4. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. it has c. accrual basis of accounting supports the matching concept a) On March 31, a major customer paid his bill for a consulting job completed in February. c) In the period in which they are paid. Increase in assets b. Unearned revenue. D) decreases owner's equity and assets. a) Expenses increase stockholders' equity. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? a. expense, contra asset Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. 29. -Depreciation for the month of March: $4,300. As a result of these two omissions: Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? = 45/20 d) Only if the accounting periods are equal in length. Duration Open ended subject to satisfactory performance and the availability of funds. No adjusting entry should consist of: A debit to an expense and a credit to revenue. B) Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. Which of the assets does not match with the correct contra account? a. What categories capital falls in: A. A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? d) Assets = Liabilities + Paid-in Capital + Reven. c. The adjustment for prepaid insurance was omitted. See all questions asked by natashavale1025. c. book value A. ($4,800 / 12 = $400 * 1 / 2 = $200). d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is b) Correct errors made during the accounting period. b. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. Which is an example of asset overstatement fraud? The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. d. a computer technician has installed the latest software updates, but you have not received an invoice or made payment, Which one of the accounts below would likely be included in an accrual adjusting entry? b. records revenues and expenses when they are incurred -Fees earned in March that had been collected in advance: $3,600. $700 Your brickwall limiter settings will make or break your master. (A), [1001][1652]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right] b) Accumulated depreciation should equal depreciation expense. b. On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. c) Not to be calculated unless the exact life of an asset can be determined. b) Assets = Liabilities - Owners' Equity. 21. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. Which of the following may not be considered a "qualifying asset" under IAS 23? Go to the FASB website and access the FASB Concepts Statements and respond to the following items. CPA wishes to use a representation letter as a substitute for performing other audit procedures. A computer technician has installed the latest software updates, but you have not received an invoice or made payment. a. records revenues when they are earned and expenses when they are paid a. a computer technician has installed the latest software updates and was paid on the same day (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. Borrowed $40,000 from First National Bank. All other trademarks and copyrights are the property of their respective owners. c) $0 a. debit Unearned Gym Memberships; credit Gym Memberships Revenue After adjusting entries are made for the items listed above, Russell Company's net income would be: d) Prepaid expenses are shown in a special section of the income statement. a) It increases expenses and does not affect assets. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. 2. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? a) In the period in which they are earned. d) Prepaid expenses are shown in a special section of the income statement. The lease requires monthly rent of $550, with 4 months paid in advance. The entry to record this event is an example of an adjusting entry: c. contra asset d) An entry to convert a liability to a revenue. c) $112,400. Job categories Finance. an agreement that has been signed for snow removal services for the next three months Demand a reason for nonpayment. On January 10, the mortgage payment was made. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. The adjusting entry required by Great Kids Co. on January 30 includes: d) To record unearned revenue. c. Revenue minus expenses. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. D. Geologists. a) The entry to record depreciation. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. b) An understatement of assets, net income, and owners' equity. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; Uploaded By ProfessorKnowledge3522. 3. Vacancy code VA/2023/B5303/25590. Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or oth. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. C) Gains. c) The entry to declare a dividend distribution. The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." A) The variable being predicted is the Y variable. Expenses have normal debit balances. Advanced Limiting Techniques. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. The customer claims he can't pay today, but he hopes to be able to pay next month. d. market value. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. $3,900 How much is owed the employees for their wages? After recording these adjustments, net income for March is: Once a patient's account is in the hands of a_____agency, most offices will terminate the physician-patient relationship. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). Adjusting entries are necessary for the following items: d) In the period with the lower earnings. A debit to an asset account and a credit to an expense account. a) The entry to record unpaid expenses. If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry? The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivable Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? Assets, liabilities, and owner's equity. b) An entry to convert an asset to a liability. Expenses increase stockholders' equity. 1) Adjusting entries: Considered in the past as being solely a rational being, nowadays, following specialist researches, man is also perceived as an emotional being, triggering emotions which, if appropriately . An entry to accrue unpaid expenses B. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? Change from straight-line to sum-of-the-years'-digits method of depreciation. d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as Decrease in assets and reduction in net income. a. theater tickets sold last month for yesterday's performance The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. b) Only an estimate. Statement of changes. "The first examination will be $40 or $50, depending on how long the visit is. