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Exam 2: Financial Statements: An Overview

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Question 51

Multiple Choice

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The idea that the activities of the entity are to be separated from those of the individual owner is the

A) Separate entity concept
B) Arm's-length transaction assumption
C) Money measurement concept
D) Going concern assumption

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Question 52

Multiple Choice

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Exhibit 2-2 The following information was taken from the records of Tellers Corporation for the month ended December 31, 2012: - Refer to Exhibit 2-2. If Tellers has 2,100 shares of stock outstanding, earnings per share is approximately

A) $46.51
B) $14.85
C) $16.81
D) $4.67

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Question 53

Multiple Choice

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Which of the following financial statements shows an entity's cash receipts and payments?

The following information was taken from the records of McDyce Corporation for the year ended December 31, 2013: The net income at December 31, 2013 was

Which of the following types of accounts are NOT found on the balance sheet?

An independent audit report is usually issued by

On April 1, Bonita Corporation's retained earnings account had a balance of $785,000. During April, Bonita had revenues of $135,000 and expenses of $93,000. On April 30, retained earnings had a balance of $811,500. What amount of dividends were paid during April?

A transaction that causes an increase in an asset may also cause

Which of the following usually is NOT considered to be an owners' equity account?

Markanich Company purchased land for $90,000 in 2010. In 2013, the land is valued at $115,000. The land would appear on the company's books in 2013 at

If a company has assets of $460,000, liabilities of $100,000, and capital stock of $210,000, what is the amount of retained earnings?

Which of the following would be considered a long-term liability?

The total amount invested to acquire an ownership interest in a corporation is called

If a company sells its equipment for more than it is valued on the balance sheet, the difference is called a(n)

Suppose you decide to purchase a stereo and an independent store dealer offers to sell you a system that retails for $4,000 for a price of $3,695. After some negotiation, you purchase the system for $3,400. The $3,400 is considered the accounting measurement for the transaction because of the

Which of the following is true of the balance sheet?

The idea that businesses must be accounted for as though they will exist at least for the foreseeable future is the

The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or a year, is called a(n)

Which of the following classifications refers to those activities associated with buying and selling long-term assets?

Rolf Corporation reported the following data for the period end: Earnings per share, $6.00; Retained Earnings, $54,000; Revenues, $150,000; Capital Stock, $30,000; Expenses, $129,000; Dividends, $24,000. With this information, determine retained earnings for the prior period.