Question 1

The Income Statement columns of a work sheet include all revenue and expense accounts.

Accepted Answer

A) True 
 B)False

Question 2

Jan Olsen is a lawyer specializing in estate law.A trial balance was taken on December 31,20--.Complete the year-end adjusting entries and extend the appropriate balances to the Adjusted Trial Balance columns of the work sheet.Journalize the four adjusting entries exactly as shown in the Adjustments column of the work sheet.Entries should be in proper journal form and dated December 31.
a.
Office supplies on hand at year-end amounted to $650.
b.
Expired insurance amounted to $900.
c.
Depreciation on the computer equipment,$1,150.
d.
Wages earned but not paid as of December 31,$1,230.
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Accepted Answer

​ ​ ​ @#IMG-DLM&_TB4

Question 3

The cash basis of accounting is used by some small businesses and by most individuals for tax purposes.

Accepted Answer

A) True 
 B)False

Question 4

The business or professional person using the cash basis of accounting takes the view that there is no revenue until it is received in such a form that it can be spent.

Accepted Answer

A) True 
 B)False

Question 5

The ____________________ is a method of accounting under which revenues are recorded when paid by customers and expenses are recorded when cash is paid.

Accepted Answer

cash basis

Question 6

It is not necessary to post adjusting entries.

Accepted Answer

A) True 
 B)False

Question 7

The expected market value or selling price of the asset at the end of its useful life is called the ____________________.

Accepted Answer

The answer of The expected market value or selling price...

Question 8

Under the ____________________ principle,assets are recorded at their actual cost,and this cost remains on the books as long as the business owns an asset.

Accepted Answer

The answer of Under the ____________________ principle,assets are recorded at...

Question 9

____________________ are assets of a durable nature that are expected to provide benefit to the business over several years.

Accepted Answer

The answer of ____________________ are assets of a durable nature...

Question 10

The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept.

Accepted Answer

A) True 
 B)False

Question 11

A contra-account is used with a related account to bring about an increase in the net amount of the two account balances.

Accepted Answer

A) True 
 B)False

Question 12

Match the terms with the definitions.
-The work sheet columns that show the amounts that will be reported in the statement of owner's equity and balance sheet.

Accepted Answer

A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet 
A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question 13

Accounting for revenue on a cash basis means that no entry of revenue is made in the account until the cash is received for the services performed.

Accepted Answer

A) True 
 B)False

Question 14

In completing the work sheet,what is the reason for adding the net income for the year to the Balance Sheet Credit column?

Accepted Answer

A)  Owner's equity is not up-to-date. 
B)  Cash is not up-to-date. 
C)  Owner's withdrawal is not up-to-date. 
D)  Sales is not up-to-date. 
A)  Owner's equity is not up-to-date. 
B)  Cash is not up-to-date. 
C)  Owner's withdrawal is not up-to-date. 
D)  Sales is not up-to-date.

Question 15

If the total of the Income Statement Credit column,before determining net income or net loss,exceeds the total of the Income Statement Debit column,the result is a net loss for the year.

Accepted Answer

A) True 
 B)False

Question 16

____________________ is a method of matching an asset's original cost against the revenues produced over its useful life.

Accepted Answer

The answer of ____________________ is a method of matching an...

Question 17

The columns of the work sheet that report the adjusted balances for only revenue and expense accounts are the ____________________ columns.

Accepted Answer

The answer of The columns of the work sheet that...

Question 18

Match the terms with the definitions.
-The period of time that an asset is expected to help produce revenues.

Accepted Answer

A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet 
A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question 19

The first pair of columns on a 10-column work sheet would be the

Accepted Answer

A)  Income Statement columns. 
B)  Balance Sheet columns. 
C)  Adjusted Trial Balance columns. 
D)  Trial Balance columns. 
A)  Income Statement columns. 
B)  Balance Sheet columns. 
C)  Adjusted Trial Balance columns. 
D)  Trial Balance columns.

Question 20

The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be the

Accepted Answer

A)  Income Statement columns. 
B)  Adjustments columns. 
C)  Balance Sheet columns. 
D)  Adjusted Trial Balance columns. 
A)  Income Statement columns. 
B)  Adjustments columns. 
C)  Balance Sheet columns. 
D)  Adjusted Trial Balance columns.

The Income Statement columns of a work sheet include all revenue and expense accounts.

The cash basis of accounting is used by some small businesses and by most individuals for tax purposes.

The business or professional person using the cash basis of accounting takes the view that there is no revenue until it is received in such a form that it can be spent.

The ____________________ is a method of accounting under which revenues are recorded when paid by customers and expenses are recorded when cash is paid.

It is not necessary to post adjusting entries.

The expected market value or selling price of the asset at the end of its useful life is called the ____________________.

Under the ____________________ principle,assets are recorded at their actual cost,and this cost remains on the books as long as the business owns an asset.

____________________ are assets of a durable nature that are expected to provide benefit to the business over several years.

The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept.

A contra-account is used with a related account to bring about an increase in the net amount of the two account balances.

Match the terms with the definitions. -The work sheet columns that show the amounts that will be reported in the statement of owner's equity and balance sheet.

Accounting for revenue on a cash basis means that no entry of revenue is made in the account until the cash is received for the services performed.

In completing the work sheet,what is the reason for adding the net income for the year to the Balance Sheet Credit column?

If the total of the Income Statement Credit column,before determining net income or net loss,exceeds the total of the Income Statement Debit column,the result is a net loss for the year.

____________________ is a method of matching an asset's original cost against the revenues produced over its useful life.

The columns of the work sheet that report the adjusted balances for only revenue and expense accounts are the ____________________ columns.

Match the terms with the definitions. -The period of time that an asset is expected to help produce revenues.

The first pair of columns on a 10-column work sheet would be the

The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be the

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters

Exam 5: Adjusting Entries and the Work Sheet

The Income Statement columns of a work sheet include all revenue and expense accounts.

The cash basis of accounting is used by some small businesses and by most individuals for tax purposes.

The business or professional person using the cash basis of accounting takes the view that there is no revenue until it is received in such a form that it can be spent.

The ____________________ is a method of accounting under which revenues are recorded when paid by customers and expenses are recorded when cash is paid.

It is not necessary to post adjusting entries.

The expected market value or selling price of the asset at the end of its useful life is called the ____________________.

Under the ____________________ principle,assets are recorded at their actual cost,and this cost remains on the books as long as the business owns an asset.

____________________ are assets of a durable nature that are expected to provide benefit to the business over several years.

The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept.

A contra-account is used with a related account to bring about an increase in the net amount of the two account balances.

Match the terms with the definitions. -The work sheet columns that show the amounts that will be reported in the statement of owner's equity and balance sheet.

Accounting for revenue on a cash basis means that no entry of revenue is made in the account until the cash is received for the services performed.

In completing the work sheet,what is the reason for adding the net income for the year to the Balance Sheet Credit column?

If the total of the Income Statement Credit column,before determining net income or net loss,exceeds the total of the Income Statement Debit column,the result is a net loss for the year.

____________________ is a method of matching an asset's original cost against the revenues produced over its useful life.

The columns of the work sheet that report the adjusted balances for only revenue and expense accounts are the ____________________ columns.

Match the terms with the definitions. -The period of time that an asset is expected to help produce revenues.

The first pair of columns on a 10-column work sheet would be the

The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be the

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters