Finance Exam 1

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1.

Which of the following is the fundamental accounting equation?



Assets = Liabilities + Owners' equity





2.

On December 31, 2004, Track Record Inc.'s sales people have firm outstanding orders totaling $1.66 million, which, it has guaranteed its customers, will be fulfilled during the month of January 2005.



If Track Record includes the $1.66 million in its sales figures for 2004, it will be
…show more content…
It has no long-term liabilities





13.

Turnadot& Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:

August 5, 2005: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.

August 27, 2005: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.

September 5, 2005: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

On August 5, 2005, which one of the following accounting entries, related to the $10,000 special order, should be recorded in Turnadot's financial accounting system?





Debit cash $3,000; credit a liability 'advances from customers' $3,000





14.

Turnadot& Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:

August 5, 2005: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future

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