A) Affect only income statement accounts. B) Affect only balance sheet accounts. C) Affect both income statement and balance sheet accounts. D) Affect only statement of cash flows accounts. E) Affect only equity accounts. A) Affect only income statement accounts. B) Affect only balance sheet accounts. C) Affect both income statement and balance sheet accounts. D) Affect only statement of cash flows accounts. E) Affect only equity accounts.

Exam 3: Adjusting Accounts for Financial Statements

On October 15,Gallery Corp.received $12,500 as a down payment on a consulting contract.The amount was credited to Unearned Consulting Revenue.By October 31,10% of the contract was completed.Gallery Corp.needs to prepare an adjusting entry for $1,250.

(True/False)

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Question 81

The 12 consecutive months (or 52 weeks)selected as an organization's accounting period is called the fiscal year.

(True/False)

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Question 82

Before recording adjusting entries on December 31,the Store Supplies account had a $900 debit balance,while a physical count of the supplies showed $325 of unused supplies on hand.Prepare the required adjusting entry.

(Essay)

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Question 83

accounting means that revenues are recognized when cash is received and that expenses are recorded when cash is paid. accounting means that the economic effects of revenues and expenses are recorded when earned or incurred.

(Short Answer)

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Question 84

The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.

(True/False)

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Question 85

Adjusting entries are required at the end of the accounting period because ____________________________________________.

(Essay)

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Question 86

Since the revenue recognition principle requires that revenues be earned,there is no such thing as unearned revenues in accounting.

(True/False)

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Question 87

If accrued salaries were recorded on December 31 with a credit to Salaries Payable,the entry to record payment of these wages on January 5 would include:

(Multiple Choice)

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Question 88

Adjusting entries:

(Multiple Choice)

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Question 89

Financial statements can be prepared directly from the information in the adjusted trial balance.

(True/False)

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Question 90

In preparing financial statements from the trial balance,the balance sheet is prepared first.

(True/False)

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Question 91

Noble Company has 10 employees who are each paid $200 per day for a 5-day workweek.The employees are paid every Friday.This year the accounting period ends on Tuesday.What is the December 31 adjusting journal entry Noble Company should make to accrue salaries owing?

(Essay)

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Question 92

Financial statements are prepared in the following order:

(Multiple Choice)

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Question 93

The cash basis of accounting commonly results in financial statements that are not comparable from period to period.

(True/False)

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Question 94

The matching principle requires that revenue be assigned to the accounting period in which it is earned.

(True/False)

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Question 95

The main purpose of adjusting entries is to:

(Multiple Choice)

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Question 96

The amount of the month-end adjusting entry for Insurance Expense is $1,000.If the entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.

(True/False)

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Question 97

It is acceptable to credit unearned revenues to revenue accounts when cash is received.

(True/False)

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Question 98

Adjusting entries are always dated at the end of the accounting period.

(True/False)

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Question 99

Salaries earned by employees,but unrecorded,are an example of an accrued expense.

(True/False)

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Question 100

Showing 81 - 100 of 187

On October 15,Gallery Corp.received $12,500 as a down payment on a consulting contract.The amount was credited to Unearned Consulting Revenue.By October 31,10% of the contract was completed.Gallery Corp.needs to prepare an adjusting entry for $1,250.

The 12 consecutive months (or 52 weeks)selected as an organization's accounting period is called the fiscal year.

Before recording adjusting entries on December 31,the Store Supplies account had a $900 debit balance,while a physical count of the supplies showed $325 of unused supplies on hand.Prepare the required adjusting entry.

accounting means that revenues are recognized when cash is received and that expenses are recorded when cash is paid. accounting means that the economic effects of revenues and expenses are recorded when earned or incurred.

The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.

Adjusting entries are required at the end of the accounting period because ____________________________________________.

Since the revenue recognition principle requires that revenues be earned,there is no such thing as unearned revenues in accounting.

If accrued salaries were recorded on December 31 with a credit to Salaries Payable,the entry to record payment of these wages on January 5 would include:

Adjusting entries:

Financial statements can be prepared directly from the information in the adjusted trial balance.

In preparing financial statements from the trial balance,the balance sheet is prepared first.

Noble Company has 10 employees who are each paid $200 per day for a 5-day workweek.The employees are paid every Friday.This year the accounting period ends on Tuesday.What is the December 31 adjusting journal entry Noble Company should make to accrue salaries owing?

Financial statements are prepared in the following order:

The cash basis of accounting commonly results in financial statements that are not comparable from period to period.

The matching principle requires that revenue be assigned to the accounting period in which it is earned.

The main purpose of adjusting entries is to:

The amount of the month-end adjusting entry for Insurance Expense is $1,000.If the entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.

It is acceptable to credit unearned revenues to revenue accounts when cash is received.

Adjusting entries are always dated at the end of the accounting period.

Salaries earned by employees,but unrecorded,are an example of an accrued expense.

Accounting in Business

Analyzing and Reporting Transactions

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters

Exam 3: Adjusting Accounts for Financial Statements

On October 15,Gallery Corp.received $12,500 as a down payment on a consulting contract.The amount was credited to Unearned Consulting Revenue.By October 31,10% of the contract was completed.Gallery Corp.needs to prepare an adjusting entry for $1,250.

The 12 consecutive months (or 52 weeks)selected as an organization's accounting period is called the fiscal year.

Before recording adjusting entries on December 31,the Store Supplies account had a $900 debit balance,while a physical count of the supplies showed $325 of unused supplies on hand.Prepare the required adjusting entry.

______________________ accounting means that revenues are recognized when cash is received and that expenses are recorded when cash is paid.______________________ accounting means that the economic effects of revenues and expenses are recorded when earned or incurred.

The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.

Adjusting entries are required at the end of the accounting period because ____________________________________________.

Since the revenue recognition principle requires that revenues be earned,there is no such thing as unearned revenues in accounting.

If accrued salaries were recorded on December 31 with a credit to Salaries Payable,the entry to record payment of these wages on January 5 would include:

Adjusting entries:

Financial statements can be prepared directly from the information in the adjusted trial balance.

In preparing financial statements from the trial balance,the balance sheet is prepared first.

Noble Company has 10 employees who are each paid $200 per day for a 5-day workweek.The employees are paid every Friday.This year the accounting period ends on Tuesday.What is the December 31 adjusting journal entry Noble Company should make to accrue salaries owing?

Financial statements are prepared in the following order:

The cash basis of accounting commonly results in financial statements that are not comparable from period to period.

The matching principle requires that revenue be assigned to the accounting period in which it is earned.

The main purpose of adjusting entries is to:

The amount of the month-end adjusting entry for Insurance Expense is $1,000.If the entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.

It is acceptable to credit unearned revenues to revenue accounts when cash is received.

Adjusting entries are always dated at the end of the accounting period.

Salaries earned by employees,but unrecorded,are an example of an accrued expense.

Accounting in Business

Analyzing and Reporting Transactions

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Merchandise Inventory and Cost of Sales

Accounting Information Systems

Internal Control and Cash

Receivables

Filters

accounting means that revenues are recognized when cash is received and that expenses are recorded when cash is paid. accounting means that the economic effects of revenues and expenses are recorded when earned or incurred.