Week 5 Questions

 1) The best definition of assets is the

2) Which of the following is not a liability?

3)Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

4) Ending retained earnings for a period is equal to beginning

5) Which of the following is not an advantage of the corporate form of business organization?

6) An advantage of the corporate form of business is that

7) A small neighborhood barber shop that is operated by its owner would likely be organized as a

8) If services are rendered for cash, then

9) A revenue generally

10) A revenue account

11) Which accounts normally have debit balances?

12) In recording an accounting transaction in a double-entry system

13) The usual sequence of steps in the transaction recording process is

14) Under the expense recognition principle expenses are recognized when

15) The revenue recognition principle dictates that revenue should be recognized in the accounting records:

16) Merchandising companies that sell to retailers are known as

17) Gross profit equals the difference between

18) Net income will result if gross profit exceeds

19) Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?

20) Financial information is presented below:

The profit margin ratio would be

21) Financial information is presented below:

The gross profit rate would be

22) Financial information is presented below:

Gross Profit would be

23) The LIFO inventory method assumes that the cost of the latest units purchased are

24) Which of the following statements is correct with respect to inventories?

25) All of the following are examples of internal control procedures except

26) Each of the following is a feature of internal control except

27) For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?

28) A check written by the company for $128 is incorrectly recorded by a company as $182. On the bank reconciliation, the $54 error should be

29) The following information was available for Windsor, Inc. at December 31, 2017: beginning inventory $70000; ending inventory $100000; cost of goods sold $600000; and sales $800000. Windsor inventory turnover ratio (rounded) in 2017 was

30) The following information was available for Ayayai Corp. at December 31, 2017: beginning inventory $76000; ending inventory $124000; cost of goods sold $628000; and sales $896000. Ayayai days in inventory (rounded) in 2017 was

Please answer all 30 Questions!! As well as make sure Questions are with the answers you provide for me!!