Chat with AIExam 3: Adjusting Accounts and Preparing Financial Statements
Exam 1: Accounting in Business241 Questions
Exam 2: Analyzing and Recording Transactions188 Questions
Exam 3: Adjusting Accounts and Preparing Financial Statements213 Questions
Exam 4: Completing the Accounting Cycle168 Questions
Exam 5: Accounting for Merchandising Operations189 Questions
Exam 7: Accounting Information Systems164 Questions
Exam 8: Cash and Internal Controls193 Questions
Exam 9: Accounting for Receivables170 Questions
Exam 10: Plant Assets, natural Resources, and Intangibles216 Questions
Exam 11: Current Liabilities and Payroll Accounting194 Questions
Exam 12: Accounting for Partnerships133 Questions
Exam 13: Accounting for Corporations210 Questions
Exam 14: Long-Term Liabilities199 Questions
Exam 15: Investments and International Operations175 Questions
Exam 16: Reporting the Statement of Cash Flows178 Questions
Exam 17: Analysis of Financial Statements178 Questions
Exam 18: Managerial Accounting Concepts and Principles203 Questions
Exam 19: Job Order Costing160 Questions
Exam 20: Process Costing156 Questions
Exam 21: Cost-Volume-Profit Analysis180 Questions
Exam 22: Master Budgets and Planning153 Questions
Exam 23: Flexible Budgets and Standard Costs168 Questions
Exam 24: Performance Measurement and Responsibility Accounting163 Questions
Exam 25: Capital Budgeting and Managerial Decisions131 Questions
Exam 26: Time Value of Money B60 Questions
Exam 27: Activity-Based Costing C37 Questions
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On November 1,Jay Company loaned an affiliate $100,000 at a 9.0% interest rate.The note receivable plus interest will not be collected until March 1 of the following year.The company's annual accounting period ends on December 31.The adjusting entry needed on December 31 is:
(Multiple Choice)
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(29) A company recorded 2 days of accrued salaries of $1,400 for its employees on January 31.On February 9,it paid its employees $7,000 for these accrued salaries and for other salaries earned through February 9.The January 31 and February 9 journal entries are:
(Multiple Choice)
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(41) The system of preparing financial statements based on recognizing revenues when the cash is received and reporting expenses when the cash is paid is called:
(Multiple Choice)
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(38) On March 31,Phoenix,Inc.paid Melanie Publishing Company $15,480 for a 3-year subscription for five different magazines.The subscriptions started immediately.What is the adjusting entry that should be recorded by Melanie Publishing Company on December 31 of the first year if the credit to record the collection was made to Unearned Fees?
(Multiple Choice)
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(32) If a company records prepayment of expenses in an asset account,the adjusting entry would:
(Multiple Choice)
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(39) A company's fiscal year must correspond with the calendar year.
(True/False)
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(48) Two accounting principles that are relied on in the adjusting process are:
(Multiple Choice)
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(32) On March 31,Phoenix,Inc.paid Melanie Publishing Company $15,480 for a 3-year subscription for five different magazines.The subscriptions started immediately.What amount should appear in the Prepaid Subscription account for Phoenix Company after adjustments on December 31 each year assuming Phoenix using a calendar reporting period?
(Multiple Choice)
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(33) Companies experiencing seasonal variations in sales often choose a fiscal year corresponding to their ________________________ year.
(Short Answer)
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(33) The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the:
(Multiple Choice)
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