MD University College BMGT ACCT 220 A cash dividend of $500 was declared and paid to stockholders

Question 17:A cash dividend of $500 was declared and paid to stockholders. The correct journal entry to record the declaration is _______________.Question 17 options:debit Capital Stock 500 and credit Cash 500debit Cash 500 and credit Dividends 500debit Dividends 500 and credit Cash 500debit Cash 500 and credit Capital Stock 500Question 18 (1 point)If $3,000 has been earned by a company’s workers since the last payday in an accounting period, the necessary adjusting entry would be _______________.Question 18 options:debit an expense and credit a liabilitydebit an expense and credit an assetdebit a liability and credit an assetdebit a liability and credit an expenseQuestion 19 (1 point)The accrual basis of accounting _______________.Question 19 options:recognizes revenues only when cash is receivedis used by almost all companiesrecognizes expenses only when cash is paid outrecognizes revenues when sales are made or services are performed, and recognizes expenses only when cash is paid outQuestion 20 (1 point)The need for adjusting entries is based on _______________.Question 20 options:the matching principlesource documentsthe cash basis of accountingactivity that has already been recorded in the proper accountsQuestion 21 (1 point)Which of the following statements is false regarding the closing process?Question 21 options:The Dividends account is closed to Income Summary.The closing of expense accounts results in a debit to Income Summary.The closing of revenues results in a credit to Income Summary.The Income Summary account is closed to the Retained Earnings account.Question 22 (1 point)Which of the following statements is true regarding the classified balance sheet?Question 22 options:Current assets include cash, accounts receivable, and equipment.Plant, property, and equipment is one category of long-term assets.Current liabilities include accounts payable, salaries payable, and notes receivable.Stockholders’ equity is subdivided into current and long-term categories.Question 23 (1 point)The underlying assumptions of accounting include all the following except _______________.Question 23 options:business entitygoing concernmatchingmoney measurement and periodicityQuestion 24 (1 point)Malloy Company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Malloy Company for the period is _______________.Question 24 options:$300,000$228,000$252,000$168,000None of the aboveQuestion 25 (1 point)A classified income statement consists of all of the following major sections except _______________.Question 25 options:Operating revenuesCost of goods soldOperating expensesNon-operating revenues and expensesCurrent assetsQuestion 26 (1 point)A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be _______________.Question 26 options:$240$200$1,200$1,000$3,600Question 27 (1 point)Malloy Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The cost of ending inventory using weighted-average is _______________.Question 27 options:$114,750$157,600$122,400$109,650None of the aboveQuestion 28 (1 point)Malloy Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The cost of goods sold using weighted-average is _______________.Question 28 options:$147,200$160,350$155,250$114,000None of the aboveQuestion 29 (1 point)During a period of rising prices, which inventory method might be expected to give the highest net income?Question 29 options:Weighted-averageFIFOLIFOSpecific identificationCannot determineQuestion 30 (1 point)The following information is related to the bank reconciliation of the Acme Company:Balance per bank statement$1,951.20Balance per ledger1,869.60Deposits in transit271.20Outstanding checks427.80NSF check61.20Service charges13.80The adjusted/correct cash balance is _______________.Question 30 options:$1,794.60$1,719.60$1,638.00$1,713.00$1,876.20Question 31 (1 point)In a bank reconciliation, deposits in transit should be _______________.Question 31 options:deducted from the balance per booksdeducted from the balance per bank statementadded to the balance per ledgeradded to the balance per bank statementdisregarded in the bank reconciliation

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