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Page 1 of 3

1. Which of the following is not a core financial statement?

The Income Statement

Statement of Cash Flows

The Trial Balance

The Balance Sheet

Your comments:

2. What are the main sections on a balance sheet?

Assets, liabilities, income

Assets, liabilities, equity

Assets, liabilities, expenses

Assets, gains, revenue

Your comments:

3. Which of the following must a certified public accountant (CPA) have in-depth knowledge of to pass the CPA licensing exam?

Accounting software packages

Auditing

Derivatives

International banking laws

Your comments:

4. When a company purchases property, plant, and equipment, how is it reflected on the statement of cash flows?

As a source of cash in the "cash from investing activities" section.

As a source of cash in the "cash from financing activities" section.

As a use of cash in the "cash from investing activities" section.

As a use of cash in the "cash from operating activities" section.

Your comments:

5. What is the most-used method to amortize intangible assets on a company’s financial statements?

Straight-line method

Sum of the years’ digits method

Double-declining balance method

Units of production method

Your comments:

Page 2 of 3

6. After making a sale of $3,000, where $1,200 is paid in cash and $1,800 is sold on credit, how would a company go about updating its balance sheet?

$1,800 debit in accounts receivable; $3,000 credit in retained earnings; $1,200 debit in cash

$3,000 debit in retained earnings; $1,200 credit in cash; $1,800 credit in accounts receivable

$1,800 debit in accounts payable; $1,200 debit in cash; $3,000 credit in retained earnings

$1,200 credit in cash; $1,800 credit in accounts payable; $3,000 debit in retained earnings

Your comments:

7. The listing of all the financial accounts within a company’s general ledger is called the _____.

Chart of accounts

Journal entry

Balance sheet

P&L statement

Your comments:

8. Which formula is used to calculate operating income?

Revenue + Direct Operating Cost = Operating Income

Indirect Operating Cost - Revenue = Operating Income

Gross Income - Operating Expenses = Operating Income

Gross Profit - Indirect Operating Cost = Operating Income

Your comments:

9. In a journal entry, a debit decreases which of the following accounts?

Cash

Accounts Payable

Supplies Expense

Both a and c

Your comments:

10. A company received cash and issued common stock. What was the effect on the accounting equation?

	Assets		Liabilities	Stockholders’ Equity
A.	+		NE	+
B.	-		NE	-
C.	+		+	NE
D.	-		-	NE

A

B

C

D

Your comments:

Page 3 of 3

11. The Supplies account had a $360 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of $80 worth of unused supplies were on hand. Which of the following is the required adjusting entry?

Debit Supplies $280 and credit Supplies Expense $280.

Debit Supplies Expense $280 and credit Supplies $280.

Debit Supplies $80 and credit Supplies Expense $80.

Debit Supplies Expense $80 and credit Supplies $80.

Your comments:

12. Use the following information to answer the next three questions.

Periods	Future Value of $1 at 12 Percent	Future Value of Ordinary Annuity of $1 at 12 Percent	Present Value of $1 at 12 Percent	Present Value of Ordinary of $1 at 12 Percent
1	1.120	1.000	0.893	0.893
2	1.254	2.120	0.797	1.690
3	1.405	3.374	0.712	2.402

A single deposit of $800 made at the beginning period 1 would grow to how much at the end of three years, assuming a 12 percent interest rate?

$1,254.

$896.

$1,124.

$2,699.

Your comments:

13. If an accumulation of $500 is desired at the end of three years, what amount must be deposited now to accomplish that goal, assuming a 12 percent interest rate?

$148.

$356.

$446.

$268.

Your comments:

14. A deposit of $200 made at the end of each year for three years would grow to how much, assuming a 12 percent rate?

$843.

$841.

$675.

$672.

Your comments:

15. Under the perpetual inventory system, in addition to making the entry to record a sale, a company would

Make no additional entry until the end of the period.

Debit Cost of Goods Sold and credit Inventory.

Debit Cost of Goods Sold and credit Purchases.

Debit Inventory and credit Cost of Goods Sold.

Your comments:

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