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(Answered) Practice exam questions financial accounting


Which of the following is the correct balance sheet presentation for current assets?;a. Cash, inventories, account receivables, prepaid expenses.;b. Cash equivalents, cash, other current assets, accounts receivable.;c. Accounts receivable, inventories, prepaid expenses, other current assets.;d. Marketable securities, cash, notes receivable, prepaid expenses.;The principal reason for reconciling the cash balance per books with the balance shown on the bank statement is to;a. determine the amount of cash in the account actually available to the entity.;b. satisfy generally accepted accounting principles.;c. verify the amount of petty cash on hand.;d. determine whether or not the entity has issued an NSF check.;The accrual of interest on short-term marketable securities results in;a. an increase in current assets and a decrease in net income.;b. an increase in current assets and an increase in net income.;c. an increase in noncurrent assets and an increase in liabilities.;d. an increase in current liabilities and an increase in net income.;The accounting concept or principle applied when an allowance is provided for estimated uncollectible accounts receivable is;a. consistency.;b. matching revenue and expense.;c. original cost.;d. objectivity.;If an organization purchases $700 of supplies on account, with terms of 2/15, n50;a. $650 must be paid within 15 days of the invoice date.;b. $698 must be paid within 50 days of the invoice date.;c. $686 can be paid within 15 days of the invoice date, or $700 must be paid within 50 days of the invoice date.;d. $686 can be paid within 15 days of the invoice date, or $714 must be paid within 50 days of the invoice date.;Accounts receivable are reported at;a. Net realizable value.;b. Historical cost.;c. Weighted average cost.;d. Market value;The inventory cost flow assumption describes the flow of product cost;a. from the warehouse to the customer.;b. into the asset (inventory) account and out to the expense (cost of goods sold) account.;c. into the revenue (sales) account and out to the expense (cost of goods sold) account.;d. into the asset (inventory) account and out to the revenue (sales) account.;One of the principal reasons for selecting the LIFO cost flow assumption instead of the FIFO cost flow assumption in an inflationary economic environment is that;a. net income will be higher.;b. income taxes will be lower.;c. balance sheet inventory values will be higher.;d. a higher selling price can be established.;Which of the following is true regarding notes receivables (N/R)?;a. A N/R is always a long-term asset.;b. A N/R t is always a current asset.;c. A note is a more formal document than an account receivable.;d. A note is a less formal document than an account receivable.;One of the most important reasons for having a system of internal control is to;a. improve the effectiveness and efficiency of the operations of the organization.;b. ensure no employees have ever been convicted of stealing.;c. eliminate any temptations that may be presented to employees that could lead to theft from the company.;d. prevent a salesperson from using a company car for personal transportation.
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Practice exam questions financial accounting

 


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