusted trial balance
15) Given the following adjusted trial balance, net income for theyear is:
    Debit    Credit
Cash    $781     
Accounts receivable    1,049    
Inventory    1,562    
Prepaid rent    43    
Property, plant & equipment    150   
Accumulated depreciation       26
Accounts payable        41
Unearned revenue        61
Common stock        103
Retained earnings         3,305
Service revenue        134
Interest revenue        28
Salary expense    80    
Travel expense    33    
Total    $3,698     $3,698
16) Given the following adjusted trial balance, what will be thetotals for the debit and credit columns of the post-closing trialbalance?
    Debit    Credit
Cash    $1,562     
Accounts receivable    2,098    
Inventory    3,124    
Prepaid rent    86    
Property, plant, & equipment    300   
Accumulated depreciation       $52
Accounts payable        82
Unearned revenue        172
Common stock        206
Retained earnings        6,610
Service revenue        218
Interest revenue        56
Salary expense    160    
Travel expense    66    
Totals    $7,396     $7,396
17) Given the following adjusted trial balance:
    Debit    Credit
Cash    $781     
Accounts receivable    1,049    
Inventory    1,562    
Prepaid rent    43    
Property, plant & equipment    150   
Accumulated depreciation       $26
Accounts payable        41
Unearned revenue        61
Common stock        103
Retained earnings         3,305
Service revenue        134
Interest revenue        28
Salary expense    80    
Travel expense    33    
Total    $3,698     $3,698
After closing entries have been posted, the balance in retainedearnings will be
18) Net income is recorded on the work sheet under the
19) At the beginning of the year, Uptown Athletic had an inventoryof $400,000. During the year, the company purchased goods costing$1,500,000. If Uptown Athletic reported ending inventory of$600,000 and sales of $2,000,000, their cost of goods sold andgross profit rate would be
20) During the year, Sarah’s Pet Shop’s merchandise inventorydecreased by $30,000. If the company’s cost of goods sold for theyear was $450,000, purchases would have been
21) At the beginning of the year, Wildcat Athletic had an inventoryof $200,000. During the year, the company purchased goods costing$700,000. If Wildcat Athletic reported ending inventory of $300,000and sales of $1,000,000, their cost of goods sold and gross profitrate would be
22) The entry to record of sale of $900 with terms of 2/10, n/30will include a
23) Dobler Company uses a periodic inventory system. Details forthe inventory account for the
    Units    Per unitprice    Total
Balance, 1/1/2012    200    $5.00    $1,000
Purchase, 1/15/2012    100   5.3    530
Purchase, 1/28/2012    100   5.5    550
An end of the month (1/31/2012), inventory showed that 140 unitswere on hand. If the company uses LIFO, what is the value of theending inventory?
24) The difference between ending inventory using LIFO and endinginventory using FIFO is referred to as
25) A consistent application of an inventory costing methodenhances
26) The accountant at Patton Company has determined that incomebefore income taxes amounted to $11,000 using the FIFO costingassumption. If the income tax rate is 30% and the amount of incometaxes paid would be $300 greater if the LIFO assumption were used,what would be the amount of income before taxes under the LIFOassumption?
27) A very small company would have the most difficulty inimplementing which of the following internal controlactivities?
28) A system of internal control
29) The custodian of a company asset should
30) The Sarbanes Oxley Act (2002) applies to

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