Which of the following is not considered a basic type of adjusting entry a An. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. a) On March 31, a major customer paid his bill for a consulting job completed in February. A. Net income for January will be overstated. b. the amount expired. Which of the following is not considered an epidermal In order to be considered for the position, please attach the following: 1. c. accrual basis c) An overstatement of liabilities offset by an understatement of owners' equity. d. rarely needed in large companies, Adjusting entries affect at least one it has 1) Which of the following entries causes an immediate decrease in assets and in net income? a. a) An overstatement of assets and of net income offset by an understatement of owners' equity. Decrease in liabilities and reduction in net income. The adjusting entry on December 31 is Identify the type of account for the following: Unearned Revenue a. What amount of interest expense has accrued on the bank loan? List of Disabilities Covered Under ADA | UpCounsel 2023 The above entry is not a basic type of adjusting entry. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? Legislative reform is needed, to remove or widen the . \end{array} d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting b) $231,900. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. Give Mr. Brown a tactful collection call. Hospital Tap Water as a Source of Stenotrophomonas Maltophilia 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) __________. User: She worked really hard on the project. a. earned and the cash has been received We level all printers as if everything is properly assembled, tightened, and adjusted. The entry to record this event is an example of an adjusting entry: d) Net income will be overstated and total assets will be overstated. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is c. revenue \\ a. The financial statements will be accurate since the $500 does not have to be paid yet. Which of the following frictional force is self adjusting? a. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. a) An exact calculation prepared by an appraiser. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. Which of the following situations is not considered an adjustment? Answered: Which of the following is most likely | bartleby D) 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. Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? Purchased land for cash. d) Midwood Consultants received payment in February for consulting services rendered in March. 1) Unearned revenue is: Where are the highest populations in Europe? b. a. net income or loss will always be underestimated Listing current liabilities according to amount. d) The entry to pay outstanding bills. b. debit Insurance Expense, $14,000; credit Prepaid Insurance, $14,000 Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; 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 a. SEJPME PRETEST Flashcards | Quizlet c. dividend - Stockholders' equity is not affected. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. c. Intangibles; Accumulated Amortization. c. debit Salaries Payable; credit Salaries Expense (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. an agreement that has been signed for snow removal services for the next three months Use the following account types to form the expanded accounting equation. c. revenue, asset 1) Unearned revenue appears: D) trend smoothing. b. only balance sheet accounts (Solved) - 1. Which of the following may not be considered a c. Interest Expense The lease requires monthly rent of $550, with 4 months paid in advance. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. a) It increases expenses and does not affect assets. Use the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018. Which of the following is not a type of adjusting entry? a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 d) Matching. Question 7 options: Adjusting entries are needed: A. Begin the equity section with Contributed Capital + Retained Earnings. 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? Doing so: A. Violates professional standards. The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. A) Revenues and Liabilities B) Owners' Equity and Assets C) Liabilities and Expenses D) Assets and Expenses, Which of the following is not a correct expression of the accounting equation? Debits (2) The company's pays all employees up-to-date each Friday. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. study, we stated that the presence of shock was evaluated " when the blood samples were obtained for culture (early shock) " [2, p. 194], which means . a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? c) The entry to pay outstanding bills. Then you prepare a slip to deposit the checks accepted for payment. b) Net income will be understated and total assets will be understated. b) An entry to convert an asset to a liability. b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 Which fraction has self adjusting force? Then, identify whether the item increases, '+', or decr, An unearned revenue account is usually considered to be a(n) A) Liability B) Asset C) Revenue D) Expense. Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . a. expenses when their future economic value expires or is used up Identify whether the following item would be classified on a balance sheet as a current liability, a long term-liability or something else: Salaries payable. Participants for the study were those who used a popular Web site for engaged couples. Write offs - is not considered an adjustment. c) Net income will be understated and total assets will be overstated. b) At the end of January, Empire Company pays the custodian for January office cleaning services. a. Which ONE of the following items is NOT a type of stockholders' equity? 59) Which of the following is not a characteristic of trend projections? d. $8,000, Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivable FromBalanceSheetsAccountsReceivableFromIncomeStatement:SalesDec. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? The entry to record depreciation expense b. Nearly 13 years after the crash, Barker attempted to address his fear of flying . d. net income or loss will not be determined, Adjusting entries always include 2.4 - Life Insurance Policy Options and Riders, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Principles of Managerial Finance, Global Edition, 1st Semester Final Review- Principles of Busi. checks that have been paid by at the bank and charged to the depositor's account. a) As income on the income statement. 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 Department/office AFR, KEMCO, Kenya MCO. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Prepaid expenses. 6 2/3 (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. 2 Which of the following is most likely not considered an adjusting a) In April, Daystar Company received payment from a customer for services that are performed in May. c) Unexpired revenue. e. None of the above. Increase an expense; increase a liability. Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. $2,100 Which of the following statements is incorrect? c) Assets = Liabilities + Paid-in Capital + Retained Earnings. d) $117,000. c. accrued c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. d) Only if the accounting periods are equal in length. Which of the assets does not match with the correct contra account? d) The entry to record accrued wages payable. c. contra asset, credit d) Prepaid expenses are shown in a special section of the income statement. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, and equipment f. Which of the following is a section of the income statement? d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? A debit to a liability and a credit to cash. The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: c. the cash account a. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. . d. inventory, Which account would normally not require an adjusting entry? d) Balance sheet items are presented before income statement items. Indicate also the type of financial statement. 