Goods on hand that have been purchased for resale are called ______________.

The amount of proceeds from the sales of Preferred Stock in excess of par value is called _______________.

Which of the following accounts represents distributions of earnings to shareholders of the firm?

Insurance premiums paid for future coverage are called ______________.

The amount subtracted from the cost of a fixed asset to get the Net Book Value is called the ___________________.

Which of the following transactions would NOT result in revenue being reported?

XYZ Company failed to record the purchase of inventory on account at the end of 2008. In which of the following ways is the Balance Sheet misstated?

The following entry was made on March 12 for XYZ Company: Dr: Machinery Cr: ACCounts Payable For which of the following transactions was this entry made?

From the following list of selected account balances, determine the total for the shareholders' equity section of the Balance Sheet for XYZ Company. $2,500 - Investment in Stock of ABC Company $5,000 - Retained Earnings $3,000 - Cash $2,000 - Note Payable to Suppliers $10,000 - Common Stock $7,500 - 8% Preferred Stock

Which of the following is a permanent account?

XYZ Company publishes a monthly sports magazine. The company has fiscal year of Jan-Dec. On July 1 of Year 1, the company sold 1000 two-year subscriptions for $200 each. On December 31 of Year 1, the amount reported as a liability on the Balance Sheet and the amount reported as revenue on the Income Statement are, respectively: