Question 1

The entry to record the expiration of part of the prepaid rent will:

Accepted Answer

A) decrease total assets and increase total expenses at the end of the month. 
B) decrease total assets and decrease total expenses at the end of the month. 
C) increase total assets and increase total expenses at the end of the month. 
D) increase total assets and decrease total expenses at the end of the month. 
A) decrease total assets and increase total expenses at the end of the month. 
B) decrease total assets and decrease total expenses at the end of the month. 
C) increase total assets and increase total expenses at the end of the month. 
D) increase total assets and decrease total expenses at the end of the month.

Question 2

On the formal income statement,the left column is the debit column,and the right column is the credit column.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following would cause a contra-asset to be credited and an expense debited?

Accepted Answer

A) Recording an accrued expense 
B) Recording the consumption of supplies 
C) Recording the building depreciation 
D) All of the above would have that effect. 
A) Recording an accrued expense 
B) Recording the consumption of supplies 
C) Recording the building depreciation 
D) All of the above would have that effect.

Question 4

Depreciation Expense would be found on which of the following financial statements?

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) Depreciation report 
A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) Depreciation report

Question 5

On November 30,the balance in the Supplies account was $1000.During December additional supplies were purchased of $200.On December 31,there was $700 worth of Supplies on hand.What would be the adjustment for the month of December for Supplies?
$ ________

Accepted Answer

$500 [$100

Question 6

On the worksheet,the Balance Sheet debit column totaled $1,500 and the credit column totaled $1,400.What is the amount of Net Loss?
$ ________

Accepted Answer

$100 ($1,5

Question 7

The worksheet is the first financial statement prepared.

Accepted Answer

A) True 
 B)False

Question 8

From the following data,make the following adjustments,and complete the worksheet for the month.
a.Depreciation Expense is $350.
b.Supplies remaining at end of period $75.
c.Prepaid Insurance balance $400,$100 has expired.
d.Wages for the 5 day work-week are $500,the month ended on a Wednesday.

Accepted Answer

The answer of From the following data,make the following adjustments,and...

Question 9

When an asset expires or is used up,it becomes an expense.

Accepted Answer

A) True 
 B)False

Question 10

The amount for withdrawals,to be used on the Statement of Owner's Equity,would be obtained from:

Accepted Answer

A) the worksheet in the balance sheet debit column. 
B) the worksheet in the income statement credit column. 
C) the worksheet in the income statement debit column. 
D) the worksheet in the balance sheet credit column. 
A) the worksheet in the balance sheet debit column. 
B) the worksheet in the income statement credit column. 
C) the worksheet in the income statement debit column. 
D) the worksheet in the balance sheet credit column.

Question 11

If the balance of supplies at the start of the month was $900 and at the end of the month you had $450 on hand,the adjustment for Supplies would be:

Accepted Answer

A) $450. 
B) $550. 
C) $350. 
D) $900. 
A) $450. 
B) $550. 
C) $350. 
D) $900.

Question 12

Logan's Snowboards estimated depreciation for office equipment at $250.The adjusting entry to record the depreciation would include:

Accepted Answer

A) a debit to Accumulated Depreciation for $250. 
B) a credit to Depreciation Expense for $250. 
C) a credit to Accumulated Depreciation for $250. 
D) a credit to Office Equipment for $250. 
A) a debit to Accumulated Depreciation for $250. 
B) a credit to Depreciation Expense for $250. 
C) a credit to Accumulated Depreciation for $250. 
D) a credit to Office Equipment for $250.

Question 13

The beginning capital balance used on the Statement of Owner's Equity is obtained from:

Accepted Answer

A) the worksheet in the balance sheet credit column. 
B) the worksheet in the income statement credit column. 
C) the amount calculated on the statement of owner's equity. 
D) the general ledger. 
A) the worksheet in the balance sheet credit column. 
B) the worksheet in the income statement credit column. 
C) the amount calculated on the statement of owner's equity. 
D) the general ledger.

Question 14

When historical cost is used in the accounting records,the book value of the asset is:

Accepted Answer

A) the original cost. 
B) the market value. 
C) original cost less accumulated depreciation. 
D) closed out. 
A) the original cost. 
B) the market value. 
C) original cost less accumulated depreciation. 
D) closed out.

Question 15

If the adjustment for Supplies used during the period was not made:

Accepted Answer

A) expenses would be too low. 
B) assets would be too low. 
C) expenses would be too high. 
D) revenue would be too high. 
A) expenses would be too low. 
B) assets would be too low. 
C) expenses would be too high. 
D) revenue would be too high.

