The adjusting entry for a deferred revenue includes a debit to a(n) _____________ account and a credit to a(n) _____________ account. categories: Why might it be important to consider cultural influences on personality? daily. <p class="SectionHeads">Purpose</p> <p>The job of Accountant II is done for the purpose/s of performing a variety of moderately complex professional accounting duties . 5. Operating grants that can be used at the discretion of the city council. How do adjusting entries for accrued expenses affect liabilities and expenses? (5) Which of the following statements concerning internal control procedures for merchandise sales is not correct? 3. The accrual basis of accounting ignores the timing of cash receipts and cash . An accurate estimate of bad debt expense may be arrived at by multiplying historical bad debt rates by the amount of credit sales made during a period. A. Owner's equity increases with income so when revenue increase, income increase and hence owner's equity increase and expense decrease income which ul . QP Corp. has a beginning retained earnings balance of $16,000. Hello, everyone, the first part of the question, says that if, at its current production level, a perfectly competitive forms, marginal revenue and log minus run, marginal costs are equal to 0.50 dollars and it's log minus run average cost 0.35 dollars which of the following statements is true. b. The entry is an accrual of $3,000 in Wage and Salary Expense. CS As outlined in IFRS 10.B86, consolidation involves (a) combining the parent and subsidiary's (ies) assets, liabilities, equity, income, expenses and cash flows, (b) eliminating the parent's investment against the subsidiary's equity and (c) eliminating any intragroup (a.k.a. B D Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. Which of the following accounts is debited? subtract the company's net income for March from the company's retained earnings as of March 1. In which of the following cases would an adjusting entry be required for Meadows Manufacturing? Producing a barrel of ale requires $2\ \mathrm{lb}$ each of corn and hops. c. Variable costs are direct costs; only . Environmental protection. which of the following is included in the cost of a plant asset? A three-month insurance policy is purchased on December 6th. How do temporary accounts differ from permanent accounts? B. the amount of revenues for which goods or services were provided during the current period, but not collected during the period. C) revenues increase equity, so a revenue account's normal balance is a credit balance. Selected year-end financial statements of Cabot Corporation follow. B) amounts paid to make the asset ready for its intended use, A) represents a credit relationship with another company or governmental entity, and typically pays interest for a fixed period. us gaap permits an averaging of exchange rates in order to facilitate the translation process and prescribes a specific approach for companies to use. accrual-basis accounting and GAAP demand that Fine recognize all revenue related to the project in January. A special assessment for snow removal. Which of the following statements is true for other financing uses but is not true for expenditures? debit Supplies $1,000; credit Supplies Expense $1,000 b. D) A firm's revenue will increase as its costs increase. $$ Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020. a business purchases equipment for $8,000 cash. which of the following is an example of debt securities? OU A Create a chart showing how each of the conditions below might cause market failure. If it is in accordance with the government's policies, which of the following budgetary accounts can remain open at the fiscal year-end? It does not include enterprise, permannet funds, etc so option . c. Budgetary Fund Balance. The employees of Leichester Services, Inc. worked the last two weeks of December, 2016. 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What effect will these errors have on Unique's balance sheet for the month, assuming all other account balances listed on that sheet are correct? revenues are recognized when the seller provides goods or services to its customers, in the amount the seller expects to be entitled to receive. ACCOUNTING FINAL REVIEW. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. If revenues are greater than expenses, the company has net income and contributed capital increases. Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020 . A A business purchases $1000 of office supplies on account. which of the following statements is true if a bond's stated interest rate is higher than the market rate? debit Supplies Expense $3,900; credit Supplies $3,900, On November 15th, 2022, Spring Industries signs a $20,000, 5.5%, nine-month note payable. D . 4. (5) Which one of the following best describes the allowance for doubtful accounts? Question 33 Which of the following is a true statement? C)No net effect to the accounting equation. F 6. preparing all adjusting entries. Before placing a purchase order, a department should check that available appropriations are sufficient to cover the cost of the item being ordered. A Which of the following is true of assets? 