VSB 2004 Exam 1 Questions & Answers 2024/2025
Common stock is issued for $500,000 cash would affect - ANSWERSBalance sheet, statement of cash flows (financing activity), statement of shareholder's equity
20 units of inventory sold for $50 cash each would affect - ANSWERSBalance sheet, state...
Common stock is issued for $500,000 cash would affect - ANSWERSBalance sheet, statement of cash
flows (financing activity), statement of shareholder's equity
20 units of inventory sold for $50 cash each would affect - ANSWERSBalance sheet, statement of cash
flows (operating activity), statement of shareholder's equity, income statement
20 units of inventory sold for $50 on account would affect - ANSWERSBalance sheet, statement of
shareholder's equity, income statement
Employee wages are paid in same period as incurred would affect - ANSWERSBalance sheet, statement
of cash flows (operating activity), statement of shareholder's equity, income statement
A new warehouse facility is purchased would affect - ANSWERSBalance sheet, statement of cash flows
(investing activity)
Principal payments on outstanding debt are paid would affect - ANSWERSBalance sheet, statement of
cash flows (financing activity)
Dividends are declared and paid to the shareholders would affect - ANSWERSBalance sheet, statement of
cash flows (financing activity), statement of shareholder's equity
A four-year old vehicle, used as a delivery truck, is sold for $9,000 (its book value) would affect -
ANSWERSBalance sheet, statement of cash flows (investing activity)
A utility bill for March is paid in April would affect - ANSWERSBalance sheet, statement of cash flows
(operating activity
,Equipment would show up on balance sheet or on income statement? - ANSWERSBalance sheet
Service revenue would show up on balance sheet or on income statement? - ANSWERSincome
statement
retained earnings would show up on balance sheet or on income statement? - ANSWERSBalance sheet
salaries and wages expense would show up on balance sheet or on income statement? -
ANSWERSincome statement
patent would show up on balance sheet or on income statement? - ANSWERSBalance sheet
cost of goods sold would show up on balance sheet or on income statement? - ANSWERSincome
statement
common stock would show up on balance sheet or on income statement? - ANSWERSBalance sheet
dividends payable would show up on balance sheet or on income statement? - ANSWERSBalance sheet
accumulated depreciation would show up on balance sheet or on income statement? - ANSWERSBalance
sheet
prepaid expense would show up on balance sheet or on income statement? - ANSWERSBalance sheet
Gain on sale of stock investments would show up on balance sheet or on income statement? -
ANSWERSincome statement
rent revenue would show up on balance sheet or on income statement? - ANSWERSincome statement
supplies would show up on balance sheet or on income statement? - ANSWERSBalance sheet
, accounts recievable would show up on balance sheet or on income statement? - ANSWERSBalance sheet
land would show up on balance sheet or on income statement? - ANSWERSBalance sheet
Insurance Expense would show up on balance sheet or on income statement? - ANSWERSincome
statement
interest payable would show up on balance sheet or on income statement? - ANSWERSBalance sheet
unearned revenue would show up on balance sheet or on income statement? - ANSWERSBalance sheet
Income statement category for: salaries and wage expense - ANSWERSoperating expense
Income statement category for: service revenue - ANSWERSservice revenue
Income statement category for: insurance expense - ANSWERSoperating expense
Income statement category for: sales (of inventories) - ANSWERSSales
Income statement category for: selling and administrative expenses - ANSWERSoperating expense
Income statement category for: depreciation expense - ANSWERSoperating expense
Income statement category for: supplies expense - ANSWERSoperating expense
Income statement category for: loss on disposal of plant assets - ANSWERSother expense
Income statement category for: interest revenue - ANSWERSother revenue
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