Accounting

6 years ago

Adjustments are necessary to update account balances for internal transactions.

Adjustments are necessary to update account balances for internal transactions.
A) True
B) False

upton 63 1 Reply

6 years ago

An account in which the balance is carried over from one accounting period to the next is called ...

An account in which the balance is carried over from one accounting period to the next is called a:
A) nominal account.
B) permanent account.
C) temporary account.
D) zero account.

majestico 63 2 Replies

6 years ago

After posting the closing entries, which of the following accounts is most likely NOT to have a zero ...

After posting the closing entries, which of the following accounts is most likely NOT to have a zero balance?
A) Advertising Expense
B) Medical Fees Earned
C) J. Smith, Withdrawals
D) Prepaid Insurance Expense

upton 63 1 Reply

6 years ago

A classified balance sheet provides more information about the company to:

A classified balance sheet provides more information about the company to:
A) owners.
B) suppliers.
C) creditors.
D) All of the above answers are correct.

Fast2F 63 2 Replies

6 years ago

The following accounts are on the Balance Sheet section of Great Lakes Camping worksheet for the ...

The following accounts are on the Balance Sheet section of Great Lakes Camping worksheet for the month ended January 31, 201x. Required: Prepare a classified balance sheet.

Account Balance Sheet Debit Balance Sheet Credit
Cash 2

upton 63 1 Reply

6 years ago

When closing the expense account, which of the following accounts will also be closed?

When closing the expense account, which of the following accounts will also be closed?
A) Merchandise Inventory
B) Sales Returns and Allowances
C) Prepaid Rent Expense
D) Purchases Returns and Allowances

upton 63 1 Reply

Laffio

6 years ago

After the accounts are adjusted and closed at the end of the year, Accounts Receivable has a normal ...

After the accounts are adjusted and closed at the end of the year, Accounts Receivable has a normal balance of $560,000 and Allowance for Doubtful Accounts has a normal balance of $35,000. What is the net realizable value of the Accounts Receivable?

upton 63 1 Reply

6 years ago

Last year, Congo Corporation had net credit sales of $690,000 and it had uncollectible accounts of ...

Last year, Congo Corporation had net credit sales of $690,000 and it had uncollectible accounts of $31,050. Based on last year, what would the percent of estimated uncollectible accounts be this year?
A) 4.50%
B) 3.55%
C) 7.10%
D)

Fast2F 63 3 Replies

5 years ago

An employee earns $16 per hour. He worked 45 hours the last week of January (assuming time and a ...

An employee earns $16 per hour. He worked 45 hours the last week of January (assuming time and a half for overtime).
Calculate the total amount of employee deductions.

The business is involved in interstate commerce.
Federal Inco

majestico 63 2 Replies

6 years ago

When a corporation has only one class of stock, it will be preferred stock.

When a corporation has only one class of stock, it will be preferred stock.
A) True
B) False

upton 63 1 Reply

6 years ago

Determine the amount of the adjustment for bad debts given:Bad debts are estimated to be 9% of ...

Determine the amount of the adjustment for bad debts given:
Bad debts are estimated to be 9% of credit sales
Accounts receivable balance   $370,000
Allowance for bad debts balance (debit)   $900
Net Credit Sales   $200,000
$ ______

Fast2F 63 1 Reply

6 years ago

List and discuss the following:a. Rights of common stockholdersb. Rights of preferred stockholders

List and discuss the following:
a. Rights of common stockholders
b. Rights of preferred stockholders

Fast2F 63 1 Reply

6 years ago

The entry to record the approval of a withdrawal by the owner will include:

The entry to record the approval of a withdrawal by the owner will include:
A) a debit to Vouchers Payable and a credit to Wages Expense.
B) a debit to Withdrawals and a credit to Vouchers Payable.
C) a debit to Wages Expense and a cre

Fast2F 63 2 Replies

6 years ago

The net realizable value of a company's Accounts Receivables is:

The net realizable value of a company's Accounts Receivables is:
A) increased at the time of a specific write-off.
B) unchanged at the time of a specific write-off.
C) decreased at the time of a specific write-off.
D) the gua

majestico 63 2 Replies

6 years ago

After having written off a customer under the direct write-off method, the account will be reopened ...

After having written off a customer under the direct write-off method, the account will be reopened when the customer:
A) pays the collection bureau.
B) sends any amount to pay on their account.
C) sends the full amount to pay off the

majestico 63 1 Reply

6 years ago

In the direct write-off method, writing off an account causes:

In the direct write-off method, writing off an account causes:
A) a decrease in the Allowance account.
B) an increase in Accounts Receivable.
C) a decrease in expense.
D) an increase in expense.

upton 63 1 Reply

6 years ago

Number of preferred shares times market value per share times dividend rate is the formula used to ...

Number of preferred shares times market value per share times dividend rate is the formula used to determine the dividends to be paid.
A) True
B) False

majestico 63 2 Replies

6 years ago

The journal entry for the receipt of a cash payment on common stock subscriptions would include:

The journal entry for the receipt of a cash payment on common stock subscriptions would include:
A) debiting Cash; crediting Common Stock Subscribed.
B) debiting Common Stock; crediting Subscriptions ReceivableCommon Stock.
C) debitin

upton 63 1 Reply

6 years ago

Prepare journal entries for the following transactions for Sysco Imports Company.