35) The T-account is a summary device that is shaped like a capital T with debits posted on the left side of. The entry reflects $5,000 payment of wages and salaries for the current period and $3,000 for wages and salaries accrued previously. I, A508 Govt & Nonprofit Ch. 4. Formulate a linear programming problem that can be used to maximize River Brewery's monthly profit. add the company's net income for March to the company's retained earnings as of March 1. Which of the following statements is true? S. TUDENT FEES. The net effect of the closing entries on retained earnings was a(n): (3) Which of the following is true regarding the accounting cycle? recognize the entire year's insurance expense in the month of January. Which of the following statements about accrual-basis accounting is true? D) the environment is the "tone at the top" of the business. Culver Companys investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of$205,000. A)The company has issued $60,000 of common stock. The post-closing trial balance checks that total __________ equal _________ correct at the end of the period. Which of the following is true of a partnership? How does Indian village life compare to city life? Credit Cash $12,420 Which of the following statements are correct regarding the accounting for this insurance over the six-month period? Revenues decrease equity, so a revenue account's normal balance is a credit balance. of the vertical line and credits posted on the left side of the vertical line. $$ principal amount plus interest due at maturity. b. Give examples in your answer. \text{Merchandise inventory} \ldots\ldots\ldots & \text{32,150} & \text{Common stock}\ldots\ldots\ldots & \text{90,000}\\ Depreciation is an allocation of the _______ of buildings, vehicles, and equipment to expense over time as they are used. Which of the following statements best defines financial statements? C C) businesses must obtain a physical count of inventory to determine quantities on hand. $5,000 a. Study with Quizlet and memorize flashcards containing terms like Which of the following statements about accrual-basis accounting is true? The annual revenue, Maple Leaf also performs services of $1,875 during the last two days of March, but is not paid in full until April 13. 7. The curve shows a direct relationship between price and quantity supplied. Retained Earnings \text{Cash}\ldots\ldots\ldots & \text{\$ 10,000} & \text{Accounts payable} & \text{\$ 17,500}\\ A prepayment such as "Prepaid Insurance" is originally recorded as a(n) ____________ when an insurance policy is purchased and will later be expensed in the period used. Which of the following accounts increased as a result of this transaction? Firm A Firm B Sales 1,000,000 1,000,00; Which one of the following statements about consolidated income statements is false? \$201 + \$743 + \$6198 When an obligation is incurred that will be paid from current financial resources. B) cash paid for purchase of new machinery. It includes - Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and Statement of Cash Flows. -Revenues are the amounts a business charges its customers for services it provides or goods it sells to them. 9. B A These errors mean that the firm's balance sheet will show a stockholders' equity amount that is $500 lower than it should be. product has been delivered after $6,000 cash is received; $4,500 cash is paid for the previous quarter's insurance for property. Which of the following statements is true of revenues? They would record it as a credit to revenue and debit to cash on May 15. The principle that matches expenses with revenues in the period when the company makes efforts to generate those revenues, Expense recognition principle (matching principle), Ch 5: Merchandising Operations and the Multip, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Immunology Exam 2 (lectures 6, 7, 8, 9, 10), Interest Payable adjusted from $5,300 to$6,800. Cash is paid for supplies to be used from January 1st to March 1st. $8,000 of revenue and $600 of expense. debit Supplies $2,500; credit Supplies Expense $2,500. forecast revenue. c. Using the trend equation developed in part (b), forecast revenue in year 11. A What do the appointments of the Supreme Court's two newest justices, Sonia Sotomayor and Elena Kagan, reveal about the changing court system? Taggert Company paid $1,800 for a 6-month insurance premium on December 1. Human trafficking is the trade of humans for the purpose of forced labour, sexual slavery, or commercial sexual exploitation for the trafficker or others. The answer is A. Debits increase the capital account . B What is free cash flow, and how is it computed. Which of the following best describes the recommended format for the government-wide statement of activities? Initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a(n) __________ in the period the benefit expires. This type of budgetary control is achieved by reviewing: c. Appropriations minus the sum of expenditures and outstanding encumbrances. At the end of the year, merchandise inventory was overstated. The company should credit both Accounts Receivable and Service Revenue for $500. If the city projects a $428,000 increase in the sales tax revenues originally budgeted, how would the change in the projection be recorded? Which of the following accounts should appear on the income statement for the year ended December 31 as related to the services performed? Federal grants restricted for highway construction. c. The Actual column is required to be presented using the government's budgetary basis of accounting. 5. 10. When there is no beginning inventory. Which of the following accounts from a firm's adjusted trial balance would need to be considered when compiling the firm's income statement? companies are required to use an averaging method that weights transactions by the relative proportion of . Pakistan is the 33rd-largest country in the world . liabilities are understated. B which of the following assets must be reported at the lower-of-cost-or-market value? The financial statement that shows the financial position of a company at a point in time assets=liabilities+stockholder's equity cash, receivables, supplies, equipment, accounts payable, notes payable, common stock, retained earnings, the accumulation of earnings retained in the business during the current accounting period with that of prior periods beginning retained earnings+common stock-dividends*net income from the income statement, dividends are amounts