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  1. A
    Administrative costs

    B
    Inventory costs

    C
    Accounting costs

    D
    Selling costs

    Explanation: Not available 

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  2. A
    Dr: Cash, Cr: Investment in ABC Co. - Sale of an investment for cash

    B
    Dr: Prepaid Insurance, Dr: Cash - Paid in advance for a 1-year insurance policy

    C
    Dr: Accounts Receivable, Cr: Merchandise Inventory - Returned defective merchandise for credit

    D
    Dr: Machinery, Cr: Notes Payable - Gave a 1-year note to acquire machinery

    Explanation: Not available 

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  3. A
    Owner Investment

    B
    Retained Earnings

    C
    Investment in ABC Stock

    D
    Premium on Common Stock

    Explanation: Not available 

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  4. A
    Sale of merchandise for cash

    B
    Sale of merchandise on account

    C
    Collection of an account receivable

    D
    All of these

    Explanation: Not available 

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  5. A
    Interest Payable

    B
    Income Tax Payable

    C
    Income Tax Expense

    D
    Accounts Payable

    Explanation: Not available 

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  6. A
    Assets and liabilities are both understated.

    B
    Assets are understated and liabilities are overstated.

    C
    Assets and shareholders' equity are both understated.

    D
    Assets, liabilities, and shareholders' equity are all correctly stated.

    Explanation: Not available 

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  7. A
    Treasury Stock

    B
    Common Stock

    C
    Preferred Stock

    D
    Retained Earnings

    Explanation: Not available 

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  8. A
    Organization Costs

    B
    Current Assets

    C
    Deferred Taxes

    D
    Current Liabilities

    Explanation: Not available 

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  9. A
    direct labor

    B
    product costs

    C
    indirect labor

    D
    overhead

    Explanation: Not available 

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First123Last
1 of 8 pages