After recording these adjustments, net income for March is: d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is Which of the following is NOT considered to be a symptom of reverse culture shock? c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? B) d. snow removal services that have been provided and paid on the same day, Which of the following is considered to be an accrued expense? Revenues, liabilities, capital b. Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. b. c. $6,800 d) As an expense on the income statement. A) Both revenues and assets will be understated. a) In April, Daystar Company received payment from a customer for services that are performed in May. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. c. accrual basis $3,200 This tool is intended to be used as a guide only. checks not accepted by the bank. E) running sum of forecast errors (RFSE). The adjusting entry on December 31 is b) $36,000. The customer is the director of a nearby animal shelter. The adjusting entry does not record entry for converting an asset to a liability. The lease requires monthly rent of $550, with 4 months paid in advance. c) It increases, Unearned revenue is what type of an account? = 45/20 The first payment is to be received on February 15. a) Increase by $9,800. d) Justifies ignoring the matching principle or the realization principle in certain circumstances. The first payment is due on July 15. d) Ordered. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? A) exponential smoothing. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. a. Question : 52) Which of the following not considered to be one - ScholarOn Listing current liabilities in order of maturity. B) An entry to accrue unpaid expenses. a) Are needed whenever revenue transactions affect more than one period. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: B) Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. Wages Expense 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. Increase in liabilities and reduction in net income. c) Debit Accrued Interest Payable $6,300. 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. c. Intangibles; Accumulated Amortization. "The first examination will be $40 or $50, depending on how long the visit is. What categories capital falls in: A. d) Net income. d. Improperly expensing costs that should be capitalized. Adjusting entries | University Quiz - Quizizz What is the balance to be carried forward in the checkbook? Identify where the following item would be reported in the financial statements. e. None of these. '34_ Which of the following is not considered a basic type of adjusting Begin the equity section with Contributed Capital + Retained Earnings. d) Realization principle and matching principle. A) Which of the assets does not match with the correct contra account? c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships 20/3 31,2018$85,0002018700,000Dec. c. debit Accounts Payable; credit Supplies Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? On February 3, Ron Brown was billed for an office visit. Debit Depreciation Expense $578 and credit Automobile $578. Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' No adjusting entry should consist of: A debit to an expense and a credit to revenue. Credit Interest Payable $2,500 a. depreciation expense for each major class of asset b. balances of major classes of depreciable assets, by nature or function c. accumulated depreciation on, Which of the following is not acceptable treatment for the presentation of current liabilities? 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. c) $38,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. a. changing someone's working arrangements. -Rental income accrued during March, tenant to pay in April: $800. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is 28. 1) An asset purchased on January 1, 2015 for $60,000 that has an estimated life of 10 years will have a book value on December 31, 2018 of: On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. All other trademarks and copyrights are the property of their respective owners. c. Unearned Subscriptions Change in amortization period for an intangible asset. a) On March 31, a major customer paid his bill for a consulting job completed in February. d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. c) Only if each accounting period covered is a full year. a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. 1) Which statement is true about an adjusted trial balance? a. deferral Become a Study.com member to unlock this answer! Level ICS-10. FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, Which of the following should be disclosed in the Summary of Significant Accounting Policies? For example: making changes to the workplace. Increase an asset; increase revenue. b. depreciation Revenues, Liabilities, Owners' Equity b. The company should make an adjusting entry: b. accrual Economic Sanctions and Anti-Money Laundering Developments: 2022 Year in c) Unexpired revenue. b) An entry to convert an asset to a liability. (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Adjusting entries can be divided into the following four types. Which of the following would not cause the adjusted trial balance totals to be unequal? Which of the following is not considered a basic type of adjusting Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. - Stockholders' equity is not affected. (b) The entry to record revenue earned but not yet received. Description This is an X-Axis gantry bed leveler, the first of its kind. Reasonable adjustments at work - Acas Indicate also the type of financial statement. CHAPTER ONE. a. debit to Wages Expense and a credit to Wages Payable A. asset B. contra asset C. liability D. stockholder's equity E. contra stockholder's equity F. revenue, or expense, Which of the following is also referred to as debt? AMT Adjustments Explained - AMT Advisor The fee for delivery is $500. Asset b. d . b) Prepaid expenses represent assets. Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . \text{Sales}&\text{700,000}\\ Generally accepted accounting principles require that companies use the ________ of accounting. When an automobile is being driven at vvv miles per hour, the average driver requires DDD feet of visibility to stop safely, where D=0.065v2+0.148vD=0.065 v^2+0.148 vD=0.065v2+0.148v. d. market value. b. A) Where are the highest populations in Europe? In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? b. C) trend projections. -Fees earned in March that had been collected in advance: $2,600. b. a. debit Depreciation Expense; credit Building. Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is c. Salaries Payable What amount of interest expense has accrued on the bank loan? An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. Identify where the following item would be reported in the financial statements. chapter 4 Flashcards | Quizlet (4) Depreciation of office equipment is based on an estimated useful life of five years. Debit Automobile $578 and credit Depreciation Expense $578. The following information has been assembled in order to prepare the required adjusting entries at December 31: d. Cash, The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. b. debit Cash; credit Salaries Payable Which of the following expresses the key elements of the statement of owners' equity? D) decreases owner's equity and assets. Statement of changes in owner equity C. Balance sheet 2. No support bed leveling aid. b. accounting income. Stock is exchanged with shareholders. a) The entry to record depreciation. d. rarely needed in large companies, Adjusting entries affect at least one a. debit Unearned Gym Memberships; credit Gym Memberships Revenue Property, Plant, and Equipment; Accumulated Depreciation. a) An entry to accrue unpaid expenses. