Worksheet Questions

Which term refers to the column letter and row number in a spreadsheet?

• Cell address

• Cell content

• Formula bar

• Chart title

Lucy has been a Certified Public Accountant for 5 years. One of Lucy’s clients is a public company whose stock is offered on the New York Stock Exchange. During her audit of the company, Lucy discovers that several of the assets on the financial statements are deliberately misstated. Which governing body should Lucy advise of the finding?

• FASB

• GAAP

• AICPA

• SEC

Jerry Attric, a stock holder of XYZ Corporation, has just received a set of financials. While looking at these financials, he sees the words Assets, Liabilities, and Stockholders’ Equity on a sheet. Which financial statement is Stan viewing?

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• Statement of Retained Earnings

What is the effect when the owner invests $300 in the business?

Cash, Office Equipment, and Prepaid Insurance are all classified as:

• assets.

• liabilities.

• owner's equity.

• revenue.

Holland’s Plumbing paid cash for the electric bill, $175. What is the journal entry to record this transaction?

Mad River Rafting paid $400 cash for supplies from Cleaning Supply. What is the journal entry for Mad River Rafting to record this transaction?

Hot motorcycles received $390 cash from David Daring for payment on account. What is the journal entry to record this transaction?

If the beginning supplies balance is $1,400, and the ending supplies balance is $1,000, what is the amount of supplies used during the period?

• $400

• $600

• $1,000

• $1,400

• $6,000

• $22,000

• $68,000

• $84,000