Question 16

On a worksheet,the income statement debit column totals $10,200 and the credit column totals $10,000.Which of the following statements is correct?

Accepted Answer

A) The company had a net loss of $200. 
B) The company had a net income of $200. 
C) The company's revenues were greater than expenses. 
D) None of the above are correct. 
A) The company had a net loss of $200. 
B) The company had a net income of $200. 
C) The company's revenues were greater than expenses. 
D) None of the above are correct.

Question 17

Which of the following accounts would most likely be depreciated?

Accepted Answer

A) Equipment 
B) Office Supplies 
C) Cash 
D) Accounts Payable 
A) Equipment 
B) Office Supplies 
C) Cash 
D) Accounts Payable

Question 18

It's the end of the accounting period and no electric bill has been received (but the expense has been incurred); you should record an entry that:

Accepted Answer

A) increases the total assets and increases the total expenses. 
B) decreases the total assets and increases the total expenses. 
C) increases the total liabilities and increases the total expenses. 
D) decreases the total liabilities and increases the total expenses. 
A) increases the total assets and increases the total expenses. 
B) decreases the total assets and increases the total expenses. 
C) increases the total liabilities and increases the total expenses. 
D) decreases the total liabilities and increases the total expenses.

Question 19

Sarah's Spices' accrued wages are $1,800.Which of the following is the required adjusting entry?

Accepted Answer

A) Debit Salaries Expense,$1,800; credit Salaries Payable,$1,800 
B) Credit Salaries Expense,$1,800; debit Salaries Payable,$1,800 
C) Debit Cash,$1,800; credit Salaries Expense,$1,800 
D) Debit Salaries Payable,$1,800; credit Cash,$1,800 
A) Debit Salaries Expense,$1,800; credit Salaries Payable,$1,800 
B) Credit Salaries Expense,$1,800; debit Salaries Payable,$1,800 
C) Debit Cash,$1,800; credit Salaries Expense,$1,800 
D) Debit Salaries Payable,$1,800; credit Cash,$1,800

Question 20

Samantha purchased a two-year insurance policy for $7,200.The adjusting entry for one month would include a:

Accepted Answer

A) debit to Insurance Expense,$300. 
B) credit to Cash,$300. 
C) debit to Prepaid Insurance,$300. 
D) credit to Insurance expense,$300. 
A) debit to Insurance Expense,$300. 
B) credit to Cash,$300. 
C) debit to Prepaid Insurance,$300. 
D) credit to Insurance expense,$300.

Exam 4: The Accounting Cycle Continued

The entry to record the expiration of part of the prepaid rent will:

On the formal income statement,the left column is the debit column,and the right column is the credit column.

Which of the following would cause a contra-asset to be credited and an expense debited?

Depreciation Expense would be found on which of the following financial statements?

On November 30,the balance in the Supplies account was $1000.During December additional supplies were purchased of $200.On December 31,there was $700 worth of Supplies on hand.What would be the adjustment for the month of December for Supplies? $ ________

On the worksheet,the Balance Sheet debit column totaled $1,500 and the credit column totaled $1,400.What is the amount of Net Loss? $ ________

The worksheet is the first financial statement prepared.

From the following data,make the following adjustments,and complete the worksheet for the month. a.Depreciation Expense is $350. b.Supplies remaining at end of period $75. c.Prepaid Insurance balance $400,$100 has expired. d.Wages for the 5 day work-week are $500,the month ended on a Wednesday.

When an asset expires or is used up,it becomes an expense.

The amount for withdrawals,to be used on the Statement of Owner's Equity,would be obtained from:

If the balance of supplies at the start of the month was $900 and at the end of the month you had $450 on hand,the adjustment for Supplies would be:

Logan's Snowboards estimated depreciation for office equipment at $250.The adjusting entry to record the depreciation would include:

The beginning capital balance used on the Statement of Owner's Equity is obtained from:

When historical cost is used in the accounting records,the book value of the asset is:

If the adjustment for Supplies used during the period was not made:

On a worksheet,the income statement debit column totals $10,200 and the credit column totals $10,000.Which of the following statements is correct?

Which of the following accounts would most likely be depreciated?

It's the end of the accounting period and no electric bill has been received (but the expense has been incurred); you should record an entry that:

Sarah's Spices' accrued wages are $1,800.Which of the following is the required adjusting entry?

Samantha purchased a two-year insurance policy for $7,200.The adjusting entry for one month would include a:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters