Accounting > STUDY GUIDE > DEVRY UNIVERSITY-ACCT 504 MIDTERM EXAM QUESTIONS WITH CORRECT ANSWERS(Graded A) (All)

DEVRY UNIVERSITY-ACCT 504 MIDTERM EXAM QUESTIONS WITH CORRECT ANSWERS(Graded A)

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Question 1.1. (TCO A) Which of the following accounts is recorded as part of stockholders’ equity on the Balance Sheet? (Points : 3) Long-term debt Retained earnings Reven... ue Expenses Question 2.2. (TCO B) For 2014, EAB Corporation reported net income of $78,750; net sales of $1,378,125; and weighted average shares outstanding of 10,500. There were no preferred dividends. What was the 2014 earnings per share? (Points : 3) $17.50 $7.50 $75.00 $131.25 Question 3.3. (TCO C) Purchasing inventory is an example of a(n) (Points : 3) operating activity. investing activity. financing activity. noncash investing and financing activity. Question 4.4. (TCO D) The ending Retained Earnings balance is found on which of the following statements? (Points : 3) Income Statement Balance Sheet Statement of Retained Earnings Both Balance Sheet and Statement of Retained Earnings above Question 5.5. (TCO E) Which of the following describes the normal balance and classification of the Unearned Revenue account? (Points : 3) Credit, liability Debit, liability Debit, stockholders’ equity Credit, stockholders’ equity Question 6.6. (TCO F) Which of the following statements is correct? (Points : 3) Accrual accounting records revenue when earned. Cash-basis accounting records revenue when earned. Accrual accounting records revenue when the payment is received in cash. Cash-basis accounting records expenses when incurred. [Show More]

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