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Accounting questions

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The order of the steps to prepare the worksheet are __________.;;A. prepare the trial balance, complete adjustments, prepare the adjusted trial balance, extend the respective totals to the Income Statement and Balance Sheet columns;;B. complete the adjustments, prepare the adjusted trial balance, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns;;C. extend the totals to the Income Statement and Balance Sheet columns, prepare the trial balance, complete the adjustments, prepare the adjusted trial balance;;D. prepare the adjusted trial balance, complete the adjustments, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns;If Prepaid Rent for the period is not adjusted __________.;;A. assets will be overstated and expenses will be overstated;;B. assets will be overstated and expenses will be understated;;C. assets will be understated and expenses will be overstated;;D. assets will be understated and expenses will be understated;When historical cost is used to record equipment, it would appear as the __________.;;A. original cost on the balance sheet;;B. residual value on the income statement;;C. residual value on the balance sheet;;D. original cost on the income statement;The entry to record the expiration of part of the prepaid rent will __________.;;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;The adjusted trial balance columns __________.;;A. help to ensure the ledger is still in balance;;B. help to identify any errors that may have been made during adjustment;;C. show updated account balances to aid in preparation of the financial statements;;D. All of the above answers are correct.;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 __________.;;A. $450;;B. $550;;C. $350;;D. $900;If the Supplies account is not adjusted __________.;;A. assets will be overstated and expenses will be understated;;B. assets will be overstated and expenses will be overstated;;C. assets will be understated and expenses will be overstated;;D. assets will be understated and expenses will be understated;An adjustment for Prepaid Rent would indicate __________.;

 

Paper#80465 | Written in 18-Jul-2015

Price : $25
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