question

a stockholder is an owner of one of moreshares of aa corporation

answer

true

question

owners' equity accounts for a corporation normally are listed under a major chart of accounts division titled capital stock

answer

false

question

retained earnings are earnings distributed by stock holders

answer

false

question

a dividdend is an amount earned by a corporation and not tey distributed to stockholders

answer

false

question

a dividends account has a normal debit balance and is increased by a debit

answer

true

question

a group of persons elected by the stockholders to manage a corporation is called a board of direstors

answer

true

question

a board of directors distributes earnings of a corporation to stockholsers by declaring a dividend

answer

true

question

a declared dividend is classified as an expense

answer

false

question

the accounts used to record the declaration of a dividend are dividends payable and dividends expense

answer

false

question

when a declared dividend is paid , dividends payable is debited

answer

true

question

the purpose of a worksheet is to plan adjustments and summarize the info necessary to prepare financial statemants

answer

true

question

the steps for preparing a worksheet are similar for proprietorships and corporation

answer

true

question

the general ledger account balances are charged when the adjustments are entered on the work sheet

answer

false

question

the adjustment for merchandise inventory is common for all buisness

answer

false

question

The supplies office account must be adjusted to show the expense of the supplies that are used during the year

answer

true

question

the prepaid insurance acccount is adjusted to show the value of insurance that has been used

answer

true

question

during a fiscal period the amount of merchandise on hand increases and decreases

answer

true

question

most accounts needing adjustment at the end of a fiscal period have a related temperary account

answer

true

question

the risk of uncollectible accounts should be recored as an expense in the same accounting period that the revenue is earned

answer

true

question

the account allowence for uncollectible accounts is a contra account

answer

true

question

many buisnesses use a percentage of total sales on account to estimate uncollectible accounts expense

answer

true

question

assets that will be used for a number of years in the operation of a buisness are called current assets

answer

false

question

accumulated depreciation is the depreiation expense the has been recorded since the purchase of a plany asset

answer

true

question

federal income tax is an expense of a corporation

answer

true

question

when a corporation makes the quarterly payment of estimated federal income tax, the cash account is credited

answer

true

question

at the begining of a fiscal period plus office supplies bought during the fiscal period

answer

the supplies office amount in a worksheets trial balance debit column represents the value of supplies

question

supplies office and supplies expense

answer

the 2 accounts used to adjust the office supplies account are

question

an expense

answer

the portion of the insurance premiums that has expired during a fiscal period is classified as

question

prepaid insurance and insurance expense

answer

the 2 accounts used to adjust the prepaid insurance account are

question

mechandise inventory

answer

the amount of goods on hand for sale to costumers is called

question

at the begining of a fiscal period

answer

the merchandise inventory amount in a work sheets trial balance debit volumn represents the mercandise inventory

question

merchandise inventory and supplies

answer

the 2 accounts used to adjust the merchandise inventory account are

question

decrease in merchandise inventory

answer

The income summary account in a work sheets adjustments debit column represents the

question

matching expenses and revenue

answer

recording expenses in the accounting period in which the expenses contibute to earning revenue is an application of the accounting concept

question

accounts recievable and accounts recievable expense

answer

the 2 accounts used to adjust uncollectible accounts are

question

accumulated depreciation store equiptment ansd depreciation expense store equitment

answer

the 2 accounts used to adjust the depreciation of store equiptment are

question

federal income tax payalbe and federal income tax expense

answer

the 2 accounts used to record the adjustment for federal income tax are

accounting chapter 14 – Flashcards

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