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. c. Underrecording depreciation expense. a. INTRODUCTION. A) Whenever revenue is not received in cash. The monthly rent is $7,000. d. contra asset, debit, Data for an adjusting entry described as "accrued wages, $2,020" requires a The account was debited for $32,500 for premiums on policies purchased during the year. Current liabilities c. Investments d. Long-term liabilities e. Property, pla. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. How is "materiality" defined in the conceptual framework? Assets = Revenue + Expenses - Liabilities. Assets are transferred from one corporation to another. Adjusting entries are the journal entries posted in the books of accounts post the trial balance is prepared but before the preparation of financial statements. d) Materiality. b) Net income will be understated and total assets will be understated. b. deferral basis 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} . Learn the definition of adjusting entries in accounting, and find examples. c. Interest Expense Debit Interest Receivable $250. An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. a. the required rate of return. In fact, limiter faux pas are one of the easiest ways to undo a hard-earned mix. Owners' Equity, Assets c. Liability, Expenses d. Assets, Expenses, Which of the following is a definition of expenses that clearly represents an asset-liability approach? View the full answer Do you think the materiality guidelines should be quantified? A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? d. debit Dividends, $12,000; credit Cash, $12,000, The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed (5) Fees of $9,800 were earned during the month for clients who had paid in advance. Cash will be overstated at January 31. Current assets b. a. stockholders' equity a) Affects only items reported in the income statement. c. optional under generally accepted accounting principles The 6% rate is appropriate in this situation. Question 5 options: -Rental income accrued during March, tenant to pay in April: $900. d) Equal $9,800. b. Cash, contributed capital, and retained earnings. Is the gift you purchased for that special someone really appreciated? a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? Whenever an individual stops drinking, the BAL will ________________. .c) A credit to Child Care Fees Earned of $4,500. c. Decrease a liability; increase revenue. Which of the following is NOT one of the three ways medical services can be achieved? Createyouraccount. $2,000 b. liabilities 83) Which of the following isnotconsidered an end-of-period adjusting entry?A) The entry to record the portion of unexpired insurance which has become expense during the period. b. An adjusted trial balance is prepared based on the adjusting entries. B. D. The effect of this error is: Which of the following is not considered a basic type of adjusting entry a An. d. records revenues and expenses when the company needs to apply for a loan, By matching revenue earned during the accounting period to related incurred expenses Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. b) Depreciation Which fraction has self adjusting force? b. Adjustments are certain expenses which can directly reduce your total taxable income. b) An understatement of assets, net income, and owners' equity. B. Assigning revenues to the periods in which they are earned. snow removal services that have been provided but have not been billed or paid. Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. A. c. Expenses decrease stockholders' equity. Our experts can answer your tough homework and study questions. d. debit Salaries Expense; credit Salaries Payable, The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. a) $24,000. c) Expenses decrease stockholders' equity. a. a) Purchased. c) Only if each accounting period covered is a full year. Which of the following should be disclosed in the Summary of Significant Accounting Policies? What is the balance to be carried forward in the checkbook? The adjusting entry necessary at the end of the fiscal period ending on Tuesday is B) (4) Depreciation of office equipment is based on an estimated useful life of five years. [1562][1001]. b) Midwood Consultants made payment in January for office rent for the first three months of the year. 6, expenses can be defined by which of the following? = 15 ? Which of the following is considered to be an accrued expense? Also indicate whether the items in error will be overstated or understated. D) (a) A power. C) The entry to record depreciation expense. Which of the following is not true regarding the asset-liability approach to defining accounting elements? The appropriate adjusting entry at the end of the period would be: $3,200 c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. The customer is the director of a nearby animal shelter. D) Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Which type of probability (empirical, classical, subjective) is each of the following? c) An asset. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: checks stamped "NSF." B. No support bed leveling aid. Change in amortization period for an intangible asset. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . d) $117,000. (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method? c. Accumulated Depreciation d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. . Can any of these factors explain why XOM's P/E ratio differs from its peers? An adjusting entry to convert an asset to expense consists of: a. expenses when their future economic value expires or is used up The adjusting entry does not record entry for converting an asset to a liability. Sketch the graph of D(v)D(v)D(v). The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Assets and Revenues b. - Total assets decrease. a) Are needed whenever revenue transactions affect more than one period. a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 d) The entry to convert liabilities to revenue. To see how XOM's P/E ratio stacks up to its peers, refer to Google Finance's Related Companies screen. What type of account is Notes Payable? Which of the following is not a characteristic of the accrual basis of accounting? c. revenue c) Unexpired revenue. b. If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is $3,600 Increase in liabilities and reduction in net income. b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. Internal auditors. a. deferral a) To record unrecorded expenses. Asset b. 