Preview

Accounting Questions

Good Essays
Open Document
Open Document
990 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Accounting Questions
At the end of 2011, retained earnings for the Bisk Company was $1,750. Revenue earned by the company in 2011 was $2,000, expenses paid during the period were $1,100, and dividends paid during the period were $500. Based on this information alone, retained earnings at the beginning of 2011 was
[pic]
|[pic] |$850. |
|[pic][pic] |$1,350. |
|[pic] |$4,000. |
|[pic] |$2,150. |

GAAP" stands for
[pic]
|[pic] |Generally Authorized Auditing Principles |
|[pic] |Government Authorized Accounting Procedures |
|[pic] |Generally Applied Accounting Procedures |
|[pic][pic] |Generally Accepted Accounting Principles |

The total equity of Timberlake Company at the beginning of 2011 amounted to $3,500. During 2011 the company reported net income of $1,800 and paid a $500 dividend. If retained earnings at the end of 2011 is $2,200, what was beginning contributed capital?
[pic]
|[pic] |$2,100 |
|[pic] |$3,100 |
|[pic] |$400
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Accounting Test 1
    • 504 Words
    • 6 Pages

    Accounting Test 1

    QUESTION 1 1. Annie's Attic has the following account balances for the dates given: Cash, Sept 1 $40,000 Cash, Sept 30 60,000 Accounts receivable, Sept 1 10,000 Accounts receivable, Sept 30 14,000 Owner's equity, Sept 1 ? Owner's equity, Sept 30 ? Supplies, Sept 1 30,000 Supplies Sept 30 24,000 Accounts payable, Sept 1 6,000 Accounts payable, Sept 30 ? Net income for September 20,000 What would owner's equity be on September 1? 5 points…

    • 504 Words
    • 6 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Questions on Accounting
    • 589 Words
    • 3 Pages

    Questions on Accounting

    Revenue and expense accounts are referred to as temporary or nominal accounts because each period they are closed out to Income Summary in the closing process. Their balances are reduced to zero at the end of the accounting period; therefore, the term temporary or nominal is sometimes given to these accounts.…

    • 589 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Financial Accounting 1 Discussion Questions
    • 291 Words
    • 2 Pages

    Financial Accounting 1 Discussion Questions

    company’s financial statements. He learns that sales for the first quarter of the year have dropped so…

    • 291 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    accounting week 4 answers
    • 469 Words
    • 5 Pages

    accounting week 4 answers

    1. Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $276,100 for the year, and machine usage is estimated at 125,500 hours.…

    • 469 Words
    • 5 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Accountancy Questions
    • 149 Words
    • 1 Page

    Accountancy Questions

    What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not.…

    • 149 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Basics of Accounting
    • 655 Words
    • 2 Pages

    Basics of Accounting

    To what extent do you think that the strength of Invicta plcs balance sheets in 2010 and 2011 outweigh their weaknesses?…

    • 655 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Accounting Help - Practice Questions
    • 4307 Words
    • 18 Pages

    Accounting Help - Practice Questions

    A method used to separate mixed costs into fixed and variable components is called the high-low method.…

    • 4307 Words
    • 18 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Questions: Accounting for Managers
    • 1819 Words
    • 8 Pages

    Questions: Accounting for Managers

    | Ashley’s Accessory Shop started the year with total assets of $70,000 and total liabilities of $40,000. During the year the business recorded $110,000 in revenues, $55,000 in expenses, and dividends of $20,000. Stockholders’ equity at the end of the year was…

    • 1819 Words
    • 8 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Multiple Choice Questions on Accounting
    • 758 Words
    • 4 Pages

    Multiple Choice Questions on Accounting

    21.Red Onion Restaurant classifies a six-month prepaid insurance policy as a current asset. Its rationale is based on:…

    • 758 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Accounting Omework Answers
    • 308 Words
    • 2 Pages

    Accounting Omework Answers

    can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.**…

    • 308 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Fin515 Project 2
    • 608 Words
    • 3 Pages

    Fin515 Project 2

    Income Statements for the Year Ending December 31 (Millions of Dollars Except for Per Share Data) Actual 2010 Projected 2011 500.00 $ 530.00 360.00 381.60 37.50 39.80 397.50 $ 421.40 102.50 $ 108.60 13.90 16.00 88.60 $ 92.60 $35.44 53.16 6.00 47.16 $ $ $37.04 55.56 7.40 48.16 29.70 18.46 10 2.97…

    • 608 Words
    • 3 Pages
    Powerful Essays
    Read More
  • Good Essays

    accounting questions
    • 5042 Words
    • 21 Pages

    accounting questions

    1) As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.…

    • 5042 Words
    • 21 Pages
    Good Essays
    Read More
  • Powerful Essays

    Financial Accounting Answers
    • 27494 Words
    • 110 Pages

    Financial Accounting Answers

    1. Direct material costs are generally variable costs. True False 2. Property taxes and insurance premiums paid on a factory building are examples of manufacturing overhead. True False 3. Manufacturing overhead combined with direct materials is known as conversion cost. True False 4. All costs incurred in a merchandising firm are considered to be period costs. True False 5. Depreciation is always considered a product cost for external financial reporting purposes in a manufacturing firm. True False 6. In external financial reports, factory utilities costs may be included in an asset account on the balance sheet at the end of the period. True False 7. Advertising costs are considered product costs for external financial reports because they are incurred in order to promote specific products. True False 8. Selling and administrative expenses are product costs under generally accepted accounting principles. True False 9. A variable cost is a cost whose cost per unit varies as the activity level rises and falls. True False 10. When the level of activity increases, total variable cost will increase. True False 11. A decrease in production will ordinarily result in an increase in fixed production costs per unit. True False 12. Automation results in a shift away from variable costs toward more fixed costs. True False 13. In order for a cost to be variable it must vary with either units produced or units sold. True False 14. The concept of the relevant range does not apply to fixed costs. True False 15. Indirect costs, such as manufacturing overhead, are always fixed costs. True False 16. Discretionary fixed costs arise from annual decisions by management to spend in certain fixed cost areas. True False 17. Even if operations are interrupted or cut back, committed fixed costs remain largely unchanged in the short term because the costs of restoring them…

    • 27494 Words
    • 110 Pages
    Powerful Essays
    Read More
  • Good Essays

    Financial Accounting Quiz
    • 1594 Words
    • 7 Pages

    Financial Accounting Quiz

    The balance shown on a bank statement is always equal to the month-end balance of a company’s cash account in the general ledger.…

    • 1594 Words
    • 7 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Accounting Principles Quiz
    • 580 Words
    • 3 Pages

    Accounting Principles Quiz

    A corporation uses the Internal Revenue Service's Web site to learn how to pay its estimated quarterly income taxes. This is an example of ________.…

    • 580 Words
    • 3 Pages
    Satisfactory Essays
    Read More

Related Topics