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Acc 557 Week 4 Quiz

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Acc 557 Week 4 Quiz;Week 4 Chapter 4 Quiz;Multiple Choice Question 114;;The two optional steps in the accounting cycle are preparing;reversing entries and a worksheet.;an adjusted trial balance and a post-closing trial balance.;a post-closing trial balance and reversing entries.;a worksheet and post-closing trial balances.;Multiple Choice Question 48;;A worksheet can be thought of as a(n);part of the journal.;permanent accounting record.;optional device used by accountants.;part of the general ledger.;Multiple Choice Question 143;;It is not true that current assets are assets that a company expects to;realize in cash within one year.;use up within one year.;sell within one year.;acquire within one year.;Multiple Choice Question 42;;The adjustments entered in the adjustments columns of a worksheet are;journalized before the worksheet is completed.;not journalized until after the financial statements are prepared.;not journalized.;posted to the ledger but not journalized.;Multiple Choice Question 94;;The income statement for the year 2013 of Fugazi Co. contains the following information;Revenues;$70,000;Expenses;Salaries and Wages Expense;$45,000;Rent Expense;12,000;Advertising Expense;8,000;Supplies Expense;6,000;Utilities Expense;2,500;Insurance Expense;2,000;Total expenses;75,500;Net income (loss);($5,500);At January 1, 2013, Fugazi reported retained earnings of $50,000. Dividends for the year totalled $10,000. At December 31, 2013, the company will report retained earning of;$40,000.;$15,500.;$34,500.;$45,500.;Multiple Choice Question 116;;Correcting entries;always affect at least one balance sheet account and one income statement account.;may involve any combination of accounts in need of correction.;affect balance sheet accounts only.;affect income statement accounts only.;Multiple Choice Question 84;;After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to;the amount of the retained earnings reported on the balance sheet.;zero.;the net income for the period.;the beginning retained earnings reported on the retained earnings statement.;Multiple Choice Question 154;;The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013;Accounts payable;$ 19,000;Accounts receivable;11,000;Accumulated depreciation ? equipment;28,000;Advertising expense;21,000;Cash;11,000;Common stock;40,000;Depreciation expense;12,000;Dividends;14,000;Insurance expense;3,000;Note payable, due 6/30/14;70,000;Prepaid insurance (12-month policy);6,000;Rent expense;17,000;Retained earnings (1/1/13);65,000;Salaries and wages expense;32,000;Service revenue;125,000;Supplies;4,000;Supplies expense;6,000;Equipment;210,000;What are total long-term liabilities at December 31, 2013?;$0;$89,000;$19,000;$70,000;Multiple Choice Question 147;;The relationship between current assets and current liabilities is important in evaluating a company's;liquidity.;accounting cycle.;market value.;profitability.;Multiple Choice Question 112;;Which of the following steps in the accounting cycle may be performed most frequently?;Journalize closing entries.;Prepare a post-closing trial balance.;Prepare a trial balance.;Post closing entries.;Multiple Choice Question 45;;If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has;earned net income for the period.;suffered a net loss for the period.;to make an adjusting entry.;an error because debits do not equal credits.;Multiple Choice Question 171;;On September 23, Sebagoh Company received a $350 check from Surfer Rosa Inc. for services to be performed in the future. The bookkeeper for Sebadoh Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should;debit Accounts Receivable $350 and credit Unearned Service Revenue $350.;debit Accounts Receivable $350 and credit Cash $350.;debit Accounts Receivable $350 and credit Service Revenue $350.;debit Cash $350 and credit Unearned Service Revenue $350.;;Which statement about long-term investments is not true?;They can never include cash accounts.;They include investments in stock of other companies and land held for future use.;They are not currently used in the operation of the business.;They will be held for more than one year.;Multiple Choice Question 72;;Closing entries are journalized and posted;at management's discretion.;at the end of each interim accounting period.;before the financial statements are prepared.;after the financial statements are prepared.;Multiple Choice Question 151;;The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013;Accounts payable;$ 19,000;Accounts receivable;11,000;Accumulated depreciation ? equipment;28,000;Advertising expense;21,000;Cash;11,000;Common stock;40,000;Depreciation expense;12,000;Dividends;14,000;Insurance expense;3,000;Note payable, due 6/30/14;70,000;Prepaid insurance (12-month policy);6,000;Rent expense;17,000;Retained earnings (1/1/13);65,000;Salaries and wages expense;32,000;Service revenue;125,000;Supplies;4,000;Supplies expense;6,000;Equipment;210,000;What are total current assets at December 31, 2013?;$26,000;$38,000;$28,000;$32,000

 

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