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1. An accountant would use what acovunting rooond to fira rccotd the firm's transactions? a. the trial balanee b. the adjusting entry c. the general ledget d. the general joumal 2. At the end of the thind year of operation, Green Wash Corporation has total assets equal to $50,000, liabilities totaline $30,000, and contributed capital of $40,000. What is the balance in retained camings? a. $10,000(Dr) b. $20,000(Cr) c. $20,000(Dr) d. $10,000(Cr) 3. Stockholders of Forest Glen Corporation have teceived $7,000 in dividends in the current year. Af year end the corporation has total assets of $200,000, total liabilities equal to $120,000, and contributed capital totaling $60,000, If retained carnings at the beginning of the year was $8,000, what was Fotest Gles's net income for the current year? a. $19,000 b. $5,000 c. ($19,000) d. $20,000 4. Common stockholders have the right to a. sell their stock b. share in any dividends distributed to common stoekholders c. have the first opportunity to purchase any additional thares of common stock issued by the corporation d. vote at stockbolders' meetings c. all of the above are true. 5. The value of property, plant, and equipment that is included in total assets on the balance shect is a. appraisal value or market value b. net realized value c. real estate tax basis assessment d. cost less accumulated depreciation

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