Which of the following is NOT considered an epidermal appendage? B) Whenever expenses are not paid in cash. How is "materiality" defined in the conceptual framework? Note that the product can be found mentally, without the use of a calculator or pencil-and-paper calculations. Asset b. b. liabilities -Fees earned in March that had been collected in advance: $3,600. d) As a part of the retained earnings. = 2 1/4. $400 d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. a) Prepaid expenses appear in the balance sheet. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. Which of the following is not an adjusting entry? Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies A) The variable being predicted is the Y variable. Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . Over the phone, a new customer thinks her dog is pregnant and asks the veterinary receptionist what the total fee will be for obstetric care. d . Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. However, it does not protect against aspiration. A) Whenever revenue is not received in cash. Indicate also the type of financial statement. 31,2018$85,0002018700,000Dec. Which of the following accounts normally has a debit balance? Which of the following should be disclosed in the Summary of Significant Accounting Policies? d) Are generally made daily. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. All other trademarks and copyrights are the property of their respective owners. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? Briefly summarize the meaning of this term and how it relates to an entity's financial statements. C) Only to correct errors in the initial recording of business transactions. - Liabilities will increase. c. Underrecording depreciation expense. Asset b. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. Legislative reform is needed, to remove or widen the . d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? c. not earned and the cash has not been received b) An entry to convert an asset to a liability. The pet died and the family has complained about the effect of the treatment. Accumulated depreciation a. a. a. earned and the cash has been received Assets = Revenue + Expenses - Liabilities. e. None of these. b. purchased Our experts can answer your tough homework and study questions. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Change in accounts payable. An entry to accrue uncollected revenueC. Which of the following accounts would likely be included in an accrual adjusting entry? $3,500. 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? 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. Basic type of adjusting entry includes recording entry to convert a liability to a revenue, to convert an asset to an expense, and in order to record accrued unpaid expenses. The following information has been assembled in order to prepare the required adjusting entries at December 31: INTRODUCTION. d) The entry to pay outstanding bills. 1) The accrual of interest on a note payable will: 1) Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. a. Which of the following is not a type of adjusting entry? Adjusting entries are necessary for the following items: Which of the following would not be considered an adjusting entry? a) The entry to record depreciation. Suppose Dr. Milton's checking account has a balance of $3,458.92. Write offs. b) $113,620. Change in amortization period for an intangible asset. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as Each earns $800 per week for a five-day work week ending on Friday. c) Prepaid expenses become expenses only as goods or services are used up. = 15 ? c) $235,600. b) $36,000. b. contra asset b. a computer technician has been paid in advance to install software updates as they become available Assets are transferred from one corporation to another. Debit Interest Expense $250. $4,300 A) D. Geologists. A. c. accrual basis of accounting supports the matching concept (a) A power. a) In April, Daystar Company received payment from a customer for services that are performed in May. Give Mr. Brown a tactful collection call. Which is the best response? Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? $3,900 28. Decrease in assets and reduction in net income. b. records revenues and expenses when they are incurred Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? A) Capitalized means that an asset account is debited (increased) for the cost of an asset.B) Capitalized means that a liability account is credited (increased) for the cost of an asset.C) Capitalized mea, Entry to recognize depreciation expense incurred on equipment is recorded as: a. If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry? c) Be unaffected. Is the gift you purchased for that special someone really appreciated? a) The entry to record depreciation. Adjusting entries are the journal entries posted in the books of accounts post the trial balance is prepared but before the preparation of financial statements. b) $231,900. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. c) $112,400. 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018: d) In the period with the lower earnings. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. Listing current liabilities in order of maturity. c) Matching A) a. checks not accepted by the bank. a. assets The practice's bank statement shows canceled checks. Academic Standings and CGPAs from previous terms will not be considered or adjusted. a. income statement account and one balance sheet account 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. c. Offsetting current liabilities against assets that, Which item below is not a current liability? a) The entry to record unpaid expenses. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. b) The entry to pay salaries. b) It decreases net income and decreases assets. Which of the following entries causes an immediate decrease in assets and in profit? b) An understatement of assets, net income, and owners' equity. A) exponential smoothing. b) A debit to Unearned Child Care Revenue of $4,500. Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. c. $2,800 d) Equal $9,800. The financial statements will be accurate since the $500 does not have to be paid yet. Interest Revenue (4) Depreciation of office equipment is based on an estimated useful life of five years. $3,600 Debits a) Assets of Perfect Painting are overstated at December 31, 2018. e. None of the above. The effect of this error is: First created in 1917 when the U.S. was entering World War I, the debt ceiling has been raised by Congress (and occasionally the president, when authorized to do so by Congress) dozens of times since then. The accrual of an electricity bill for electricity used but not yet paid b. -Rental income accrued during March, tenant to pay in April: $900. