Need help to check my answers..need help fast..please answers all


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Need help to check my answers..need help fast..please answers all questions1-35 need by 9pm cst test.docx 1. The portion of a corporation’s net income retained in the business is called (Points : 3) income statement. balance sheet. statement of cash flows. retained earnings. 2. What is the primary objective of most businesses? (Points : 3) To maximize profits To pay dividends to stockholders To provide a benefit to society To manufacture a quality product 3. The “rules” of accounting are called (Points : 3) income tax regulations. SEC regulations. Internet rules. Generally Accepted Accounting Principles. 4. Capital market stakeholders have an interest in the company because (Points : 3) they provide incentives for the company to market their products they are part of the Marketing Department that is responsible for promoting the products or services to increase the business profits they help market their products to customers or find vendors to supply needed inputs. they provide major financing for the business 5. Johnson, Inc. paid rent expense of $3,500 for the month of October. How are the accounts affected due to this transaction? (Points : 3) Increase in cash $3,500 and increase in retained earnings $3,500 Increase in cash $3,500 and decrease in retained earnings $3,500 Decrease in cash $3,500 and decrease in retained earnings $3,500 Decrease in cash $3,500 and increase in retained earnings $3,500 6. For EFG Co., the transaction "Payment of dividends" would (Points : 3) increase total assets. decrease total assets. have no effect on total assets. increase stockholders’ equity. 7. Hodges, Inc. had the following assets and liabilities as of September 30, 2011: Assets Liabilities $56,327 $28,416 What is the stockholders’ equity of Hodges as of September 30, 2011? (Points : 3) $0 $27,911 $84,743 Cannot be determined with this information 8. Stockholders’ Equity will be reduced by all of the following accounts EXCEPT: (Points : 3) Revenues Expenses Dividends All of the above reduce Stockholders’ Equity. 9. Accrued expenses are ordinarily reported on the balance sheet as (Points : 3) assets. liabilities. fixed assets. prepaid expenses. 10. As time passes, fixed assets, other than land, lose their capacity to provide useful services. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called (Points : 3) equipment allocation. depreciation. accumulation. matching. 11. The __________ is prepared with various sections, subsections, and captions that aid in its interpretation and analysis. (Points : 3) accounting equation retained earnings statement intangible asset section classified balance sheet 12. A&M Co. provided services of $1,000,000 to clients on account. How does this transaction affect A&M’s accounts? (Points : 3) Increase accounts receivable and cash by $1,000,000 each Increase accounts receivable and revenues by $1,000,000 each Increase accounts receivable and unearned revenues by $1,000,000 each No effect at this time 13. If the buyer is to pay the delivery expense of delivering merchandise, delivery terms are stated as (Points : 3) FOB shipping point. FOB destination. FOB n/30. FOB buyer. 14. Since merchandise inventory is normally sold within a year, how is it reported on the balance sheet? (Points : 3) As a revenue As the cost of merchandise sold It does not appear on the Balance Sheet As a current asset 15. Which expenses are subtracted from gross profit to arrive at income from operations? (Points : 3) All expenses Cost of merchandise sold Operating expenses Sales expenses 16. Dig, Inc. had the following merchandise transactions in October: Purchases Purchase returns Purchase discounts Transportation in $50,000 $ 4,000 $ 1,000 $ 2,000 What is the total cost of merchandise purchased for Dig, Inc.? (Points : 3) $50,000 $47,000 $52,000 $48,000 17. The purpose of the Sarbanes­Oxley Act of

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