Prepare journal entries for the following transactions for Sysco Imports Company.
a) Purchased $6,000 of merchandise (periodic) from Clarke Industries Company on account.
b) Gave Clarke Industries Company a 150-day, 6% note in settlement of

upton 63 1 Reply

6 years ago

A stock split has no effect on retained earnings.

A stock split has no effect on retained earnings.
A) True
B) False

majestico 63 1 Reply

6 years ago

Which allocation base is best used to allocate advertising expense by selling department?

Which allocation base is best used to allocate advertising expense by selling department?
A) An even split among all selling departments
B) Gross sales of each department as a percent of total gross sales
C) Square feet of spaced used

majestico 63 2 Replies

6 years ago

The Sales Returns and Allowances account is contra-revenue.

The Sales Returns and Allowances account is contra-revenue.
A) True
B) False

Fast2F 63 2 Replies

6 years ago

The principal ledger containing all the balance sheet and income statement accounts is the:

The principal ledger containing all the balance sheet and income statement accounts is the:
A) general ledger.
B) subsidiary ledger.
C) creditors' ledger.
D) customers' ledger.

majestico 63 2 Replies

6 years ago

To show that you have posted to an account in the General Ledger, you use a checkmark.

To show that you have posted to an account in the General Ledger, you use a checkmark.
A) True
B) False

majestico 63 1 Reply

6 years ago

A bond is issued for less than its face value. Which of the following statements most likely would ...

A bond is issued for less than its face value. Which of the following statements most likely would explain why?
A) The bond's contract rate is the same as the market rate at the time of the issue.
B) The bond is secured by specific ass

majestico 63 2 Replies

6 years ago

A company should use the specific invoice method to value items such as automobiles for retail ...

A company should use the specific invoice method to value items such as automobiles for retail sale.
A) True
B) False

Fast2F 63 1 Reply

6 years ago

The market rate of interest and the contract rate of interest will always be the same for a bond ...

The market rate of interest and the contract rate of interest will always be the same for a bond sold at a discount.
A) True
B) False

majestico 63 3 Replies

5 years ago

A beginning inventory and purchases of computer parts follow:Beginning inventory 10 @ $10First ...

A beginning inventory and purchases of computer parts follow:

Beginning inventory    10 @ $10
First purchase   14 @ $12
Second purchase    8 @ $16

Required: Determine the cost of an ending inventory of 6 computer parts remai

upton 63 1 Reply

6 years ago

Which of the following is an example of a land improvement?

Which of the following is an example of a land improvement?
A) Paving a parking lot
B) Fences
C) Shrubbery
D) All of these answers are correct.

majestico 63 1 Reply

6 years ago

Davis Corporation sells $200,000, 12%, 10-year bonds for 103 on January 1. Compute the semiannual ...

Davis Corporation sells $200,000, 12%, 10-year bonds for 103 on January 1. Compute the semiannual interest expense recorded on July 1 using the interest method. The market rate is 8%.
A) $8,240
B) $4,120
C) $12,000
D) $6,000

Fast2F 63 2 Replies

6 years ago

The following data are available for Convoy Trucks:Estimated machine hours40,000 hoursActual machine ...

The following data are available for Convoy Trucks:

Estimated machine hours   40,000 hours
Actual machine hours   5,000 hours
Estimated manufacturing overhead costs   $150,000
Actual manufacturing overhead costs   13,000

Fast2F 63 1 Reply

6 years ago

Accrued interest on bonds which sold at face value.Debit ________ Credit ________

Accrued interest on bonds which sold at face value.

Debit ________ Credit ________

upton 63 1 Reply

6 years ago

A $200,000, 8% bond issue was sold at face value and later redeemed at 110. The corporation would ...

A $200,000, 8% bond issue was sold at face value and later redeemed at 110. The corporation would have a:
A) gain of $20,000.
B) loss of $8,000.
C) gain of $8,000.
D) loss of $20,000.

majestico 63 1 Reply

6 years ago

Double declining-balance method is used in the first year when straight-line should be used. This ...

Double declining-balance method is used in the first year when straight-line should be used. This error would cause:
A) the period's net income to be understated.
B) the period's net income to be overstated.
C) the period end

majestico 63 2 Replies

6 years ago

For tax purposes, equipment is depreciated using the straight-line method under MACRS.

For tax purposes, equipment is depreciated using the straight-line method under MACRS.
A) True
B) False

Fast2F 63 2 Replies

6 years ago

Transactions involving the purchase and sale of fixed assets would be considered:

Transactions involving the purchase and sale of fixed assets would be considered:
A) financing activities.
B) buying and selling activities.
C) investing activities.
D) operating activities.

Fast2F 63 2 Replies

6 years ago

Unearned Rent Revenue results because:

Unearned Rent Revenue results because:
A) the fee is earned but not collected.
B) no fee has been paid, and the service is not complete.
C) the fee has been paid, and the service is complete.
D) the fee has been collected before t

majestico 63 1 Reply

6 years ago

Which of the following, under the indirect method, is not a proper adjustment to net income to ...

Which of the following, under the indirect method, is not a proper adjustment to net income to arrive at net cash flow from operations?
A) Adding an increase in prepaid expense
B) Adding an increase in salaries payable
C) Adding a decr

upton 63 1 Reply