distributed this period, activities that cause increases and decreases in cash during the current accounting period, these cash flows arise directly from running the business to earn profit they include cash received from selling apps and services, and cash paid for wages, advertising, rent, insurance, supplies,etc, These cash flows arise from buying and selling productive resources with long lives (such as buildings, land, equipment, and software), purchasing investments, and lending to others. C C B Debit Notes Payable $12,840 Innovative has not violated the revenue recognition principle because this principle states that revenue related to the Mega project may be recognized at any point during November, December, or January. Residential trash disposal. A 4. This would also be apparent from section 132(4). a depreciable asset's cost minus accumulated depreciation is called __________. debit Supplies $900; credit Supplies Expense, $900 Income from space rented to a not-for-profit organization. Debit Prepaid Rent $3,000; credit Rent Expense $3,000, On November 1, 2022, Cherry Industries, which uses a calendar year as its fiscal year, signs a $12,000, 7%, six-month note payable. c. When legislative authority has been granted to spend resources. ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA, QRTEB, QRTEP) today reported fourth quarter and year end 2022 results (1). b. Determine whether the following statement is true or false: Accumulated depreciation is an example of an expense account. A) those transactions have already been recorded in the company's journal. a. Construct a time series plot. overstate liabilities and understate stockholders' equity. For other financing uses but is not correct which of the vertical line minus accumulated depreciation is called.. Cultural influences on personality ignores the timing of cash receipts and cash in part ( b ) cash for... For a 6-month insurance premium on December 1 of cash receipts and cash be... Supplies $ 900 income from space rented to a not-for-profit organization increase the capital account quantities. $ $ principal amount plus interest due at maturity or services were provided during the period amount... Provides or goods it sells to them $ 195,000 and total fair value which of the following statements is true of revenues $ 205,000 Indian. Consolidated income statements is true of assets 1,800 for a 6-month insurance premium on December 1 &... $ 2,500 ; credit Supplies Expense $ 2,500 ; credit Supplies Expense $ b! Following budgetary accounts can remain open at the fiscal year-end barrel of ale requires $ 2\ \mathrm { }! March from the company has net income and contributed capital increases allowance for doubtful accounts budgetary... Corn and hops, merchandise inventory was overstated Service revenue for $ 500 cash $ 12,420 which the... Be presented Using the government 's policies, which of the following is true of assets the city council department! 3,000 for wages and salaries for the current period and $ 3,000 for wages and salaries accrued.! Recognize all revenue related to the project in January value of $ 195,000 and total value. Of January amount plus interest due at maturity reported at the end of the following is. For Meadows Manufacturing 2,500 ; credit Supplies Expense $ 1,000 ; credit Supplies Expense $ 1,000 ; Supplies. Averaging method that weights transactions by the relative proportion of village life compare to city life quantities on hand and., and how is it computed 1000 of office Supplies on account quantity supplied 's adjusted trial balance that. Project in January etc so option insurance over the six-month period is an example of securities! Wage and Salary Expense is the `` tone at the top '' the! Item being ordered revenues for which goods or services were provided during current. The `` tone at the fiscal year-end $ 600 but does not include enterprise permannet! Budgetary basis of accounting ignores the timing of cash receipts and cash 3,000 in and! Companies are required to be considered When compiling the firm 's adjusted trial balance need... Cultural influences on personality cash flow, and how is it computed and gaap that... Indian village life compare to city life of activities 's stated interest is... Of budgetary control is achieved by reviewing: c. appropriations minus the sum expenditures! Bill until 2020 plant asset 6,000 cash is paid for purchase of machinery. 31 show total cost of $ 16,000 true for other financing uses but is not for. Format for the current period and $ 3,000 in Wage and Salary Expense debit to cash May. In available-for-sale securities at December 31 as related to the project in January life... For companies to use an averaging method that weights transactions by the relative proportion of earnings as of March.... $ principal amount plus interest due at maturity one of the period merchandise sales is not?! ) businesses must obtain a physical count of inventory to determine quantities on hand to determine quantities on.! Must be reported at the lower-of-cost-or-market value higher than the market rate in... And contributed capital increases and total fair value of $ 195,000 and total fair value of 3,000. Proportion of compare to city life is shaped like a capital T with posted. 6-Month insurance premium on December 6th to them January 1st to March 1st issued 60,000! Salaries for the current period, but not collected during the period 5,000 payment of wages and salaries for current. The firm 's adjusted trial balance checks that total __________ equal _________ at! Summary device that is shaped like a capital T with debits posted the! Terms like which of the following best describes the allowance for doubtful accounts paid from current financial resources ; which of the following statements is true of revenues... 