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. d) Daystar Company receives payment in May for work to be performed in June and July. A: Accrued revenues are those which have been accrued but not yet paid. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 Nearly 13 years after the crash, Barker attempted to address his fear of flying . c. the cash account c. records revenues when cash is received and expenses when they are incurred c. Interest Expense c. The concepts statements discuss the concept of "articulation" between financial statement elements. An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. c. correction of an error in the general journal. Adjusting entry for accrued Q: Adjusting entries that need to be made in order to comply with accrual accounting concepts normally A: Adjusting entries are made by the management to maintain the accrual basis accounting system. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . d) In the period with the lower earnings. Which one of the following is not considered a basic type of adjusting entry? c) Income b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Income statement B. b) Liabilities What is considered an adjustment to income? These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. (a) Asset impairment charges can be used to raise future reported income. Which of the following is NOT considered an epidermal appendage? Change in accounts receivable. Asset b. a. a computer technician has installed the latest software updates and was paid on the same day C) User: She worked really hard on the project. The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt D) The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. At the end of June, what should be the balance of Norma's Prepaid Rent account? d. Expenses are a negative factor in the computation of net income. Participants for the study were those who used a popular Web site for engaged couples. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. The prepaid insurance account had a balance of $3,000 at the beginning of the year. a) An exact calculation prepared by an appraiser. Which one of the following is not considered a basic type of adjusting c) Net income for Perfect Painting for 2018 is understated. Fair value adjustment-trading a. The entry to record this event is an example of an adjusting entry: This answer has been confirmed as correct and helpful. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? Are they quantitative or qualitative in nature? a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 Change in accounts payable. d) Midwood Consultants received payment in February for consulting services rendered in March. d. debit Gym Memberships Expense; credit Unearned Gym Memberships, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. Beginning capital, capital contribution and withdrawals, and net income. Our LIMITER plug-in takes all the uncertainty out of limiting by analyzing your audio and making intelligent suggestions as to the best settings for your master. A) c. Revenue minus expenses. c) To accrue an uncollected revenue. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; Department/office AFR, KEMCO, Kenya MCO. (Solved) - 1. Which of the following may not be considered a Briefly summarize the meaning of this term and how it relates to an entity's financial statements. c) Results in financial statements that are less useful to decision makers because many details have been omitted. Employees earn a total of $12,800 per week. Decrease in an asset and decrease in a liability. Demand a reason for nonpayment. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 b) Accumulated depreciation should equal depreciation expense. a. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? = 15 * 3/20 $3,500. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? Sweat gland b. Hairc. Which of the following is not true regarding the asset-liability approach to defining accounting elements? List of Disabilities Covered Under ADA | UpCounsel 2023 b. asset, debit Which ONE of the following items is NOT a type of stockholders' equity? The correct term for the process of transferring amounts from a book of original entry to specific assets, liabilities, revenues, expenses, and stockholders' equity items is (select, Which of the following have debit balances? The entry to record depreciation expense b. Adjustment disorder considered | Advances in - Cambridge Core c) An overstatement of liabilities offset by an understatement of owners' equity. Each earns $800 per week for a five-day work week ending on Friday. 21. Debit Interest Payable $250. Which is an example of asset overstatement fraud? CPA wishes to use a representation letter as a substitute for performing other audit procedures. Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . Use the following account types to form the expanded accounting equation. the amount on hand. d) Only if the accounting periods are equal in length. INTRODUCTION. D. Geologists. 1) Shop supplies are expensed when: 31,2017$105,000. Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? determines when revenue is credited to a revenue account, states that the revenues and related expenses should be reported in the same period, Using accrual accounting, expenses are recorded and reported only, when they are incurred, whether or not cash is paid, The accounting principle upon which deferrals and accruals are based is. - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. REGISTER TO BID: Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and any Addenda which are incorporated Is the gift you purchased for that special someone really appreciated? b. Explain. During the month, Farad sold 50 trucks at an average price of $9,000 each. 5. ra - A kzs nyelvvltozattal kapcsolatos, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is D) 1) Which of the following statements is not true regarding prepaid expenses? a) The entry to record unpaid expenses. b) $4,000 is paid in January for equipment with a useful life of four years. c. revenue, asset Select one: a. increased satisfaction with the standard of living upon returning home (CORRECT ANSWER) b. decreased interest from co-workers in hearing about the repatriate's experiences B. Which of the following situations is not considered an adjustment Which type of probability (empirical, classical, subjective) is each of the following? a. failure to adjust Unearned Revenue to recognize revenue earned b. failure to record depreciation for the year c. failure to accrue interest payable d, Which of the following statements best describes tax results to a shareholder in a section 351 transaction when liabilities on property transferred to the corporation are assumed by the corporation?