Question 1

The adjustment for salaries is necessary:

Accepted Answer

A) because the employer did not have enough cash to write the paychecks. 
B) to recognize the revenue in the period earned. 
C) to recognize the expense in the period incurred. 
D) None of the above answers are correct. 
A) because the employer did not have enough cash to write the paychecks. 
B) to recognize the revenue in the period earned. 
C) to recognize the expense in the period incurred. 
D) None of the above answers are correct.

Question 2

The balance sheet columns on the worksheet prepared for Boston Foods had subtotals as follows: debit column,$12,000,and credit column,$10,400.This information indicates that:

Accepted Answer

A) the company incurred a net income of $1,600. 
B) the company incurred a net loss of $1,600. 
C) an error was made when preparing the adjustments in the worksheet. 
D) a mathematical error was made in the worksheet. 
A) the company incurred a net income of $1,600. 
B) the company incurred a net loss of $1,600. 
C) an error was made when preparing the adjustments in the worksheet. 
D) a mathematical error was made in the worksheet.

Question 3

What financial statement shows the amount for Freight-In?

Accepted Answer

A) Balance Sheet 
B) Statement of Owner's Equity 
C) Income Statement 
D) Trial balance 
A) Balance Sheet 
B) Statement of Owner's Equity 
C) Income Statement 
D) Trial balance

Question 4

For each of the following, identify in Column 1 the balance the account will have in the adjusted trial balance columns (debit or credit), in Column 2 the financial statement column(s) in which the account balance will be found (income statement or balance sheet), and in Column 3 the effect the account will have on the determination of net income (increase, decrease, or none).
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Purchases } & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 5

For each of the following, identify in Column 1 the balance the account will have in the adjusted trial balance columns (debit or credit), in Column 2 the financial statement column(s) in which the account balance will be found (income statement or balance sheet), and in Column 3 the effect the account will have on the determination of net income (increase, decrease, or none).
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Cash } & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 6

Accumulated Depreciation-Buildings should be shown on the:

Accepted Answer

A) income statement. 
B) balance sheet. 
C) statement of owner's equity. 
D) The account does not appear on a financial statement since it is a temporary account. 
A) income statement. 
B) balance sheet. 
C) statement of owner's equity. 
D) The account does not appear on a financial statement since it is a temporary account.

Question 7

On the worksheet the ending Merchandise Inventory account appears in the:

Accepted Answer

A) adjusted trial balance and balance sheet columns. 
B) adjustment column. 
C) adjustment,adjusted trial balance,and income statement columns. 
D) adjustment,adjusted trial balance,and balance sheet column. 
A) adjusted trial balance and balance sheet columns. 
B) adjustment column. 
C) adjustment,adjusted trial balance,and income statement columns. 
D) adjustment,adjusted trial balance,and balance sheet column.

Question 8

Recording the adjustment for supplies will:

Accepted Answer

A) increase the total liability and increase the total expenses. 
B) increase the total assets and increase the total expenses. 
C) decrease the total assets and increase the total expenses. 
D) decrease the total assets and decrease the total expenses. 
A) increase the total liability and increase the total expenses. 
B) increase the total assets and increase the total expenses. 
C) decrease the total assets and increase the total expenses. 
D) decrease the total assets and decrease the total expenses.

Question 9

Beginning and ending inventories for Webster's Books are $9,000 and $6,000,respectively.The debit amounts (not including Income Summary)in the income statement columns of the worksheet total $14,000,and the credit amounts (not including Income Summary)total $15,500.The firm has a:

Accepted Answer

A) net income of $1,500. 
B) net loss of $1,500. 
C) net loss of $3,000. 
D) net income of $3,000. 
A) net income of $1,500. 
B) net loss of $1,500. 
C) net loss of $3,000. 
D) net income of $3,000.

Question 10

For each of the following, identify in Column 1 the balance the account will have in the adjusted trial balance columns (debit or credit), in Column 2 the financial statement column(s) in which the account balance will be found (income statement or balance sheet), and in Column 3 the effect the account will have on the determination of net income (increase, decrease, or none).
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \begin{array} { l } 
\text { Purchase returns } \
\text { and allowances }
\end{array} & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 11

During the preparation of the worksheet,the $800 balance of the Dennis,Withdrawal account was extended as a debit to the income statement columns.This error will:

Accepted Answer

A) overstate net income $800. 
B) understate net income $800. 
C) overstate net income $1,600. 
D) understate net income $1,600. 
A) overstate net income $800. 
B) understate net income $800. 
C) overstate net income $1,600. 
D) understate net income $1,600.

Question 12

For each of the following, identify in Column 1 the balance the account will have in the adjusted trial balance columns (debit or credit), in Column 2 the financial statement column(s) in which the account balance will be found (income statement or balance sheet), and in Column 3 the effect the account will have on the determination of net income (increase, decrease, or none).
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \begin{array} { l } 
\text { Depreciation } \
\text { expense }
\end{array} & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 13

When the adjustment for Unearned Rent is made:

Accepted Answer

A) liabilities decrease. 
B) revenue increases. 
C) assets decrease. 
D) Both A and B are correct. 
A) liabilities decrease. 
B) revenue increases. 
C) assets decrease. 
D) Both A and B are correct.