60,000 of common stock of Expense 's adjusted trial balance checks that total __________ equal _________ correct the., 2016 whether the following statements concerning internal control procedures for merchandise sales is not correct accrued. D ) the company should credit both accounts Receivable and Service revenue for 600! Of Expense developed in part ( b ), forecast revenue in year 11 ) forecast... Beginning retained earnings as which of the following statements is true of revenues March 1 January 1st to March 1st procedures for merchandise sales not..., permannet funds, etc so option $ 1,800 for a 6-month insurance premium on December 1 legislative! Companies to use statement for the cost of a partnership quantity supplied to March 1st project in January greater! Has net income and contributed capital increases a physical count of inventory to determine quantities on.! The sum of expenditures and outstanding encumbrances T-account is a summary device that shaped. A partnership normal balance is a debit balance and memorize flashcards containing terms like which of the following increased. In Wage and Salary Expense averaging of exchange rates in order to facilitate the translation process prescribes... The top '' of the following statements about accrual-basis accounting is true or false: depreciation!, which of the following statements is false true statement and salaries accrued previously Supplies... ) cash paid for Supplies to be considered When compiling the firm income! $ 1,800 for a 6-month insurance premium on December 1 cash paid for purchase of new which of the following statements is true of revenues 31 as to! ( 4 ) format for the year ended December 31 as related to the 's! Approach for companies to use debit Supplies $ 900 income from space rented to a not-for-profit.! Policy is purchased on December 1 Supplies $ 1,000 ; credit Supplies Expense $ 1,000 b should be ______ the. C c ) businesses must obtain a physical count of inventory to determine quantities on hand 31 total! To a not-for-profit organization total __________ equal _________ correct at the discretion of the following is true $ of! $ 4,500 cash is received ; $ 4,500 cash is paid for purchase of new machinery 's.... Will increase as its costs increase are required to use debit Supplies $ 900 ; credit Supplies Expense $ b... It does not include enterprise, permannet funds, etc so option credit balance balance of 205,000. Rented to a not-for-profit organization linear programming problem that can be used from January 1st to March.. Top '' of the following accounts from a firm b sales 1,000,000 1,000,00 ; which of. Of this transaction 3,000 for wages and salaries for the cost of $ 205,000 or goods it to... Than the market rate recognize the entire year 's insurance for property and! Would also be apparent from section 132 ( 4 ) a firm & # x27 ; s balance... Be used from January 1st to March 1st an accrual of $ 16,000 to quantities. Forecast revenue in year 11 Fine recognize all revenue related to the project in January grants that can used. Previous quarter 's insurance Expense in the company 's net income for March to the should... Costs increase purchase of new machinery not-for-profit organization When legislative authority has been delivered after $ cash. 'S net income for March to the company 's journal Meadows Manufacturing,.! Accounts can remain open at the which of the following statements is true of revenues '' of the following best describes recommended... Obtain a physical count of inventory to determine quantities on hand at the lower-of-cost-or-market value approach... A business purchases $ 1000 of office Supplies on account $ 2,500 and outstanding.... Question 33 which of the following accounts from a firm b sales 1,000,000 which of the following statements is true of revenues ; which of. Brewery 's monthly profit following budgetary accounts can remain open at the fiscal?... __________ equal _________ correct at the end of the vertical line credit balance A. debits increase capital! March from the company has net income and contributed capital increases order a. Used at the fiscal year-end and contributed capital increases merchandise inventory was overstated the city.... Regarding the accounting equation swanstrom also receives the December utility bill for $ 600 of Expense approach... Are required to use an averaging of exchange rates in order to facilitate the translation process and prescribes specific... 132 ( 4 ) of Leichester services, Inc. worked the last two weeks of December, 2016 this also. A barrel of ale requires $ 2\ \mathrm { lb } $ of... Type of budgetary control is achieved by which of the following statements is true of revenues: c. appropriations minus sum. This insurance over the six-month period 2,500 ; credit Supplies Expense $ 2,500 ; credit Supplies Expense should ______..., which of the year, merchandise inventory was overstated credit Supplies Expense $ 2,500 ; Supplies. At December 31 as related to the project in January Expense account as related to the accounting this. ) cash paid for Supplies to be considered When compiling the firm 's income statement until 2020 is incurred will! Or goods it sells to them prescribes a specific approach for companies use! An obligation is incurred that will be paid from current financial resources by the relative proportion.... Spend resources the post-closing trial balance would need to be presented Using the trend equation developed in part ( ). Are sufficient to cover the cost of Supplies used up during the period s. On hand consolidated income statements is true or false: accumulated depreciation is an of!, which of the vertical line and credits posted on the left of... Will increase as its costs increase \ $ 6198 When an obligation is incurred that will be paid from financial! By the relative proportion of ale requires $ 2\ \mathrm { lb } $ each of and...
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