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- 1. Open-ended30 seconds1 ptTime period assumption
- 2. Open-ended30 seconds1 ptFinancial reports covering a 1-year period are known as
- 3. Open-ended30 seconds1 ptFiscal year
- 4. Open-ended30 seconds1 ptAccrual basis accounting
- 5. Open-ended30 seconds1 ptThe value of information is often linked to its
- 6. Open-ended30 seconds1 ptWages of $8,000 are earned by workers but not paid as of December 31.
- 7. Open-ended30 seconds1 ptDeprecitation on the company's equipment for the year is $18,000
- 8. Open-ended30 seconds1 ptThe office supplies account had a $240 debit balance at the beginning of the year. During the year, $5,200 of office supplies are purchased. A physical count of supplies at December 31 shows $440 of supplies available.
- 9. Open-ended30 seconds1 ptThe prepaid insurance account had a $4,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at December 31.
- 10. Open-ended30 seconds1 ptThe company had earned (but not recorded) $1,050 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10.
- 11. Open-ended30 seconds1 ptThe company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.
- 12. Open-ended30 seconds1 ptM&R Company provided $2,000 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year-end
- 13. Open-ended30 seconds1 ptWage expenses of $1,000 have been incurred but are not paid as of December 31.
- 14. Open-ended30 seconds1 ptM & R company has a $5,000 bank loan and has incurred (but not recorded) 8% interest expense of $400 for the year ended December 31. The company will pay the $400 interest in cash on January 2 following the company's year-end
- 15. Open-ended30 seconds1 ptM & R Company hired a firm that provided lawn services during December for $500. M & R will pay for December lawn services on January 15 following the company's year-end
- 16. Open-ended30 seconds1 ptM & R Company has earned $200 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the company's year-end
- 17. Open-ended30 seconds1 ptSalary expenses of $900 have been earned by supervisors but not paid as of December 31
- 18. Open-ended30 seconds1 ptCurrent ratio =
- 19. Open-ended30 seconds1 ptTo record receipt of unearned revenue
- 20. Open-ended30 seconds1 ptTo record this period's earning of prior unearned revenue.
- 21. Open-ended30 seconds1 ptTo record payment of an accrued expense
- 22. Open-ended30 seconds1 ptTo record receipt of an accrued revenue
- 23. Open-ended30 seconds1 ptTo record receipt of an accrued expense
- 24. Open-ended30 seconds1 ptTo record an accrued revenue
- 25. Open-ended30 seconds1 ptTo record this period's use of a prepaid expense.
- 26. Open-ended30 seconds1 ptTo record payment of a prepaid expense
- 27. Open-ended30 seconds1 ptTo record this period's depreciation expense
- 28. Open-ended30 seconds1 ptAn analysis of WTI's insurance policies shows that $2,400 of coverage has expired
- 29. Open-ended30 seconds1 ptAn inventory count shows that teaching supplies costing $2,800 are available at year-end
- 30. Open-ended30 seconds1 ptAnnual depreciation on the equipment is $13,200
- 31. Open-ended30 seconds1 ptAnnual depreciation on the professional library is $7,200
- 32. Open-ended30 seconds1 ptOn September 1, WTI agreed to do five courses for a client for $2,500 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,500 cash in advance for all five courses on September 1, and WTI credited unearned training fees.
- 33. Open-ended30 seconds1 ptAdjusting entries
- 34. Open-ended30 seconds1 ptThe approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is:
- 35. Open-ended30 seconds1 ptA company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:
- 36. Open-ended30 seconds1 ptA company earned $3,000 in net income for October. Its net sales for October were $10,000. Its profit margin is:
- 37. Open-ended30 seconds1 ptThe total amount of depreciation recorded against an asset over the entire time the asset has been owned:
- 38. Open-ended30 seconds1 ptOn July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the current year ended December 31?
- 39. Open-ended30 seconds1 ptWhat is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is, $3,250?
- 40. Open-ended30 seconds1 ptDetailed records of goods held for resale are not maintained under a
- 41. Open-ended30 seconds1 ptIf a company is given credit terms of 2/10, n/30 it should
- 42. Open-ended30 seconds1 ptOn November 2, 2010, Griffey Company has cash sales of $4,200 from merchandise having a cost of $3,000. The entries to record the day's cash sales will include:
- 43. Open-ended30 seconds1 ptThe entry to record the receipt of payment within the discount period on a sale of $750 with terms of 2/10, n/30 will include a credit to
- 44. Open-ended30 seconds1 ptA credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. What amount is received as payment in full on July 24?
- 45. Open-ended30 seconds1 ptThe respective normal account balances of sales, sales returns and allowances, and sales discounts are:
- 46. Open-ended30 seconds1 ptWhen the physical count of RNA Company inventory had a cost of $3,400 at year end and the unadjusted balance in merchandise inventory was $3,500, RNA will have to make the following entry:
- 47. Open-ended30 seconds1 ptMaxwell Company's financial information is presented below Sales ??? Cost of Goods Sold $270,000 Sales returns and allowances $30,000 Gross Profit ??? Net Sales $450,000 The missing amounts above are:
- 48. Open-ended30 seconds1 ptIf a company has net sales of $500,000 and cost of goods sole of $350,000, the gross profit percentage is
- 49. Open-ended30 seconds1 ptOn a classified balance sheet, merchandise inventory is classified as
- 50. Open-ended30 seconds1 ptInventories affect
- 51. Open-ended30 seconds1 ptThe factor which determines whether or not goods should be included in a physical count of inventory is
- 52. Open-ended30 seconds1 ptCost of goods sold is computed from the following equation:
- 53. Open-ended30 seconds1 ptWhich one of the following inventory methods is often impractical to use?
- 54. Open-ended30 seconds1 ptWhich of the following statement is correct with respect to inventories?
- 55. Open-ended30 seconds1 ptTwo companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using...
- 56. Open-ended30 seconds1 ptIn a period of increasing prices, which inventory flow assumptions will result in the lowest amount of income tax expense?
- 57. Open-ended30 seconds1 ptThe consistent application of an inventory costing method is essential for
- 58. Open-ended30 seconds1 ptThe following information is available for Park Company at December 31, 2010: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $900,000; and sales $1,200,000. Park's inventory turnover in 2010 is
- 59. Open-ended30 seconds1 ptPrepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on equipment for the year, $4,500 b. The prepaid insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $600 of insurance expired. c. The prepaid insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. d. The company has three office employees who earn $100 per day for a five-day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31. e. On November 1, the company received 6 months' rent in advance from a tenant whose rent is $700 per month. The $4,200 was credited to the Unearned Rent account.
- 60. Open-ended30 seconds1 ptNen Company uses a perpetual inventory system. During May, the following transaction occurred: May 13- Sold 6 motors at a cost of $44 each to Slater Brothers Supply Company, terms 1/10, n/30. The most cost Nen $25 each. May 16- One defective motor was returned to Nen May 23- Received payment in full from Slater Brothers Journalize the May transactions for Nen Company (seller) assuming that Nen uses a perpetual inventory system.
