Multiple Choice Questions on Accounting

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19.The balance sheet reports:
A. Net income at a point in time.
B. Cash flows for a period of time.
C. Assets and equities at a point in time.
D. Assets and liabilities for a period of time.

20.Current assets include cash and all other assets expected to become cash or be consumed:
A.Within one year.
B.Within one operating cycle.
C.Within one year or one operating cycle, whichever is shorter.
D. Within one year or one operating cycle, whichever is longer.

21.Red Onion Restaurant classifies a six-month prepaid insurance policy as a current asset. Its rationale is based on:
A.Materiality.
B.Operating cycle.
C. Definition.
D. Liquidity.

22.An asset that is not expected to be converted to cash or consumed within one
…show more content…
A.$823.
B.$838.
C.$843.
D.$1,696.
Total current assets: ($680 - 20) + 34 + 50 + 30 + 16 + 5 + 20 + 8 = $823

31.What would Symphony report as total assets?
A.$2,338.
B.$2,323.
C.$2,318.
D. $2,303.
Total assets: ($680 - 20) + ($920 - 80) + 34 + 50 + 30 + 16 + 150 + 450 + 5 + 20 + 8 + 40 = $2,303

32.What would Symphony report as total shareholders' equity?
A. $323.
B. $808.
C.$838.
D.$928.
Total shareholders' equity: $485 + 15 + 48 - 120 + 380 = $808

33.What is

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