Hermanson Accounting Assingment Help With Solution
Complete the following multiple choice questions by typing the letter of the correct answer in the answer box on the next tab.
Inventory accounts should be classified in which section of a balance sheet?
b Property, plant, and equipment
c Current assets
d Intangible assets
Wonder Corporation failed to record the purchase of merchandise on account. The merchandise and related accounts payable should have been recorded but were not. What is the effect of these errors on assets, liabilities, retained earnings, and net income, respectively?
a Overstated, overstated, understated, overstated
b Understated, overstated, overstated, understated
c Understated, understated, understated, understated
d Understated, understated, no effect, no effect
A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified on a multiple-step income statement?
a Gross profit
b Total costs and expenses
c Net income
d Income taxes
Which of the following accounts would not be closed at the end of an accounting period?
c Capital Stock
d Income Summary
Which of the following statements about reversing entries is true?
a Identical account balances are achieved in the subsequent accounting period whether reversing entries are utilized or not.
b Reversing entries would not be prepared if a company also utilized closing entries.
c Reversals are generally applied to those adjusting items that do not involve future cash flow.
d Reversing entries may not be used with accrued revenues.
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Current assets are those assets which management intends to convert into cash or consume within:
a One year
b The operating cycle
c The shorter of (a) or (b)
d The longer of (a) or (b)
On a classified balance sheet, the appropriate ordering of specific classifications is:
a Current assets; long-term investments; property, plant, and equipment; intangible assets; other assets.
b Current assets; property, plant, and equipment; long-term investments; intangible assets; other assets.
c Current assets; intangible assets; property, plant, and equipment; long-term investments; other assets.
d Current assets; other assets; long-term investments; intangible assets; property, plant, and equipment.
Under the income statement approach to adjusting entries, the receipt of $5,000 of unearned revenue would be recorded by debiting Cash. What account should be credited?
a Unearned Revenue
d Prepaid Revenue
For purposes of measuring business income, the life of a business is:
a divided into discrete accounting periods.
b divided into irregular cycles.
c divided into specific points in time.
d considered to be a continuous cycle.
Of the following account types, which would be increased by a debit?
a Assets and equity.
b Assets and expenses.
c Liabilities and expenses.
d Equity and revenues.
The following comments each relate to the recording of journal entries. Which statement is true?
a It is customary to record credits on the left and debits on the right.
b For any given journal entry, debits must exceed credits.
c The chart of accounts reveals the amount to debit and credit to the affected accounts.
d Journalization is the process of converting transactions and events into debit/credit format.
The basic sequence in the accounting process can best be described as:
a Source document, transaction, ledger account, journal entry, trial balance.
b Transaction, source document, journal entry, ledger account, trial balance.
c Transaction, journal entry, source document, ledger account, trial balance.
d Transaction, source document, journal entry, trial balance, ledger account.
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