Which financial statement shows accumulated depreciation?
A) income statement
B) balance sheet
C) statement of cash flows
D) statement of changes in shareholders' equity
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Q. 2) In the normal operation of business, you receive a check from a customer and deposit it into your checking account.With your bank statement you are advised that this check for 775 is NSF.. The bank also informs you that due tothe amount of activity on your business account the monthly service charge is 75 . During a bank reconciliation,you will
a. subtract both values from balance according to bank
b. add both values to balance according to books
c. add both values to balance according to bank
d. subtract both values from balance according to books
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Q. 3) Retained earnings is the amount owners have invested in a corporation.
Indicate whether the statement is true or false
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Q. 4) A source document prepared by the seller that lists the items shipped, their cost, and the method of shipment is commonly referred to by the seller as a purchase invoice.
a. True
b. False
Indicate whether the statement is true or false
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Q. 5) Team Shirts, Inc recognized 8,144 of supplies expense for the year. At the beginning of the year, the balance in Supplies was 1,625. At the end of the year, the balance was 2,035. All supplies have been paid for in cash.
How is the accounting information for these items reported on the statement of cash flows using the INDIRECT method?
What will be an ideal response?
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Q. 6) The following data were gathered to use in reconciling the bank account of Savannah Company: Balance per bank 16,750 Balance per company records 16,125 Bank service charges 80 Deposit in transit 2,195 NSF check 950 Outstanding checks 3,850 What is the adjusted balance on the bank reconciliation?
a. 14,470 b. 10,705
c. 15,095 d. 15,720
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