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Operating expenses appear on the income statement:

Operating expenses appear on the income statement:

A) directly after gross margin

B) directly after cost of goods sold

C) directly after revenue

D) do not appear on the income statement

12) Common shares is a component of:

A) total assets

B) total liabilities

C) share capital

D) retained earnings

13) Cost of goods sold is:

A) added to sales on the income statement

B) deducted from sales on the balance sheet

C) deducted from sales on the income statement

D) added to sales on the retained earnings statement

14) Suppose The Fruit Group buys a kiwi for $.10 and sells the kiwi for $.50. The cost of goods sold would be:

A) $.10

B) $.40

C) $.50

D) $.05

15) Net income is:

A) deducted from beginning retained earnings on the retained earnings statement

B) added to beginning retained earnings on the retained earnings statement

C) added to assets on the balance sheet

D) deducted from net sales on the income statement

16) Which of the following represent(s) claims to economic resources?

A) assets, but not liabilities or owners' equity

B) owners' equity, but not assets or liabilities

C) liabilities, but not assets or owners' equity

D) liabilities and owners' equity, but not assets

17) Notes receivable due in 60 days would be classified as a:

A) long-term asset on the balance sheet

B) current asset on the balance sheet

C) current liability on the balance sheet

D) long-term liability on the balance sheet

18) Cash received from the sale of shares would appear:

A) as an operating activity on the cash flow statement

B) would not appear on a cash flow statement

C) as an investing activity on the cash flow statement

D) as a financing activity on the cash flow statement

19) Losses are reported on the:

A) income statement

B) balance sheet

C) cash flow statement

D) statement of retained earnings

20) What is the proper order for the cash flow statement?

A) financing activities, investing activities, and operating activities

B) operating activities, investing activities, and financing activities

C) operating activities, financing activities, and investing activities

Dec 09 2019 Read more Less More

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