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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. Which of the following accounts is NOT a temporary account that should be closed during the closing process?
2. Which of the following transactions would NOT result in revenue being reported?
3. Which of the following assets is a monetary asset?
4. A residual claim of owners having certain preferences relative to other owners' claims is called __________________.
5. 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?
6. A manufacturing firm's cost of producing its product is called ______________.
7. Which of the following accounts represents distributions of earnings to shareholders of the firm?
8. 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?
9. 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?
10. Which of the journal entries below is incorrectly recorded?
11. 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?
12. A trial balance that shows revenue and expense accounts with zero balances and balance sheet accounts at the end of the period is called a __________________.
13. Which of the following is NOT an example of a period expense?
14. The process of transferring entries in the general journal to the accounts in the general ledger is called ________________.
15. 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?
16. Payments made in advance for goods or services a firm will receive at a later date are called ______________.
17. ______________ refers to shares originally issued and outstanding that have been reacquired from the owners.
18. Which of the following accounts is NOT an expense?
19. A ____________ is the right to use property owned by someone else.
20. Unused materials for manufacturing products are called ______________.
21. Amounts owed for goods or services acquired under an informal credit agreement are called ___________________.
22. ________________ is the financial obligation of a company in regards to a loan that accrues with the passage of time.
23. Which of the following would cause the accounting equation to be out of balance?
24. XYZ Company purchased a 1-year insurance policy for $3 - 000 on April 1 of Year 1. The amount of prepaid insurance reported on the Balance Sheet and the amount of insurance expense reported on the Income Statement on December 31 of Year 1 are - respectively:
25. Amounts borrowed by a business for a relatively long period of time under a formal written contract or indenture are called _________________.

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