Financial Accounting 5th Canadian Edition Test Bank

Financial Accounting 5th Canadian Edition Test Bank enhances learning with well-structured notes, key formulas, and exam-style problems.

James Carter

Contributor

4.0

9 months ago

Preview (16 of 1392 Pages)

100%

Financial Accounting 5th Canadian Edition Test Bank - Page 1 preview image

Loading page ...

1Student: ___________________________________________________________________________1.What is the primary purpose of the statement of financial position?A.To measure the profit of a business up to a particular point in time.B.Toreport the difference between cash inflows and cash outflows for the period.C.To report the financial position of the reporting entity at a particular point in time.D.To report assets at their current market value at a particular point in time.2.On January 1, 20A, two individuals invested $150,000 each to form Hornbeck Corporation.Hornbeck had total revenues of $15,000 during 20A and $40,000 during 20B. Total expenses forthe same periods were $8,000 and $22,000, respectively. Cashdividends paid out toshareholders totalled $6,000 in 20A and $12,000 in 20B. What was the ending balance inHornbeck's retained earnings account at the end of 20A and 20B?A.$1,000 and $6,000 respectively.B.$1,000 and $7,000, respectively.C.$7,000 and $19,000 respectively.D.$301,000 and $306,000 respectively.3.The BAT Corporation had revenues of $110,000, expenses of $85,000, and an income tax rate of20 percent in 20B. What would profitaftertaxes be?A.$5,000.B.$15,000.C.$20,000.D.$25,000.4.Brown Corporation reported thefollowing amounts at the end of the first year of operations,December 31, 20A: share capital $20,000; sales revenue $95,000; total assets $85,000, nodividends, and total liabilities $35,000. What would shareholders' equity and total expenses be?A.Shareholders' equity, $50,000 and expenses $65,000.B.Shareholders' equity, $60,000 and expenses $75,000.C.Shareholders' equity, $80,000 and expenses $40,000.D.Shareholders' equity, $80,000 and expenses $85,000.

Preview Mode

This document has 1392 pages. Sign in to access the full document!

Report

Study Now!

X-Copilot AI

Unlimited Access

Secure Payment

Instant Access

24/7 Support

Document Chat

Document Details

Subject

Accounting

Textbook

Financial Accounting by Robert Libb...

Financial Accounting 5th Canadian Edition Test Bank

Study Now!

Document Details

Related Documents

Financial Accounting 4th Canadian Edition Test Bank

Financial Accounting 6th Canadian Edition Test Bank

Financial Accounting 6th Canadian Edition Solution Manual

Financial Accounting 4th Canadian Edition Solution Manual

Accounting

Master Managerial Accounting Techniques

Controlling and Reporting of Real Assets

Team A Week 5 Problems

Accounting Audit Final Exam MCQs 2015

Sarbanes Oxley Act, GAAP and IFRS

Company

Explore

Study Tools