The primary users of external financial reports are

The primary users of external financial reports are

2.         If a company has $15,000 in assets and $10,000 in equities, then liabilities are

3.         A revenue account is increased with

4.         Expense items that have been incurred during a period but not recorded by the end of the period are:

5.         A purchase of $900 of supplies on account was journalized and posted as $900 debit to Supplies on Hand and a $900 credit to Accounts Receivable.  The entry to correct this error is

6.         The retained earnings balance of Werner Company was $46,800 on January 1, 2005.  Net income for 2005 was $26,480.  If retained earnings had a credit balance of $21,000 after closing entries were posted on December 31, 2005 and if additional stock of $13,000 was issued during the year, dividends paid during 2005 were:

7.         If net purchases are $200,000 and beginning and ending accounts payable -balances are $25,000 and $20,000, respectively, cash paid for purchases is

8.         The tools of financial statement analysis are not “static” they have, and will continue, to evolve as the nature of doing business and/or the needs of financial statement users change

9.         Which of the following costs would be LEAST likely to be a fixed cost:

10.       Sales income minus total fixed costs is equal to: