11. Which of these accounts was not impacted by the 3/26/20 journal entry?

  • Inventory
  • Note Payable
  • Interest Expense
  • Cash

12. Selling expenses in March were more than double February's amount. What might be the reason?

  • The business mistakenly made two loan payments in one month
  • The tax rate increased
  • The business sold more computers
  • The business made a large investment in social media marketing

13. On the Balance Sheet for March 31, what was Circuit Computer's Accounts Receivable balance? (enter your answer as a whole number and don't use punctuation, example $7,800 would be 7800)

14. Accounts Payable had a beginning balance that was a Debit balance. What might this mean?

  • None of these
  • Their supplier gave them a refund or account credit
  • They are behind on their payments
  • Their customer has not paid yet

15. Which of these equations should be used to calculate Circuit Computer’s debt-to-equity ratio on March 31?

  • $204,000 / $291,000 = debt-to-equity ratio
  • $204,000 / $87,000 = debt-to-equity ratio
  • $291,000 / $87,000 = debt-to-equity ratio
  • $291,000 / $204,000 = debt-to-equity ratio

16. Which month in Q1 produced the highest gross profit?

  • March
  • January
  • February

17. What was the operating margin in February? (enter your answer as the percentage, without the sign, and round to the nearest hundredth, example xx.xx)

18. Which month in Q1 produced the highest net margin ratio?

  • March
  • January
  • February

Shuffle Q/A 2

19. The owner of Circuit Computers doesn’t understand why the Cash Account balance doesn’t match the Net Profit on the P&L. Which statement or report would you review to help you answer this question?

  • Statement of Cash Flows
  • Sales Tax Liability
  • Balance Sheet
  • Sales by Customer

20. During the completion of the bank statement reconciliation, what type of errors were found during the process?

  • Errors of Principle
  • Data Entry Errors (transposition)
  • Errors of Omission
  • Errors of Commission

Leave a Reply