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The ending balance in retained earnings appears on the: balance sheet only B) balance

The ending balance in retained earnings appears on the: balance sheet only B) balance

The ending balance in retained earnings appears on the:

A) balance sheet only

B) balance sheet and statement of retained earnings

C) statement of retained earnings only

D) income statement

22) Cash dividends:

A) decrease revenue on the income statement

B) increase expenses on the income statement

C) decrease retained earnings on the retained earnings statement

D) decrease operating activities on the cash flow statement

23) Common shares appear on the:

A) balance sheet

B) income statement

C) cash flow statement

D) retained earnings statement

24) The repayment of a note payable would be classified as a(n):

A) investing activity on a cash flow statement

B) financing activity on a cash flow statement

C) operating activity on a cash flow statement

D) current asset on the balance sheet

25) The issuance of shares for cash would be classified as a(n):

A) investing activity on a cash flow statement

B) financing activity on a cash flow statement

C) operating activity on a cash flow statement

D) current asset on the balance sheet

26) Income taxes owed to the federal government would be classified as a:

A) current asset on the balance sheet

B) current liability on the balance sheet

C) long-term asset on the balance sheet

D) financing activity on the cash flow statement

27) The balance sheet contains information about:

A) liabilities, equity, and expenses

B) assets, revenues, and liabilities

C) assets, liabilities, and equity

D) revenues, expenses, and equity

28) Which of the following financial statements provides a "snapshot photo" of one moment in time?

A) balance sheet

B) income statement

C) statement of retained earnings

D) cash flow statement

29) Assets are generally divided into:

A) current assets and solvent assets

B) current assets and reliable assets

C) long-term assets and solvent assets

D) current assets and long-term assets

30) Current assets are assets expected to be converted to cash, sold, or consumed:

A) within the next 12 months or within the business's normal operating cycle if less than a year

B) within the next 12 months or within the business's normal operating cycle if longer than a year

C) within the next 6 months

Tripti 07-Dec-2019

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