Acct 301 Week 3 and Week 6 Quiz

ACCT 301 Week 3 and Week 6 Quiz

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ACCT 301 Week 3 Quiz1. Question : (TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company?

2. Question : (TCO 1) The cost of assets consumed or services used is also known as _________.

3. Question : (TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _____.

4. Question : (TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of $24,000. What was Pinson’s retained earnings at the end of the year?

5. Question : (TCO 4) Which of the following statements is not true?

6. Question : (TCO 4) Using the following balance sheet and income statement data, what is the current ratio? Current assets $7,000 Net income $12,000 Current liabilities 4,000 Stockholders’ equity 21,000 Total assets 30,000 Total liabilities 9,000 Average common shares outstanding was 10,000

7. Question : (TCO 4) Using the following balance sheet and income statement data, what is the total amount of working capital? Current assets $7,000 Net income $12,000 Current liabilities 4,000 Stockholders’ equity 21,000 Total assets 30,000 Total liabilities 9,000 Average common shares outstanding was 10,000

8. Question : (TCO 4) Using the following balance sheet and income statement data, what is the debt to total assets ratio? Current assets $7,000 Net income $12,000 Current liabilities 4,000 Stockholders’ equity 21,000 Total assets 30,000 Total liabilities 9,000 Average common shares outstanding was 10,000

9. Question : (TCO 2) Powers Company paid its office rent of $1,000 with cash. As a result of this event, _________.

10. Question : (TCO 2) Which accounts normally have debit balances?

11. Question : (TCO 2) In the first...