Question 14

For each of the following, identify in Column 1 the balance the account will have in the adjusted trial balance columns (debit or credit), in Column 2 the financial statement column(s) in which the account balance will be found (income statement or balance sheet), and in Column 3 the effect the account will have on the determination of net income (increase, decrease, or none).
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Salaries payable } & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 15

For each of the following, identify in Column 1 the balance the account will have in the adjusted trial balance columns (debit or credit), in Column 2 the financial statement column(s) in which the account balance will be found (income statement or balance sheet), and in Column 3 the effect the account will have on the determination of net income (increase, decrease, or none).
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Supplies expense } & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 16

Calculate the missing figures (a-k) in each of the following independent scenarios.
-

Accepted Answer

The answer of Calculate the missing figures (a-k) in each...

Question 17

Calculate: (a)net sales,(b)cost of goods sold,(c)gross profit,and (d)net income from the following:
$\begin{array} { l r l r } 
\text { Sales } & \$ 3,000 & \text { Beginning Inventory } & \$ 500 \
\text { Sales Discount } & 50 & \text { Net purchases } & 1,400 \
\text { Sales Returns \& } & & \text { Ending Inventory } & 700 \
\text { Allowances } & 80 & \text { Operating Expenses } & 300
\end{array}$

Accepted Answer

a)$2,870

Question 18

Under the accrual system,revenue is recognized when earned.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following accounts is not a liability?

Accepted Answer

A) Accounts Payable 
B) Salaries Payable 
C) Unearned Rent 
D) All of the above answers are liabilities. 
A) Accounts Payable 
B) Salaries Payable 
C) Unearned Rent 
D) All of the above answers are liabilities.

Question 20

Which inventory appears in the balance sheet column of the worksheet?

Accepted Answer

A) Ending inventory 
B) Beginning inventory 
C) Combination of beginning and ending inventories 
D) Inventory does not appear on the balance sheet. 
A) Ending inventory 
B) Beginning inventory 
C) Combination of beginning and ending inventories 
D) Inventory does not appear on the balance sheet.

The adjustment for salaries is necessary:

The balance sheet columns on the worksheet prepared for Boston Foods had subtotals as follows: debit column,$12,000,and credit column,$10,400.This information indicates that:

What financial statement shows the amount for Freight-In?

Accumulated Depreciation-Buildings should be shown on the:

On the worksheet the ending Merchandise Inventory account appears in the:

Recording the adjustment for supplies will:

Beginning and ending inventories for Webster's Books are $9,000 and $6,000,respectively.The debit amounts (not including Income Summary)in the income statement columns of the worksheet total $14,000,and the credit amounts (not including Income Summary)total $15,500.The firm has a:

During the preparation of the worksheet,the $800 balance of the Dennis,Withdrawal account was extended as a debit to the income statement columns.This error will:

When the adjustment for Unearned Rent is made:

Calculate the missing figures (a-k) in each of the following independent scenarios. -

Calculate: (a)net sales,(b)cost of goods sold,(c)gross profit,and (d)net income from the following: Sales \ 3,000 Beginning Inventory \ 500 Sales Discount 50 Net purchases 1,400 Sales Returns \& Ending Inventory 700 Allowances 80 Operating Expenses 300

Under the accrual system,revenue is recognized when earned.

Which of the following accounts is not a liability?

Which inventory appears in the balance sheet column of the worksheet?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

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

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

Exam 11: Preparing a Worksheet for a Merchandise Company

The adjustment for salaries is necessary:

The balance sheet columns on the worksheet prepared for Boston Foods had subtotals as follows: debit column,$12,000,and credit column,$10,400.This information indicates that:

What financial statement shows the amount for Freight-In?

Accumulated Depreciation-Buildings should be shown on the:

On the worksheet the ending Merchandise Inventory account appears in the:

Recording the adjustment for supplies will:

Beginning and ending inventories for Webster's Books are $9,000 and $6,000,respectively.The debit amounts (not including Income Summary)in the income statement columns of the worksheet total $14,000,and the credit amounts (not including Income Summary)total $15,500.The firm has a:

During the preparation of the worksheet,the $800 balance of the Dennis,Withdrawal account was extended as a debit to the income statement columns.This error will:

When the adjustment for Unearned Rent is made:

Calculate the missing figures (a-k) in each of the following independent scenarios. -

Calculate: (a)net sales,(b)cost of goods sold,(c)gross profit,and (d)net income from the following: Sales \ 3,000 Beginning Inventory \ 500 Sales Discount 50 Net purchases 1,400 Sales Returns \& Ending Inventory 700 Allowances 80 Operating Expenses 300

Under the accrual system,revenue is recognized when earned.

Which of the following accounts is not a liability?

Which inventory appears in the balance sheet column of the worksheet?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

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

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