Q1. The journal entry to pay a cash dividend is to :
- Debit Dividends Payable; credit Cash
- Debit Retained Earnings; credit Cash
- Debit Dividends Payable ; credit Retained Earnings.
- Debit Retained Earnings ; credit Dividends Payable
Q2. When a stock dividend was declared above par , the excess was ignored and only the par value was used . This error would cause :
- the period’s end assets to be overstated.
- the period’s end liabilities to be overstated.
- the period’s end stockholders’ equity to be overstated.
- None of the above
Q3. Which of the following is not a direct departmental expense in a sales department?
- Sales salaries
- Delivery expense for related items
- Advertising for the sales department
- All are direct departmental expenses.
Q4. If direct labor for the month is $ 30.000 , overhead is applied based on direct labor, annual overhead is estimated to be $500.000, and annual direct labor is estimated to be $800.000 , what is the entry to apply overhead to production ?
- Debit Work-in Process Inventory $18,750
- Debit Overhead – Applied $18,750
- Debit Work-in Process Inventory $18,750; credit Overhead-Applied $18,750
- Debit Work – in Process Inventory $30.000 ; credit Overhead – Applied $ 30.000
Q5. Interest expense was $10.000, income tax expense $20.000, and net income after taxes is $60.000 . The number of times interest was earned is :
- nine times
- eight times
- seven times
- six times
Q6). Tricia and Jennifer formed a partnership. Tricia invested $10.000 in cash , and Jennifer invested$5.000 in cash , equipment valued at $6.000, and $1.000 accounts payable . The proper entry to record this is :
- debit Cash 15.000 ; debit equipment 6.000 ; credit Accounts Payable $1.000 credit Tricia’s Capital $10.000 ;credit Jennifer’s Capital $10.000
- debit cash 15.000; debit equipment 6.000;debit Accounts Payable $1.000; credit Tricia’s Capital $10.000; credit Jennifer’s Capital $10.000 .
- debit Cash $15.000 ; debit Equipment $6.000 ; credit Tricia’s Capital $10.000 ; credit Jennifer’s Capital $10.000.
- debit Cash $15.000; debit Equipment $6.000; credit Tricia’s Capital $10.000; credit Jennifer’s Capital $11.000.
Q7. Which would not go into the operating activities section of a statement of cash flows using the direct method ?
- Depreciation expense
- Payment for dividends
- Selling of plant , property , and equipment
- All of the above
Q8. Which of the following is true of a partnership ?
- Actions of one partner are binding on all the other partners
- Each partner is individually liable for partnership debts.
- All of the owners always share income and losses equally.
- Both A and B
Q9. The Overhead -Control account is used for the :
- application of overhead to production, and it has a debit balance
- accumulation of all actual overhead costs, and it has a credit balance
- application of overhead to production, and it has a credit balance
- accumulation of all actual overhead costs, and it has a debit balance.
Q10. What inventories are included in determining total manufacturing costs ?
- Beginning and ending finished goods
- Beginning and ending raw materials
- Beginning and ending work- in process
- None of the above
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