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1. Fiscal year selected by companies __________

A. is same as calendar year
B. starts with first day of the month and ends on last day of the twelfth month
C. should always begin on January 1
D. will change each year

2. Net loss appears on work sheet in:

A. debit column of the Balance Sheet columns
B. credit column of the Balance Sheet columns
C. debit column of the Income Statement columns
D. credit column of the Adjustments columns

3. Joby owns and operate a business. On Jan. 1, 2007 Joby , capital had balance of $550,600. In year Joby invested additional $50,000 and withdrew $40,000. For year ended Dec. 31,2007, business reported a net income of $68,150. Determine the ending for the Capital balance?

A. $600,600
B. $500,600
C. $628,750
D. $668,750

4. What kind of account is Unearned Service Fees?

A. Current Asset
B. Current Uabihty
C. Long-Term Liability
D. Plant, Property & Equipment

5. What kind of account is Prepaid Rent?

A. Current Asset
B. Current Liability
C. Long-Term Uabillty
D. Plant, Property, & Equipment

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922115

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