Question 1

Which of the following errors will be detectable by a trial balance?

Accepted Answer

A)  A revenue incorrectly posted to the ledger as a liability. 
B)  Failure to record a journal entry. 
C)  A purchase of inventory posted twice to the general ledger. 
D)  An addition error in a ledger account. 
A)  A revenue incorrectly posted to the ledger as a liability. 
B)  Failure to record a journal entry. 
C)  A purchase of inventory posted twice to the general ledger. 
D)  An addition error in a ledger account.

Question 2

The journal entry for the receipt of cash from accounts receivable is:

Accepted Answer

The answer of The journal entry for the receipt of...

Question 3

Which of the statements about closing the accounts is NOT true?

Accepted Answer

A)  Revenue accounts are debited. 
B)  A net profit is credited to the retained profits account. 
C)  Expense accounts are credited. 
D)  Dividends received are credited. 
A)  Revenue accounts are debited. 
B)  A net profit is credited to the retained profits account. 
C)  Expense accounts are credited. 
D)  Dividends received are credited.

Question 4

ABC paid $1 million for a business and acquired the following assets and liabilities:   Which of these entries would be made for goodwill?

Accepted Answer

A)  Dr Goodwill $50 000 
B)  Dr Goodwill $950 000 
C)  Cr Goodwill $200 000 
D)  Goodwill is not entered in the accounts until the business is sold. 
A)  Dr Goodwill $50 000 
B)  Dr Goodwill $950 000 
C)  Cr Goodwill $200 000 
D)  Goodwill is not entered in the accounts until the business is sold.

Question 5

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business.  
- Which transaction is an accrual accounting end-of-period adjustment?

Accepted Answer

A)  (7) 
B)  (8) 
C)  (9) 
D)  (10) 
A)  (7) 
B)  (8) 
C)  (9) 
D)  (10)

Which of the following errors will be detectable by a trial balance?

The journal entry for the receipt of cash from accounts receivable is:

Which of the statements about closing the accounts is NOT true?

ABC paid $1 million for a business and acquired the following assets and liabilities: Which of these entries would be made for goodwill?

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business. - Which transaction is an accrual accounting end-of-period adjustment?

Introduction to Financial Accounting

Measuring and Evaluating Financial Position and Financial Performance

The Double-Entry System

Accrual Accounting Adjustments

Financial Reporting Principles, accounting Standards and Auditing

Internal Control and Cash

Accounts Receivable and Further Record-Keeping

Inventory

Noncurrent Assets

Liabilities

Completing the Balance Sheet

Revenue and Expense Recognition: Additional Concepts

The Statement of Cash Flows

Financial Statement Analysis

Accounting Policy Choices

Sustainability Reporting

Filters

Exam 4: Record-Keeping

Which of the following errors will be detectable by a trial balance?

The journal entry for the receipt of cash from accounts receivable is:

Which of the statements about closing the accounts is NOT true?

ABC paid $1 million for a business and acquired the following assets and liabilities: Which of these entries would be made for goodwill?

Brownlee Ltd is a newly established retail store selling plumbing hardware.Shown below are ledger accounts in T-account form,with entries made for the first three months of business. - Which transaction is an accrual accounting end-of-period adjustment?

Introduction to Financial Accounting

Measuring and Evaluating Financial Position and Financial Performance

The Double-Entry System

Accrual Accounting Adjustments

Financial Reporting Principles, accounting Standards and Auditing

Internal Control and Cash

Accounts Receivable and Further Record-Keeping

Inventory

Noncurrent Assets

Liabilities

Completing the Balance Sheet

Revenue and Expense Recognition: Additional Concepts

The Statement of Cash Flows

Financial Statement Analysis

Accounting Policy Choices

Sustainability Reporting

Filters