64 which of the following items is reported as an expense on the income statement a 4314301

64 which of the following items is reported as an expense on the income statement a 4314301

64.Which of the following items is reported as an expense on the income statement? 

A. Dividends declared.

B. Cost of goods sold.

C. Dividends paid.

D. Accounts payable.

65.Which of the following has primary responsibility to develop Generally Accepted Accounting Principles? 

A. Financial Accounting Standards Board.

B. Company Executives.

C. Securities and Exchange Commission.

D. Public Company Accounting Oversight Board.

66.Which of the following has the legal authority to determine financial reporting in the United States? 

A. Financial Accounting Standards Board.

B. American Accounting Association.

C. Securities and Exchange Commission.

D. Public Company Accounting Oversight Board.

67.Which of the following is not reported as a liability on a balance sheet? 

A. Income taxes payable.

B. Common stock.

C. Accounts payable.

D. Dividends payable.

68.Which of the following transactions increases both cash and net income? 

A. Cash receipts from a bank loan.

B. Cash receipts from sale of common stock.

C. Cash receipts from customers for services provided.

D. Cash receipts from cost of goods sold.

69.Which of the following is not an alternate title for the financial statement that reports revenues and expenses? 

A. Income Statement.

B. Statement of Net Income.

C. Statement of Operations.

D. Statement of Income.

An alternative title for the financial statement that reports revenues and expenses is not Statement of Net Income.

70.A calendar year reporting company preparing its annual financial statements should use the phrase “At December 31, 2016” in the heading of which financial statements? 

A. On all of the required financial statements.

B. On only the income statement.

C. On the income statement and balance sheet, but not the statement of cash flows.

D. On the balance sheet only.

71.Which of the following properly describes the impact on the financial statements when a company borrows $20,000 from a local bank?

A. Net income increases $20,000.

B. Assets decrease $20,000.

C. Stockholders' equity increases $20,000.

D. Liabilities increase $20,000.

72.Which of the following would not be reported in the operating activities section of a cash flow statement? 

A. Cash paid for dividends to stockholders.

B. Cash paid for interest expense.

C. Cash paid for employee wages.

D. Cash received from customers.

73.Which of the following would be reported in the financing activities section of a cash flow statement?

A. Cash paid for dividends to stockholders.

B. Cash paid for interest expense.

C. Cash paid to acquire equipment.

D. Cash received from sale of investments.

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