ACCT 301 Week 2 Quiz

Feb 3rd, 2012
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DeVry University
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(TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company? (TCO 1) The cost of assets consumed or services used is also known as _________. (TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _________. (TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of $24,000. What was Pinson’s retained earnings at the end of the year? (TCO 4) Which of the following statements is not true? (TCO 4) Using the following balance sheet and income statement data, what is the current ratio? Current assets $7,000 Net income $12,000 Current liabilities 4,000 Stockholders’ equity 21,000 Total assets 30,000 Total liabilities 9,000 Average common shares outstanding was 10,000 Total....................15 Questions & Answers .....................

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