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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