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. a. depreciation 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? The accrual of an electricity bill for electricity used but not yet paid b. a) $44,200. B. As time passes, fixed assets other than land lose their capacity to provide useful services. A. A. Department/office AFR, KEMCO, Kenya MCO. If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be, If an entry to adjust depreciation is not recorded at the end of the period, Depreciation Expense on the income statement will be, If the following adjusting entry is omitted, what effect will it have on the financial statements? a. debit to Wages Expense and a credit to Wages Payable b) Expenses have normal debit balances. Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. Change in inventory. c. The concepts statements discuss the concept of "articulation" between financial statement elements. d) An overstatement of net income and an understatement of assets. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called The customer is unemployed and homeless. 2. b. only balance sheet accounts B. d) A liability. b. depreciation d. net income or loss will not be determined, Adjusting entries always include $12,000 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: YES Accumulated depreciation, salaries payable supplies and unearned rent NO frank kent, drawing land At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Depreciation Expense. d) $34,240. d) $222,900. a. net income or loss will always be underestimated -Rental income accrued during March, tenant to pay in April: $800. An entry to convert an asset to an expense. e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? c. asset and one stockholders' equity account b. debit Stockholders' Equity; credit Supplies b. revenues when services are performed The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric 1) Which of the following is considered an adjusting entry? [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 c. dividend b. deferred 1) Which of the following statements is not true regarding prepaid expenses? Which of the following is not considered a basic type of adjusting entry?A. - Liabilities will increase. a . d. Expenses are a negative factor in the computation of net income. a. income statement account and one balance sheet account Do nothing yet; Mr. Brown's account is current. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? On January 31, Ramona's Nursery paid the interest owed on a note payable for January. She has also heard that certain terms have special meanings in accounting relative to everyday use. 1. A debit to an expense and a credit to cash. c. accrual basis Explain. b. debit Salary Expense, $12,000; credit Dividends, $12,000 To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. c. the IRR. (2) The company's pays all employees up-to-date each Friday. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? a) $110,800. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 Because collecting the adjustment data requires time, the adjusting entries are often. Which of the following situations is not considered an adjustment? b. debit Depreciation Expense; credit Accumulated Depreciation. Before and after the puppies are born, each regular checkup will be $20. 1) Shop supplies are expensed when: c. revenue, asset a. The first payment is due on July 15. Adjusting entries always affect at least one revenue or expense account and one asset or liability account. 1) Which of the following entries causes an immediate decrease in assets and in net income? January 31 falls on a Tuesday; salaries are paid on Friday of each week. FromBalanceSheetsDec. The budget for the month was to sell 45 trucks at an average price of$9,500 each. Suppose Dr. Milton's checking account has a balance of $3,458.92. c) Income If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? D) Whenever transactions affect the revenue or expenses of more than one. e. None of the above. d) Only if the accounting periods are equal in length. d) Justifies ignoring the matching principle or the realization principle in certain circumstances. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. 1. changing someone's working arrangements. A) An entry to convert a liability to a revenue. The company should make an adjusting entry: The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. D) trend smoothing. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. - Stockholders' equity is not affected. c. Offsetting current liabilities against assets that, Which item below is not a current liability? b. theater tickets sold yesterday on credit for yesterday's performance Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Withdrawals a. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. In order to be considered for the position, please attach the following: 1. A) However, it does not protect against aspiration. These items are not included as Itemized Deductions and can be entered independently. Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? (a) A power generation plant that normally takes two years to construct. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. c) The entry to declare a dividend distribution. Accounts Receivable; Bad Debt Expense. Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. Increase an expense; increase a liability. B) Revenue. The amount to be used for the appropriate adjusting entry is Which of the following is not considered a basic type of adjusting entry? b. d) As an expense on the income statement. Beginning capital, capital contribution and withdrawals, and net income. c. debit to Accounts Receivable and a credit to Wages Expense 1) Depreciation expense is: a) An exact calculation prepared by an appraiser. c) It increases, Unearned revenue is what type of an account? Application period 02-Mar-2023 to 17-Mar-2023. Current assets b. A. d. debit Building; credit Depreciation Expense. When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. (4) Depreciation of office equipment is based on an estimated useful life of six years. a) On January 1, Empire Company paid rent for six months on its office building. ANSWER Correct Option is Option B. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year.
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