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Question 1

1. What is the account classification for unemployment taxes that a company incurs during a period?

   		Expense
   		Liability
   		Contra-revenue
   		Revenue
   		Contra-asset

1 points

Question 2

1. What is the account classification for Amounts collected from customers for services provided during a period?

   		Revenue
   		Dividends
   		Liability
   		Asset
   		Contra-revenue

1 points

Question 3

1. What is the account classification for amounts that one company has loaned to another company?

   		Expense
   		Revenue
   		Asset
   		Liability
   		Contra-asset

1 points

Question 4

1. What is the account classification for Amounts collected from customers for services to be provided in the future?

   		Liability
   		Contra-asset
   		Revenue
   		Contra-revenue
   		Stockholders' equity

1 points

Question 5

1. What is the account classification for Capital paid in excess of par value?

   		Contributed capital
   		Asset
   		Gain on sale of stock
   		Retained earnings
   		Contra-equity

1 points

Question 6

1. What is the account classification for the Salaries and wages earned by employees during a period?

   		Liability
   		Expense
   		Contra-revenue
   		Contra-asset
   		Contra-equity

1 points

Question 7

1. What is the account classification for amounts spent on Research and development activities?

   		Revenue
   		Asset
   		Expense
   		Contra-revenue
   		Contra-asset

1 points

Question 8

1. What is the classification for interest that is owed but not yet paid on a Note payable?

   		Contra-revenue
   		Asset
   		Expense
   		Liability
   		Contra-asset

1 points

Question 9

1. What is the account classification for Common shares issued to stockholders?

   		Assets
   		Revenue
   		Retained earnings
   		Contributed capital
   		Liabilities

1 points

Question 10

1. What is the account classification for amounts paid to an insurance company for future insurance coverage?

   		Stockholders' equity
   		Expense
   		Asset
   		Liability
   		Contra-asset

1 points

Question 11

1. What is the account classification for Accumulated Depreciation?

   		Contra-asset
   		Stockholders' equity
   		Lability
   		Asset
   		Expense

1 points

Question 12

1. What is the account classification for cumulative net income that has not been paid out as dividends?

   		Asset
   		Contra-equity
   		Liability
   		Contributed capital
   		Retained earnings

1 points

Question 13

1. What is the account classification for Preferred stock?

   		Contra-asset
   		Contributed capital
   		Liability
   		Asset
   		Revenue

1 points

Question 14

1. What is the account classification for Sales returns and allowances?

   		Liability
   		Contra-asset
   		Contra-revenue
   		Expense
   		Revenue

1 points

Question 15

1. What is the cash flow classification for declaring dividends?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 16

1. What is the cash flow classification of signing a contract to provide products to a customer in the future?

   		Operaring
   		Investing
   		Financing
   		None of the above

1 points

Question 17

1. What is the cash flow classification of converting a customer's Accounts Payables to a Note Payable?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 18

1. What is the cash flow classification for cash spent to acquire a patent?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 19

1. What is the cash flow classification for repurchasing shares of common stock for cash?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 20

1. What is the cash flow activity classification for acquiring equipment for cash?

   		Operating
   		Investing
   		Financing
   		None of the above.

1 points

Question 21

1. What is the cash flow classification for redeeming bonds at their face value upon maturity?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 22

1. What is the cash flow classification of selling used equipment for cash?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 23

1. What is the cash flow classification of a lawsuit whose outcome has not been decided?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 24

1. What is the cash flow classification for cash paid as interest on a bond payable?

   		Operating
   		Investing
   		Financing
   		None of the above

1 points

Question 25

1. What is the cash flow classification of paying cash dividends on preferred stock?

   		What is the cash flow class
   		Investing
   		Financing
   		None of the above.

1 points

Question 26

1. What is the cash flow classification of remitting cash to the state of Illinois for sales taxes collected from customers?

   		Operating
   		Investing
   		Financing
   		None of the above.

1 points

Question 27

1. The interest rate for a three-month loan would normally be stated in terms of which of the following rates of interest?

   		Annual
   		Daily
   		Quarterly
   		Monthly

2 points

Question 28

1. When customers make purchases with a national credit card, the retailer

   		receives cash equal to the full price of the merchandise sold from the credit card company.
   		absorbs any losses from uncollectible accounts.
   		is not involved in the collection process.
   		is responsible for maintaining customer accounts.

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