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General Financial Accounting Test (Upwork)
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General Financial Accounting Test (Upwork)
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25 Questions

1. Amounts owed for goods or services acquired under an informal credit agreement are called ___________________.
2. A debit balance is normal for all of the following accounts except _______________.
3. The balance in all asset accounts combined is $100 - 000 on December 1. During December - the following transactions took place: - Purchase of $10 - 000 of inventory for cash - Purchase of $15 - 000 of machinery on account - Retirement of $20 - 000 in bonds with cashGiven this information - what is the combined balance in the asset accounts on December 31?
4. XYZ Company reported a balance in Accounts Receivable of $40 - 500 on January 1 of year 2. During Year 2 - the company collected $127 - 500 from its customers who had purchased on account. On December 31 of Year 2 - the company reported a balance in Accounts Receivable of $21 - 250. How much were XYZ Company's credit sales for Year 2?
5. Which of the following accounts is not closed during the closing process?
6. ________________ is/are a measure of the inflow of net assets from selling goods and providing services.
7. The Accumulated Depreciation account reflects _____________________.
8. Which of the following is NOT an example of a period expense?
9. XYZ Company has just completed its first year of operations in Year 1. The company distributed dividends of $50 - 000. If the ending balance of Retained Earnings on December 31 of Year 1 is $70 - 000 - and the company had revenues of $400 - 000 from Year 1 sales - then what is the total of the company's Year 1 expenses?
10. A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an _________________.
11. Which of the following accounts represents distributions of earnings to shareholders of the firm?
12. Amounts borrowed by a business for a relatively long period of time under a formal written contract or indenture are called _________________.
13. Which of the following accounts is NOT a temporary account that should be closed during the closing process?
14. Which of the following would cause the accounting equation to be out of balance?
15. A right granted to an individual or company that excludes others from manufacturing - using - or selling a certain process or device is called a _____________.
16. Which of the following assets is a monetary asset?
17. Unused materials for manufacturing products are called ______________.
18. At the beginning of the year - XYZ Company reported a $7 - 200 balance in its Prepaid Insurance account. At year end - the company reported Insurance Expense of $9 - 000 in its Income Statement and a balance of $3 - 800 in the Prepaid Insurance account. What was the cost of the additional insurance that was purchased during the year?
19. Payments made in advance for goods or services a firm will receive at a later date are called ______________.
20. XYZ Company failed to record the purchase of inventory on account at the end of 2008. In which of the following ways is the Balance Sheet misstated?
21. A ____________ is the right to use property owned by someone else.
22. Amounts due from customers - for which the claim is in the form of a written promise to pay - are called ________________.
23. Which of the following is recorded only when another business enterprise is acquired?
24. Which of the journal entries below is incorrectly recorded?
25. The process of transferring entries in the general journal to the accounts in the general ledger is called ________________.

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