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Accounting Study Guide

A colorful illustration of accounting elements such as balance sheets, calculators, and financial graphs, depicting a classroom with students studying accounting.

Master Your Accounting Knowledge

Test your understanding of accounting concepts with this engaging quiz designed for learners at all levels. Whether you're studying for an exam, refreshing your skills, or just curious, this quiz covers key topics in accounting.

Key features:

10 multiple choice questions
Immediate feedback on your answers
Designed for students and professionals alike

10 Questions2 MinutesCreated by CalculatingWizard417

If $807,000 of 11% bonds are issued at 102 3/4, the amount of cash received from the sale is

$605,250

$895,770

$807,000

$829,193

If $434,000 of 8% bonds are issued at 96, the amount of cash received from the sale is

$468,720

$399,280

$416,640

$434,000

A $285,000 bond was redeemed at 98 when the carrying value of the bond was $277,875. The journal entry for the redemption would include a

Gain on bond redemption of $5,700.

Loss on bond redemption of $1,425.

Gain on bond redemption of $1,425

Loss on bond redemption of $7,125.

Use this information for Pierce Company to answer the question that follow. On May 1, Pierce Company purchased $60,000 of Stanton Company’s 12% bonds at 100 plus accrued interest of $2,400. On June 30, Pierce received its first semiannual interest. On February 1, Pierce sold $50,000 of the bonds at 103 plus accrued interest. What are the total proceeds from the February 1 sale?

$51,500

$50,000

$52,000

$52,400

Question Content Area Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is purchased for $45 a share plus brokerage fees of $280. The journal entry for the purchase is

Cash 4,500 Investments—Saxton Company Stock 4,500

Investments—Saxton Company Stock 4,500 Brokerage Fee Expense 280 Cash 4,780

Investments—Saxton Company Stock 4,500 Cash 4,500

Investments—Saxton Company Stock 4,780 Cash 4,780

Under the equity method, the receipt of cash dividends on an investment in common stock of Vallerio Corporation is accounted for as a debit to Cash and a credit to

Retained Earnings

Dividend Revenue

Dividends Receivable

Investment in Vallerio Corporation Stock

Gale Company owns 87% of the outstanding stock of Leonardo Company. Leonardo Company is referred to as the

Minority interest

Subsidiary company

Affiliate company

Parent company

For accounting purposes, the method used to account for investments in common stock is determined by

Whether the acquisition of the stock by the investor was "friendly" or "hostile"

Whether the stock has paid dividends in past years

The amount paid for the stock by the investor

The extent of an investor's influence over the operating and financial affairs of the investee

The net income reported on the income statement for the current year was $311,923. Depreciation recorded on fixed assets and amortization of patents for the year were $37,850 and $10,841, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

End Beginning

Cash $48,897 $54,492

Accounts Receivable 121,047 108,386

Inventories 107,198 90,574

Prepaid Expenses 2,607 6,006

Accounts Payable(merchandise creditors) 51,387 73,889

What is the amount of the net cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

$382,552

$331,329

$312,226

$288,857

Use the information provided for Harding Company to answer the question that follow.

Harding Company

Accounts payable $27,446

Accounts receivable 72,583

Accrued liabilities 6,676

Cash 21,749

Intangible assets 42,307

Inventory 88,475

Long-term investments 99,679

Long-term liabilities 72,298

Notes payable (short-term) 25,737

Property, plant, and equipment 660,058

Prepaid expenses 2,509

Temporary investments 38,533

Based on the data for Harding Company, what is the amount of quick assets?

$1,610,859

$808,815

$132,865

$60,282

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