3321 (a) and 41 U.S.C.3901 ). \text{Sales}&\text{700,000}\\ c) $1,200 cash dividends are declared and paid. 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? Wages Expense When you have accessed the documents, you can use the search tool in your Internet browser. b) Liabilities of Perfect Painting are understated at December 31, 2018. C. Engineers. Which of the following would not be considered an adjusting entry? d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become (b) An expensive private jet that can be purchased from a local vendor. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. D. The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric b. debit Stockholders' Equity; credit Supplies Fair value adjustment-trading a. 1) Which of the following is not a purpose of adjusting entries? Economic Sanctions and Anti-Money Laundering Developments: 2022 Year in A. expenses and assets B. assets, liabilities, and stockholders' equity C. liabilities and stockholders' equity D. assets and revenue, For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) 45, 2009). Adjusting entries are necessary for the following items: The budget for the month was to sell 45 trucks at an average price of$9,500 each. a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. Asset b. A) 58) The computer monitoring of tracking signals and self-adjustment is referred to as. Important Terms: Please Read Before Bidding! a) Increase by $9,800. Professional discounts a. depreciation a. equipment allocation a. Unearned Rent 1,900 Income statement B. 24 Questions Show answers. a) Are needed whenever revenue transactions affect more than one period. No more trying to get the same "feel" from a piece of paper or feeler gauge. 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. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. b) $36,000. A change from expensing certain costs to capitalizing these costs du. b) Prepaid expenses represent assets. A. Emotional Intelligence - a Possible Predictor of Performance or Success b) As a liability on the balance sheet. d) An overstatement of net income and an understatement of assets. C) b) At the end of January, Empire Company pays the custodian for January office cleaning services. c. The chance of rolling a 3 on two dice is 1/18. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." b. accrual (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. Which of the following accounts normally has a debit balance? [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] Assets are transferred from one corporation to another. B) Adjusting entries are necessary for the following items: d) Assets = Liabilities + Paid-in Capital + Reven. Assets = Revenue + Expenses - Liabilities. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? B. If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? Increase in liabilities and reduction in net income. d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) D) decreases owner's equity and assets. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). A. Updating liability and asset accounts to their proper balances. Suppose Dr. Milton's checking account has a balance of $3,458.92. 1. Identify where the following item would be reported in the financial statements. If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: a) The entry to record the earned portion of rent received in advance. e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? Which of the following should be disclosed in the Summary of Significant Accounting Policies? Contributed capital, retained earnings, and revenues. Assets and Revenues b. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . b. liabilities c) It increases, Unearned revenue is what type of an account? An entry to convert an asset to an expense. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? a) An entry to accrue unpaid expenses. d) Expenses. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. What categories capital falls in: A. Which of the following is a typical example of a current liability? Debit Interest Expense $250. d) To record unearned revenue. Weegy: "The total charge will depend on how many visits you make and how many tests are necessary, but the total fee from the beginning of care until the last visit is usually around $200. On January 10, the mortgage payment was made. C) The entry to record depreciation expense. Whenever an individual stops drinking, the BAL will ________________. A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. 1 answer below . C. Received $3,800 for fees earned. A) Equity. The prepaid insurance account had a balance of $3,000 at the beginning of the year. c) As a liability on the balance sheet. c) Net income for Perfect Painting for 2018 is understated. d) Ordered. (a) The entry to record depreciation: $3,000. 29. d) Realization principle and matching principle. c. asset and one stockholders' equity account 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? Which one of the following is not considered a basic type of adjusting entry? c. optional under generally accepted accounting principles Accumulated Depreciation. exam ch11 Flashcards | Quizlet b. deferral e. None of these. 1) Which of the following situations does not require Empire Company to record an adjusting entry at the end of January? c) Expenses decrease stockholders' equity. a. deferral 21. A) 1) Shop supplies are expensed when: b. a) Liabilities b) Assets c) Revenues d) Owner Equity. 1) Adjusting entries: Which of the following may not be considered a "qualifying asset" under IAS 23? Solved Which of the following is not considered a basic type - Chegg "The first examination will be $40 or $50, depending on how long the visit is. a) Debit Interest Expense $6,300. 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? Application period 02-Mar-2023 to 17-Mar-2023. a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. Each earns $800 per week for a five-day work week ending on Friday. b. asset The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. b. revenue and the dividends account If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is d. expenses are reported in the same period as the revenues to which they relate, Generally accepted accounting principles require that companies use the ____ of accounting. b. earned but the cash has not been received c) Only if each accounting period covered is a full year. b. theater tickets sold yesterday on credit for yesterday's performance 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? 1) Depreciation expense is: a) An exact calculation prepared by an appraiser. Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? b) Treats as material only those items that are greater than 2% or 3% of net income. CHAPTER ONE. CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1. 1) Omega Company adjusts its accounts at the end of each month. Identify where the following item would be reported in the financial statements. These adjustments are discussed below. D) An entry to convert an asset to a liability. A: Accrued revenues are those which have been accrued but not yet paid. Project Topic Details Send Mr. Brown a friendly written reminder. 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? a. records revenues when they are earned and expenses when they are paid B) The accrual of an electricity bill for electricity used but not yet paid b. The appropriate adjusting entry at the end of the period would be: c) Be unaffected. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. changing someone's working arrangements. 31,2018Dec. (4) Depreciation of office equipment is based on an estimated useful life of five years. c. theater tickets that were not sold for the current performance d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. a. an accrued asset Farad, Inc., specializes in selling used trucks. b) Generally fall into one of two categories. d) As a part of the retained earnings. a) $24,000. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? a. (a) Net income of the company (b) Balance in accumulated depreciation (c) Asset's fair value (d) Cost of inventory produced by equipment (e) Asset's his, Which balance sheet category reflects claims held by creditors against a company's economic resources?
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