1. A. Form 10Q B. Form 10K C. Form 8K D. Press Release

2. A. Conservative Report B. Qualified Report C. Comparable Report D. Unqualified Report

3. A. Increases B. Decreases C. Remains the same D. Cannot be determined without additional information

4. A. The company issues stock to investors B. The company uses cash to buy land C. The company issues a note payable to buy machinery D. The company pays off a note payable

5. A. $8,320 B. $8,020 C. $4,620 D. $4,920

6. A. credits B. debits C. assets D. liabilities

7. A. FOB destination B. FOB I dont know C. FOB shipping D. FOB receiving

8. A. debit to Sales Discounts for $12 B. credit to Sales for $588 C. credit to Accounts Receivable for $600 D. credit to Sales for $600

9. A. Assets and Liabilities B. Assets and Expenses C. Assets and Revenues D. Expenses and Liabilities

10. A. $0 B. $100 C. $200 D. $5,000

11. A. 113,000; 196,000 B. 209,000; 100,000 C. 196,000; 113,000 D. 100,000; 209,000

12. A. 113,000; 196,000 B. 209,000; 100,000 C. 196,000; 113,000 D. 100,000; 209,000

13. A. $84,000 B. $70,000 C. $56,000 D. $75,250

14. A. in the same period as allowed for tax purposes. B. in the period of the sale. C. for an exact amount. D. in the period of the loss.

15. A. when an individual account is written off. B. when the loss amount is known. C. for an amount that the company estimates it will not collect. D. several times during the accounting period.

16. A. Bad Debt Expense 14,200 Allowance for Doubtful Accounts 14,200 B. Bad Debt Expense 15,800 Allowance for Doubtful Accounts15,800 C. Allowance for Doubtful Accounts 14,200 Bad Debt Expense14,200 D. Allowance for Doubtful Accounts 15,800 Bad Debt Expense15,800

17. A. $12,500 B. $11,400 C. $10,300 D. $ 1,100

18. A. $1,640,000 B. $ 760,000 C. $ 880,000 D. $ 120,000

19. A. Sales tax B. Transportation costs C. Installation costs D. All of the above

20. A. $209,520 B. $217,520 C. $221,520 D. $202,000

21. A. $14,160 B. $11,760 C. $9,840 D. $9,600

22. A. $6,000 B. $9,600 C. $12,000 D. $4,800

23. A. $6,400 B. $4,800 C. $7,680 D. $12,800

24. A. $ 4,000 B. $ 8,000 C. $17,000 D. $25,000

25. A. $500 loss B. $1,500 loss C. $500 gain D. $3,000 gain

26. A. $2,000 loss B. $2,000 gain C. $800 loss D. $800 gain

27. A. Patents B. Goodwill C. Equipment D. Franchises

28. 1. B10. B19. D 2. D11. C20. B 3. B12. B21. B 4. C13. D22. D 5. A14. B23. C 6. B15. C24. C 7. C16. B25. A 8. D17. A26. D 9. B18. D27. C