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1. Unearned rent revenue would be given under which of the given categories on balance sheet?

i) current assets
ii) long-term investments
iii) current liabilities
iv) stockholders' equity
v) Unearned rent revenue would not appear on the balance sheet.

2. Expense must be included in income statement in period in which (hint: matching principle applies here)

i) it is paid.
ii) the related revenue is collected.
iii) the related revenue is subject to tax.
iv) the related revenue is earned.
v) it is deductible for tax purposes.

3. Firm sells inventory for $100 that it acquired for $60. Customer pays $25 at the time of sale and promises to pay the remaining $75 in the following month. Firm must recognize

i) $100 of revenue and $60 of expense in the following month when customer's payment is complete.
ii) $25 of revenue and $60 of expense at the time of the sale and another $75 of revenue when rest of sale price is collected.
iii) $25 of revenue and $15 of expense at the time of sale and another $75 of revenue and $45 of expense when the rest of the sale price is collected.
iv) $100 of revenue and $60 of expense at the time of the sale.
v) None of the above.

4. Firm performed services for client in September for $100. It collected $70 in September and $30 in October. Based on this information, for month of October the firm must recognize

i) no revenue.
ii) revenue of $30.
iii) revenue of $100.
iv) None of the above.

5. Basic earnings per share is find outd as

i) net income from operations divided by average number of shares outstanding during period.
ii) net income before expenses of interest and taxes divided by average number of shares outstanding duringthe period.
iii) net income divided by average number of shares outstanding during period.
iv) net income divided by number of shares outstanding on the last day of the period.
v) dividends paid on each share of common stock during the period.

Accounting Basics, Accounting

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  • Reference No.:- M922484

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