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue Application period 02-Mar-2023 to 17-Mar-2023. An entry to accrue unpaid expenses B. a. net income or loss will always be underestimated c. Prepaid expenses, land, and accounts receivable. B. b. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. d) Materiality. a. revenues and expenses are reported in the period in which cash is received or paid b. revenues are reported on the income statement in the period in which they are earned c. accrual basis of accounting supports the matching concept Assets are transferred from one corporation to another. \end{array} What reasonable adjustments are. Which of the following is NOT considered to be a symptom of reverse culture shock? - Net income increases. B. b) Only an estimate. A debit to an expense and a credit to an asset account. a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 Current liabilities c. Investments d. Long-term liabilities e. Property, pla. b) $4,000 is paid in January for equipment with a useful life of four years. a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? c. Expenses decrease stockholders' equity. 1) Depreciation expense is: a. theater tickets sold last month for yesterday's performance (a) Asset impairment charges can be used to raise future reported income. A computer technician has installed the latest software updates, but you have not received an invoice or made payment. a. deferral A change from expensing certain costs to capitalizing these costs du. Your brickwall limiter settings will make or break your master. After recording these adjustments, net income for March is: Changes to previously recorded entries of journal are referred to as adjusting entries. Whenever an individual stops drinking, the BAL will ________________. a. debit Salaries Payable, $12,000; credit Cash, $12,000 c) The entry to pay outstanding bills. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. d) $900 is paid to an attorney for legal services rendered during the current year. The account was debited for $32,500 for premiums on policies purchased during the year. d) Balance sheet items are presented before income statement items. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. She would like you to explain the meaning of terms she has come across related to accounting. 1) Adjusting entries: C) An entry to convert. C) . Debit Interest Payable $250. b. The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: The adjusting entry on December 31 is On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric 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? c. $6,800 a. debit Salaries Payable; credit Cash In previous chapter, we discussed the various factors that may influence P/E ratios. As time passes, fixed assets other than land lose their capacity to provide useful services. B) E) running sum of forecast errors (RFSE). d) Daystar Company receives payment in May for work to be performed in June and July. The customer claims he can't pay today, but he hopes to be able to pay next month. b. c) Results in financial statements that are less useful to decision makers because many details have been omitted. $3,200 Department/office AFR, KEMCO, Kenya MCO. d) Expenses are a negative factor in the computation of net income. A. b. (2) The company's pays all employees up to date each Friday. C. Assigning expenses to the periods in which they are incurred. An example of a contra-asset account is: c) To accrue an uncollected revenue. Credit Interest Payable $2,500 Question 4 options: The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is b) Whenever transactions affect the revenue or expenses of more than one accounting period. b) Daystar Company completes a job for a customer in May; payment will be received in June. c. Accumulated Depreciation d) Ordered. A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? Which of the following is not considered a basic type of adjusting entry a An. Indicate also the type of financial statement. b. Unearned Revenue Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? a. an increase in liabilities b. decrease in liabilities c. decrease in revenue d. increase in assets, Inventory held by a business is a(an) __________ and when sold becomes a(an) __________. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. (3) On December 1, rent on the office building had been paid for four months. B) Revenue. Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected (increased or decreased) by debits and credits. Identify the type of account for the following: Unearned Revenue a. A) An entry to convert a liability to a revenue. d. Improperly expensing costs that should be capitalized. b) Realization principle Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? The adjusting entry required at June 30 is: b) A debit to Management Fees Receivable for $200 and a credit to a revenue account for $200. If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? a. snow removal services that have been paid for three months in advance a) Debit Interest Expense $6,300. b. debit Depreciation Expense; credit Accumulated Depreciation. Which of the following is most likely not considered an adjusting entry? d) Only if the accounting periods are equal in length. An adjusting entry to convert an asset to expense consists of: Write offs - is not considered an adjustment. b) An understatement of assets, net income, and owners' equity. 1) Which of the following is the accounting principle that governs the timing of revenue recognition? Which of the following is not accomplished by an adjusting entry? -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. Change from straight-line to sum-of-the-years'-digits method of depreciation. (More) -Supplies used in March: $100. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. Then you prepare a slip to deposit the checks accepted for payment. Following the counterculture movement of the 1960s, misleading marketing campaigns promoting "alternative medicine" as being an effective "alternative" to biomedicine, and with changing social attitudes about not using chemicals, challenging the establishment and authority of any kind, sensitivity to giving equal measure to values and beliefs . Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} a. depreciation of long-term physical assets. Become a Study.com member to unlock this answer! FromBalanceSheetsAccountsReceivableFromIncomeStatement:SalesDec. [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] 1. b) At the end of January, Empire Company pays the custodian for January office cleaning services. User: 3/4 16/9 Weegy: 3/4 ? d. inventory, Which account would normally not require an adjusting entry? a) Before financial statements and after a trial balance has been prepared. A debit to an asset account and a credit to an expense account. b. revenues when services are performed b. deferral basis b. allocation of unearned revenue. