Accounting Cycle - Pt 2

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of an adjusted trial balance?
To list all accounts and their balances on the correct side
To determine the company's market value
To calculate net income
To prepare the cash flow statement
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is net sales calculated in the income statement?
By adding operating expenses to sales revenue
By subtracting discounts and returns from sales revenue
By multiplying sales revenue by the tax rate
By dividing sales revenue by the number of products sold
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of operating income?
It measures the company's market share
It indicates the company's profitability from core operations
It reflects the company's total expenses
It shows the company's total revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a non-operating activity?
Interest expense
Sales revenue
Administrative expenses
Cost of goods sold
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are retained earnings initially set to zero?
Because the company has no assets
Because it is the first year of business
Because the company has no revenue
Because the company has no liabilities
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must be true for a balance sheet to be correct?
Assets must be less than equity
Equity must be greater than liabilities
Liabilities must exceed assets
Assets must equal liabilities and equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which category does cash received from the sale of land fall under in the cash flow statement?
Non-operating activities
Financing activities
Investing activities
Operating activities
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