1. Which of the following accounts would NOT appear on a corporation's Balance Sheet?

2. Amounts borrowed by a business for a relatively long period of time under a formal written contract or indenture are called _________________.

3. Which of the following is recorded only when another business enterprise is acquired?

4. A ____________ is the right to use property owned by someone else.

5. From the following list of accounts and account balances - determine the amount that would be properly classified as Property - Plant - & Equipment. $100 - 000 – Land Used in Business - $60 - 000 – Machinery Leased from Others - ($80 - 000) – Accumulated Depreciation - $140 - 000 – Inventories - $40 - 000 – Land Held for Future Plant Site - $200 - 000 – Building - $50 - 000 – Investment in Stock of Construction Company

6. At the beginning of the year - XYZ Company reported Accounts Receivable of $39 - 000. During the year - the company had credit sales totaling $288 - 000. At year end - the Accounts Receivable balance was $8 - 000 higher than the beginning balance. How much cash was collected on the accounts during the year?

7. XYZ Company has assets and liabilities of $15 - 000 and $12 - 000 - respectively. If the company issues an additional $1 - 500 of stock for cash - what will be the balance in shareholders' equity following the transaction?

8. Which of the following accounts is NOT an expense?

9. A residual claim of owners having certain preferences relative to other owners' claims is called __________________.

10. Amounts received for the par value of a firm's voting stock are called ___________.

11. Which of the following accounts represents distributions of earnings to shareholders of the firm?

12. The Accumulated Depreciation account reflects _____________________.

13. XYZ Company purchased some equipment for $120 - 000 on July 1 of Year 1. The equipment has an estimated useful life of 10 years and an estimated salvage value of $7 - 500. XYZ Company computes depreciation on a straight-line basis. How much depreciation should be recorded for Year 1?

14. Temporary revenue and expense accounts may be closed _________________.

15. ________________ is the financial obligation of a company in regards to a loan that accrues with the passage of time.

16. 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?

17. The process of transferring entries in the general journal to the accounts in the general ledger is called ________________.

18. XYZ Company publishes a monthly sports magazine. The company has fiscal year of Jan-Dec. On July 1 of Year 1 - the company sold 1000 two-year subscriptions for $200 each. On December 31 of Year 1 - the amount reported as a liability on the Balance Sheet and the amount reported as revenue on the Income Statement are - respectively:

19. 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?

20. A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an _________________.

21. Amounts paid for various fees incurred in organizing a corporation are called ____________.

22. At the beginning of the year - XYZ Company owed $14 - 500 to its creditors for inventory purchases. At year end - the company owed $9 - 150. During the year - the company made payments totaling $48 - 500 to its creditors for inventory purchases. What was the cost of the additional inventory that was purchased during the year?

23. XYZ Company completed its second year of operations in Year 2. On January 1 of Year 2 - the balance in Retained Earnings was $84 - 000. During the year - the company declared and paid a dividend of $65 - 000 to shareholders. The company reported net earnings of $105 - 000 in its Year 2 Income Statement. What was the balance in Retained Earnings on December 31 of Year 2?

24. Amounts owed for goods or services acquired under an informal credit agreement are called ___________________.

25. Which of the following accounts is not closed during the closing process?