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? b. net income or loss will always be overestimated If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? Decrease in liabilities and reduction in net income. b. January 31 falls on a Tuesday; salaries are paid on Friday of each week. b) Debit Rental Revenue $5,000 and credit Unearned Rental Revenue $5,000. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships Depreciation Expense. d) Prepaid expenses are shown in a special section of the income statement. (5) Fees of $9,800 were earned during the month for clients who had paid in advance. c) It increases, Unearned revenue is what type of an account? a) $44,200. 1) Gamma Company adjusts its accounts at the end of each month. A) Both revenues and assets will be understated. D. Revenue, liabilities, and capital. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. c. The adjustment for prepaid insurance was omitted. Question 6 options: a) $110,800. B) c. expenses in the period when they are paid - Total assets decrease. it has (2) The company's pays all employees up-to-date each Friday. d. a deferred expense, The general term used to indicate delaying the recognition of an expense already paid or of a revenue already received is d. liability, Which of the following is an example of a prepaid expense? a) Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses b) Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues c) Assets -, Which account types have a normal debit balance? b) $36,000. a) The entry to record depreciation. D) 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? d) $117,000. Payables a. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. b. debit Gym Memberships Revenue; credit Unearned Gym Memberships The accrual of an electricity bill for electricity used but not yet paid b. b) An entry to convert an asset to a liability. The adjusting entry required on December 31 is b) Only an estimate. d. a computer technician has installed the latest software updates, but you have not received an invoice or made payment, Which one of the accounts below would likely be included in an accrual adjusting entry? d. revenue, The unexpired insurance at the end of the fiscal period represents Advanced Limiting Techniques. This was the question investigated in the Journal of Experimental Social Psychology (Vol. 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. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . (a) The entry to record depreciation expense. Please state where each account should be placed? Hardship circumstances Adjusting entries are needed: A. (Provide paragraph citations.) Debit Interest Receivable $250. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: c. common stock Increase an expense; increase a liability. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? b. Underrecording debt. Revenues b. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: Adjustments are certain expenses which can directly reduce your total taxable income. Which of the following is not a characteristic of the accrual basis of accounting? Stock is exchanged with shareholders. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? 1) On June 1, Norma Company signed a 12-month lease for warehouse space. Which of the following may not be considered a "qualifying asset" under IAS 23? b. deferral It was most recently raised . 1) We can compare income of the current period with income of a previous period to determine whether the operating results are improving or declining: Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. 33. a. asset, credit As with the other things we are calling a mental illness this problem needs to interfere with your ability to work or go to school . -Depreciation for the month of March: $4,300. b. a. c. debit Salaries Payable; credit Salaries Expense b. earned but the cash has not been received a) It is prepared before adjusting entries. Assets and Liabilities B. B) An entry to record revenue that has been earned but has not yet been billed to customers. 1) Which of the following is considered an adjusting entry? Asset b. 83) Which of the following isnotconsidered an end-of-period adjusting entry?A) The entry to record the portion of unexpired insurance which has become expense during the period. c. the IRR. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? -Supplies used in March: $300. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. (Assume accrual basis accounting.) C) The entry to record depreciation expense. Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. c) As a liability on the balance sheet. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. The monthly rent is $7,000. Send Mr. Brown a friendly written reminder. Since LMA does not enter the trachea, it is less stimulating. Current assets b. Beginning capital, capital contribution and withdrawals, and net income. b) Net income will be understated and total assets will be understated. 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? d. matched, Which of the following is not a characteristic of the accrual basis of accounting? Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. c) Not to be calculated unless the exact life of an asset can be determined. c) $1,200 cash dividends are declared and paid. a) In the period in which they are earned. b. snow removal services that have been provided but have not been billed or paid $2,000 a. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 -Fees earned in March that had been collected in advance: $2,600. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. c. Unearned Subscriptions Are they quantitative or qualitative in nature? a. still on hand b) Midwood Consultants made payment in January for office rent for the first three months of the year. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. b. revenues are reported on the income statement in the period in which they are earned 45, 2009). . d. Increase an expense; decrease an asset. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. a) An overstatement of assets and of net income offset by an understatement of owners' equity. Asset b. Professional discounts a. D) decreases owner's equity and assets. 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? Unlike entries made . Owners' equity will be understated. 20/3 Increase in assets and increase in net income. Explain. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. Employees earn a total of $12,800 per week. Asset b. The entry to record depreciation expense b. C. Engineers. 1.1 Background of the Study. On January 10, the mortgage payment was made. Which of the following is NOT one of the three ways medical services can be achieved? c. revenue, asset B) An entry to accrue unpaid expenses.

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