Financial Accounting: Key Concepts, Transactions, and Analysis
A comprehensive assignment on fundamental financial accounting concepts and transaction analysis.
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Financial Accounting
Answers highlighted in Bold Black!
Jackson Company recorded the following cash transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
What was Jackson’s net cash provided by operating activities?
$89,000
$35,000
$110,000
$95,000
Which of the following describes the classification and normal balance of the Unearned Rent
Revenue account?
Liability, credit
Asset, debit
Revenues, credit
Expense, debit
Answers highlighted in Bold Black!
Jackson Company recorded the following cash transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
What was Jackson’s net cash provided by operating activities?
$89,000
$35,000
$110,000
$95,000
Which of the following describes the classification and normal balance of the Unearned Rent
Revenue account?
Liability, credit
Asset, debit
Revenues, credit
Expense, debit
Posting
accumulates the effects of journalized transactions in the individual accounts.
involves transferring all debits and credits on a journal page to the trial balance.
should be performed in account number order.
is accomplished by examining ledger accounts and seeing which ones need updating.
Multiple Choice Question 78
The following is selected information from L Corporation for the fiscal year ending October
31, 2014.
Cash received from customers $300,000
Revenue earned 390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that will be
used for 3 years 48,000
Expenses incurred including any depreciation 216,000
Proceeds from a bank loan, part of which was used to pay for
the computers 100,000
Based on the accrual basis of accounting, what is L Corporation’s net income for the year
ending October 31, 2014?
$204,000
$174,000
accumulates the effects of journalized transactions in the individual accounts.
involves transferring all debits and credits on a journal page to the trial balance.
should be performed in account number order.
is accomplished by examining ledger accounts and seeing which ones need updating.
Multiple Choice Question 78
The following is selected information from L Corporation for the fiscal year ending October
31, 2014.
Cash received from customers $300,000
Revenue earned 390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that will be
used for 3 years 48,000
Expenses incurred including any depreciation 216,000
Proceeds from a bank loan, part of which was used to pay for
the computers 100,000
Based on the accrual basis of accounting, what is L Corporation’s net income for the year
ending October 31, 2014?
$204,000
$174,000
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Subject
Accounting