Question 1

Depreciation Expense would be found on which of the following financial statements?

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) Depreciation report 
A) Balance sheet 
B) Income statement 
C) Statement of Owner's Equity 
D) Depreciation report

Question 2

The adjustment to record supplies used during the period would be:

Accepted Answer

A) debit Supplies; credit Supplies Expense. 
B) debit Supplies Expense; credit Cash. 
C) debit Supplies Expense; credit Supplies. 
D) debit Supplies; credit Cash. 
A) debit Supplies; credit Supplies Expense. 
B) debit Supplies Expense; credit Cash. 
C) debit Supplies Expense; credit Supplies. 
D) debit Supplies; credit Cash.

Question 3

It is the year end, but not the pay period end. How will this affect the balance sheet?

Accepted Answer

A) Assets will be increased. 
B) Liabilities will be increased. 
C) Owner's equity will be increased. 
D) This has no effect on the period end balance sheet. 
A) Assets will be increased. 
B) Liabilities will be increased. 
C) Owner's equity will be increased. 
D) This has no effect on the period end balance sheet.

Question 4

It's the end of the accounting period and no electric bill has been received (but the expense has been incurred); you should record an entry that:

Accepted Answer

A) increases the total assets and increases the total expenses. 
B) decreases the total assets and increases the total expenses. 
C) increases the total liabilities and increases the total expenses. 
D) decreases the total liabilities and increases the total expenses. 
A) increases the total assets and increases the total expenses. 
B) decreases the total assets and increases the total expenses. 
C) increases the total liabilities and increases the total expenses. 
D) decreases the total liabilities and increases the total expenses.

Question 5

Online Service received its telephone bill for January, but is not going to pay the bill until February. What adjustment is needed to record the transaction?

Accepted Answer

A) Debit Telephone Expense; credit Cash 
B) Debit Accounts Payable; credit Telephone Expense 
C) Debit Telephone Expense; credit Accounts Payable 
D) Debit Accounts Payable; credit Cash 
A) Debit Telephone Expense; credit Cash 
B) Debit Accounts Payable; credit Telephone Expense 
C) Debit Telephone Expense; credit Accounts Payable 
D) Debit Accounts Payable; credit Cash

Depreciation Expense would be found on which of the following financial statements?

The adjustment to record supplies used during the period would be:

It is the year end, but not the pay period end. How will this affect the balance sheet?

It's the end of the accounting period and no electric bill has been received (but the expense has been incurred); you should record an entry that:

Online Service received its telephone bill for January, but is not going to pay the bill until February. What adjustment is needed to record the transaction?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 4: The Accounting Cycle Continued

Depreciation Expense would be found on which of the following financial statements?

The adjustment to record supplies used during the period would be:

It is the year end, but not the pay period end. How will this affect the balance sheet?

It's the end of the accounting period and no electric bill has been received (but the expense has been incurred); you should record an entry that:

Online Service received its telephone bill for January, but is not going to pay the bill until February. What adjustment is needed to record the transaction?

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters