ACCT 504 help A Guide to career/uophelp.com ACCT 504 help A Guide to career/uophelp.com | Page 38

investing activity.
financing activity.
noncash investing and financing activity.
Question 4.4. (TCO D) Dividends declared are reported on which of the
following statements? (Points : 3)
Income Statement
Statement of Retained Earnings
Balance Sheet
Statement of Financial Position
Question 5.5. (TCO E) Which of the following describes the normal
balance and classification of the Unearned Revenue account? (Points : 3)
Credit, liability
Debit, liability
Debit, stockholders’ equity
Credit, stockholders’ equity
Question 6.6. (TCO F) The accrual accounting term used to indicate
recording an expense before paying cash for the item is (Points : 3)
deferral.
accrual.
depreciation.
prepayment.
Question 7.7. (TCO A) LBJ Company recorded the following events
involving a recent purchase of merchandise.
- Received goods for $95,000, terms 2/10, n/30.
- Returned $4,500 of the shipment for credit due to damaged goods.