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Sample Exam Essay

3571 words - 15 pages

Kimmel, Weygandt & Kieso - Sample Exam 1

Name: __________________________ Date: _____________ 1. Which financial statement would best indicate whether the company relies on debt or stockholders' equity to finance its assets? A) Statement of Cash Flows B) Retained Earnings Statement C) Income Statement D) Balance Sheet 2. Stockholders' equity A) is usually equal to cash on hand. B) is equal to liabilities and retained earnings. C) includes retained earning and common stock. D) is shown on the income statement. 3. Which of the following activities involves collecting the necessary funds to support the business? A) Operating B) Investing C) Financing D) Delivering 4. Issuing shares of stock ...view middle of the document...

B) notes to the financial statements. C) an auditor's report. D) salary information for all the executives. 10. Stockholders' equity can be described as claims of A) creditors on total assets. B) owners on total assets. C) customers on total assets. D) debtors on total assets. 11. Jennner Corporation began the year with retained earnings of $155,000. During the year, the company issued $210,000 of common stock, recorded expenses of $600,000, and paid dividends of $40,000. If Jenner's ending retained earnings was $165,000, what was the company's revenue for the year? A) $610,000 B) $650,000 C) $820,000 D) $860,000 12. The balance sheet A) summarizes the changes in retained earnings for a specific period of time. B) reports the changes in assets, liabilities, and stockholders' equity over a period of time. C) reports the assets, liabilities, and stockholders' equity at a specific date. D) presents the revenues and expenses for a specific period of time.

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Kimmel, Weygandt & Kieso - Sample Exam 1

13. The financial statement that summarizes the changes in retained earnings for a specific period of time is the A) balance sheet. B) income statement. C) statement of cash flows. D) retained earnings statement. 14. If the retained earnings account decreases from the beginning of the year to the end of the year, then A) net income is less than dividends. B) there was a net income and no dividends. C) additional investments are less than net losses. D) net income is greater than dividends. 15. Why are financial statement users interested in the statement of cash flows? A) It is the easiest financial statement to evaluate. B) It provides information about an important company resource. C) It is the first statement that is presented to users. D) It helps users decide whether assets such as office equipment should be replaced. 16. Which of the following is not a satisfactory statement of the accounting equation? A) Assets = Stockholders' Equity – Liabilities. B) Assets = Liabilities + Stockholders' Equity. C) Assets - Liabilities = Stockholders' Equity. D) Assets - Stockholders' Equity = Liabilities. 17. Payments to stockholders are called A) expenses. B) liabilities. C) dividends. D) distributions. 18. Which type of corporate information is not available to investors? A) dividend history B) forecast of cash needs for the upcoming year C) cash provided by investing activities D) beginning cash balance 19. Most business enterprises in the United States are A) proprietorships and partnerships. B) partnerships. C) corporations. D) government units.

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Kimmel, Weygandt & Kieso - Sample Exam 1

20. A small neighborhood barber shop that is operated by its owner would likely be organized as a A) joint venture. B) partnership. C) corporation. D) proprietorship. 21. Edwards Company recorded the following cash transactions for the year: Paid $45,000 for salaries. Paid $20,000 to purchase office equipment. Paid $5,000 for utilities. Paid...

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