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TheGrunt

Taking an online quiz - BCS style!

Accounting Quiz - Online -  

6 members have voted

  1. 1. The retained earnings statement

    • is the owners' equity statement for a corporation.
      1
    • will show an addition to the beginning retained earnings balance for an understatement of net income in a prior year.
      2
    • will not reflect net losses.
      1
    • will, in some cases, fail to reconcile the beginning and ending retained earnings balances.
      2
  2. 2. Corporation income tax expense is

    • usually accrued in the adjusting entry process.
      4
    • not reported in a separate section of a corporate income statement.
      0
    • reported similarly for corporations and partnerships.
      1
    • not usually accrued because it is not known what the exact liability will be until the tax return is filed.
      1
  3. 3. When computing earnings per share,

    • an adjustment for the preferred dividends is made in the denominator of the earnings per share formula.
      2
    • the dividends for cumulative preferred stock are deducted from net income only if the preferred dividends have been declared.
      1
    • the dividends for cumulative preferred stock are deducted from net income whether or not preferred dividends have been declared.
      2
    • an adjustment related to preferred stock dividends is made in the numerator and denominator of the earnings per share formula.
      1
  4. 4. Which of the following statements about retained earnings restrictions is incorrect?

    • The board of directors of a corporation may voluntarily create retained earnings restrictions for specific purposes.
      2
    • Long-term debt contracts may impose a restriction on retained earnings as a condition for the loan.
      1
    • Retained earnings restrictions are generally disclosed through a journal entry on the books of a company.
      3
    • Many states require a corporation to restrict retained earnings for the cost of treasury stock purchased.
      0
  5. 5. The return on common stockholders' equity is computed by dividing

    • net income minus preferred dividends by ending common stockholders' equity.
      1
    • net income by average common stockholders' equity.
      0
    • net income minus preferred dividends by average common stockholders' equity.
      5
    • net income by ending common stockholders' equity.
      0


Recommended Posts

So I'm taking this online Accounting quiz right now, but to speed things up I decided to post the last five problems of the quiz here for everyone to offer insight on what they feel the answers are. I'll take into consideration the overall answers to the questions, but in the end, if I think I have a more solid answer then I'll use my choice. I'll post the real answers when I'm done with the test, but PLEASE help me out!

 

I only have another 30-40 minutes to finish the test, but I'm on the first few questions, so help me with the last ones and make it easy on me! lol... I love online classes...

 

..and if you are an accountant then I'm sure you could definitely offer some quick insight as to the correct answers. Thanks!

 

:D

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Goodness; reading through those questions reminds me of why I hated accounting courses in college. :D

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Sweet! Well, I got all five of the problems right that I posted above, and they are...

 

The retained earnings statement...

will show an addition to the beginning retained earnings balance for an understatement of net income in a prior year.

 

Corporation income tax expense is...

usually accrued in the adjusting entry process.

 

When computing earnings per share,

the dividends for cumulative preferred stock are deducted from net income whether or not preferred dividends have been declared.

 

Which of the following statements about retained earnings restrictions is incorrect?

Retained earnings restrictions are generally disclosed through a journal entry on the books of a company.

 

The return on common stockholders' equity is computed by dividing...

net income minus preferred dividends by average common stockholders' equity.

 

Thanks for the guys! It definitely helped make the last five questions go by quicker. haha, although the first four Q's/A's made for some quality last decision second-guessing with the two seperate answers. But it helped narrow things down, and especially since I've been in the class for awhile now I was able to use my keen instinctive skills to pick the right one. :D Whatever those are. :D

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i had the first two right before I scrolled down and seen the answers. I guess I have solidified my position at my current company. :D

 

It has been reiterated in my mind why I cheated in my Accounting 340 class in college. :bash::D

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Is Puddy an accountant?

 

 

No, he works for Triple A. I think he specializes in roadside assistance.

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This is way too much like work. When I was in school we had no fancy innernets to find the answers on...we had to cheat by writing the answers on the bottom of our checkerboard Vans or hide them in one of the nifty 42 pockets provided on our parachute pants like everyone else.

 

You kids today and your fad computers...

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