The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
|
Question 1 of 20 |
0.0/ 5.0 Points |
Bringing account balances up to date before preparing financial reports is called
|
[removed] A. posting. |
|
|
[removed] B. adjusting. |
|
|
[removed] C. journalizing. |
|
|
[removed] D. analyzing. |
|
Question 2 of 20 |
0.0/ 5.0 Points |
The entry to record the expiration of part of the prepaid rent will _______ at the end of the month.
|
[removed] A. decrease total assets and increase total expenses |
|
|
[removed] B. decrease total assets and decrease total expenses |
|
|
[removed] C. increase total assets and increase total expenses |
|
|
[removed] D. increase total assets and decrease total expenses |
|
Question 3 of 20 |
5.0/ 5.0 Points |
Income Summary
|
[removed] A. is a temporary account. |
|
|
[removed] B. is a permanent account. |
|
|
[removed] C. summarizes revenue and expenses and transfers the balance to Capital. |
|
|
[removed] D. Both A and C |
|
Question 4 of 20 |
0.0/ 5.0 Points |
At the start of this year, 18 months’ rent was paid. At the year’s end, how will this affect the balance sheet?
|
[removed] A. Assets will be decreased. |
|
|
[removed] B. Liabilities will be increased. |
|
|
[removed] C. Owner’s equity will be increased. |
|
|
[removed] D. This has no effect on the period-end balance sheet. |
|
Question 5 of 20 |
5.0/ 5.0 Points |
Not recording the Prepaid Rent used causes
|
[removed] A. assets to be too high. |
|
|
[removed] B. assets to be too low. |
|
|
[removed] C. expenses to be too high. |
|
|
[removed] D. revenue to be too high. |
|
Question 6 of 20 |
0.0/ 5.0 Points |
The depreciation of equipment will require an adjustment that results in
|
[removed] A. total assets increasing and total expenses increasing. |
|
|
[removed] B. total assets increasing and total expenses decreasing. |
|
|
[removed] C. total assets and expenses decreasing. |
|
|
[removed] D. total assets decreasing and total expenses increasing. |
|
Question 7 of 20 |
0.0/ 5.0 Points |
As Prepaid Rent is used, the asset becomes a/an
|
[removed] A. liability. |
|
|
[removed] B. expense. |
|
|
[removed] C. contra-asset. |
|
|
[removed] D. revenue. |
|
Question 8 of 20 |
5.0/ 5.0 Points |
Closing entries are prepared
|
[removed] A. to clear all temporary accounts to zero. |
|
|
[removed] B. to update the Capital balance. |
|
|
[removed] C. at the end of the accounting period. |
|
|
[removed] D. All of the above |
|
Question 9 of 20 |
0.0/ 5.0 Points |
If the adjustment for Supplies used during the period wasn’t made,
|
[removed] A. expenses would be too low. |
|
|
[removed] B. assets would be too low. |
|
|
[removed] C. expenses would be too high. |
|
|
[removed] D. revenue would be too high. |
|
Question 10 of 20 |
5.0/ 5.0 Points |
It is the end of the year but not the end of the pay period. How will this affect the balance sheet?
|
[removed] A. Assets will be increased. |
|
|
[removed] B. Liabilities will be increased. |
|
|
[removed] C. Owner’s equity will be increased. |
|
|
[removed] D. This has no effect on the period-end balance sheet. |
|
Question 11 of 20 |
0.0/ 5.0 Points |
The income statement debit column of the worksheet showed the following expenses:
|
Supplies Expense |
$600 |
|
Depreciation Expense |
400 |
|
Salaries Expense |
300 |
|
[removed] A.
|
|||||||||
|
[removed] B.
|
|||||||||
|
[removed] C.
|
|||||||||
|
[removed] D.
|
|
Question 12 of 20 |
0.0/ 5.0 Points |
If the balance of supplies at the start of the month was $900 and at the end of the month there was $450 on hand, the adjustment for Supplies would be
|
[removed] A. $450. |
|
|
[removed] B. $550. |
|
|
[removed] C. $350. |
|
|
[removed] D. $900. |
|
Question 13 of 20 |
0.0/ 5.0 Points |
The adjustment to record supplies used during the period would be which of the following?
|
[removed] A. Debit Supplies; credit Supplies Expense |
|
|
[removed] B. Debit Supplies Expense; credit Cash |
|
|
[removed] C. Debit Supplies Expense; credit Supplies |
|
|
[removed] D. Debit Supplies; credit Cash |
|
Question 14 of 20 |
0.0/ 5.0 Points |
Which of the following would cause a contra-asset to be credited and an expense debited?
|
[removed] A. Recording an accrued expense |
|
|
[removed] B. Recording the consumption of supplies |
|
|
[removed] C. Recording the building depreciation |
|
|
[removed] D. All of the above |
|
Question 15 of 20 |
5.0/ 5.0 Points |
Assets that aren’t expected to provide benefits for a number of accounting periods are called
|
[removed] A. current assets. |
|
|
[removed] B. fixed assets. |
|
|
[removed] C. long-term assets. |
|
|
[removed] D. property, plant, and equipment. |
|
Question 16 of 20 |
5.0/ 5.0 Points |
An account in which the balance isn’t carried over from one accounting period to the next is called a _______ account.
|
[removed] A. permanent |
|
|
[removed] B. real |
|
|
[removed] C. temporary |
|
|
[removed] D. zero |
|
Question 17 of 20 |
0.0/ 5.0 Points |
Closing entries
|
[removed] A. need not be journalized since they appear on the worksheet. |
|
|
[removed] B. need not be posted if the financial statements are prepared from the worksheet. |
|
|
[removed] C. aren’t needed if adjusting entries are prepared. |
|
|
[removed] D. must be journalized and posted. |
|
Question 18 of 20 |
5.0/ 5.0 Points |
Which of the following would cause total assets to decrease and total expense to increase?
|
[removed] A. Recording the depreciation of equipment |
|
|
[removed] B. Recording the consumption of supplies |
|
|
[removed] C. Recording the expiration of prepaid rent |
|
|
[removed] D. All of the above |
|
Question 19 of 20 |
0.0/ 5.0 Points |
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
|
[removed] A. increases the total assets and increases the total expenses. |
|
|
[removed] B. decreases the total assets and increases the total expenses. |
|
|
[removed] C. increases the total liabilities and increases the total expenses. |
|
|
[removed] D. decreases the total liabilities and increases the total expenses. |
|
Question 20 of 20 |
0.0/ 5.0 Points |
Which of the following would cause a liability to be credited and an expense to be debited?
|
[removed] A. Recording the adjustment for the expiration of rent |
|
|
[removed] B. Recording the depreciation of equipment |
|
|
[removed] C. Recording the accrual of salaries incurred |
|
|
[removed] D. Purchasing equipment |
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more