Accounting Help 08
Multiple choice questions 1 pt. each
1. Which of the following is the primary purpose of accounting?
A. To establish a business. B. To identify, record, and communicate business transactions. C. To earn a large profit. D. To reduce taxes owed for the business. E. To establish credit for a company.
2. Why are ethics crucial to accounting?
A. Ethical behavior creates the most profit for the business. B. Ethics are a tool which help the accountants balance the accounting equation. C. For accounting information to be useful, it must be trusted and therefore the result of ethical decisions. D. Ethics are important to consider when applying GAAP but do not apply to international accounting issues. E. Ethics are a way to compute revenues and expenses, but they do not apply to assets, liabilities, and owners’ equity.
3. The difference between a company’s assets and its liabilities is:
A. Net income B. Expense C. Equity D. Revenue E. Net loss
4. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?
A. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase. B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect. C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect. D. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase. E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.
5. If net income for the period was $134,250, dividends distributed were $76,530 and ending retained earnings was $862,520, what was the beginning retained earnings for the period?
A. $1,073,300 B. $651,740 C. $804,800 D. $920,240 E. $728,270
6. Which of the following list of events properly reflects the early steps taken in the accounting process?
A. Record relevant transactions, post journal information to ledger accounts, analyze each transaction, and
prepare and analyze the trial balance. B. Post journal information to ledger accounts, analyze each transaction, post journal information to ledger
accounts, and prepare and analyze the trial balance. C. Prepare and analyze the trial balance, analyze each transaction, post journal information to ledger accounts,
record relevant transactions. D. Analyze each transaction, post journal information to ledger accounts, record relevant transactions, and
prepare and analyze the trial balance. E. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and
prepare and analyze the trial balance.
7. A sales invoice:
A. Is a source document. B. Is not needed by buyers. C. Gives rise to an entry in the accounting process. D. Is not necessary in accounting.
8. Rocky Industries received its telephone bill in the amount of $300 and immediately paid it. Rocky’s journal entry to record this transaction will include a:
A. Debit to Telephone Expense for $300. B. Credit to Accounts Payable for $300. C. Debit to Cash for $300. D. Credit to Telephone Expense for $300. E. Debit to Accounts Payable for $300.
How it Works
How It works ?
Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention product code mentioned in end of every Q&A Page. You can also send us your details through our email id firstname.lastname@example.org with product code in the email body. Product code is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.
Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to product code . The date is asked to provide deadline.
Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id email@example.com and firstname.lastname@example.org must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.
Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.
Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.
Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Features for Assignment Help
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.
We believe in providing perfect, relevant and 100% accurate solutions to the student as per questions asked. All our experts are perfect in providing that so as to give unique experience to the students.
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.
All our works are kept as confidential as we respect the integrity and privacy of our clients.
- Physics Assignment Help
- Chemistry Assignment Help
- Engineering Assignment Help
- Psychology Assignment Help
- Online exam Help
- Marketing Assignment Help
- Arts Assignment Help
- Sociology Assignment Help
- Project Management Assignment
- Case Study Help
- Nursing Assignment Help
- Research Assignment Help
- Operations Management Assignment help
- Accounting Assignment Help
- Biology Assignment Help
- Mathematics Assignment Help
- English Assignment Help
- Business Plan Help
- Essay Writing Help
- Human Resource Assignment Help
- Accounting Homework Help
- Computer Science Assignment Help
- Finance Assignment Help
- Economics Assignment Help
- Statistics Homework Help
- Management Assignment Help
- Strategy Management Assignment Help
- Auditing Assignment Help
- Information Management Assignment Help
- Online Assignment Writing help
- Best Assignment Help
- Humanities Assignment help
9. On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May?
A. $5,000 B. $47,000 C. $52,000 D. $57,000 E. $32,000
10. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000 and the rest on a note.
A. Debit to Cash, debit to Equipment, credit to Notes Payable. B. No entry should be made. C. Debit to Equipment, credit to Notes Payable, credit to Cash. D. Debit to Cash, debit to Notes Payable, credit to Equipment. E. Debit to Equipment, debit to Notes Payable, credit to Cash.
11. Western Company has an annual reporting period that runs from July 1 through
June 30. Based on this information, which of the following is a true statement?
A. Western probably has little seasonal variation in their sales. B. Western has violated the time period principle. C. Western must prepare financial statements as of December 31 each year. D. Western has adopted a fiscal year. E. Western does not have an accountant.
12. The accounting principle that requires revenue to be reported when earned is the:
A. Matching principle B. Revenue recognition principle C. Time period principle D. Accrual reporting principle E. Going-concern principle
13. On June 30, 2014, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses in asset accounts at the time of cash payment. On June 30, 2014 Apricot should record:
A. A credit to an expense for $5,000. B. A debit to an expense for $5,000. C. A credit to a prepaid expense for $5,000. D. A debit to a prepaid expense for $5,000. E. A debit to Cash for $5,000.
14. Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:
A. Debit Office Supplies $105 and credit Office Supplies Expense $105. B. Debit Office Supplies Expense $105 and credit Office Supplies $105. C. Debit Office Supplies Expense $254 and credit Office Supplies $254. D. Debit Office Supplies $254 and credit Office Supplies Expense $254. E. Debit Office Supplies $105 and credit Supplies Expense $254.
15. On January 1 a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:
A. Debit Prepaid Insurance, $1,800; credit Cash, $1,800. B. Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440. C. Debit Prepaid Insurance, $360; credit Insurance Expense, $360. D. Debit Insurance Expense, $360; credit Prepaid Insurance, $360. E. Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440.
Problems 16 through 18 short answer problems worth 5 pts. each.
16. From the information given, prepare a November income statement. On November 1 of the current year, Lois Bell began Lois Bell, Interior Design as a corporation with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) selected accounts and amounts:
17. Based on the following trial balance for Sal’s Beauty Shop, prepare an income statement, statement of retained earnings and a balance sheet. Sal made no additional investments in the company during the year.
18. July 31, 2013, the end of the month is on a Wednesday. Employees get paid each Friday for the week worked. Abel Co. has five employees who earn $100 per day each. Make the necessary adjusting journal entry for July 31.
Product Code :Acc08
To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)
You can also email us at email@example.com but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in our Q&A sections here.