First in, first out, last in , last out and weighted average formulas are examples of?
ABC company purchased computer equipment for 1,500 on account. The accounting entry is?
Western landscapinig cut a large lawn and received a total of 150 in cash as payment for the job. The accounting entry is?
The following includes all of the accounts for the Kelly company as of Dec 31
|Account Receivable $2500||Supplies Expense $500||Cash $6000|
|Drawing account $1500||Equipment $3000||Advertising Expense $1000|
|Salary Expense $7000||Accounts Payable $5200||Revenues Earned $6800|
|Capital Account $9500|
What is the total trail balance on Dec 31 :
Which of the following transactions require a compound journal entry?
a. purchace four types of supplies on account
b. purchase two types of supplies on account
c. receive 500 in cash from a customer for services billed in April and May
d. purchase 1000 of equipment 20% cash and remainder on credit
The owner of instructional media withdrew 6000 from the business for personal reasons. What is the account entry
Depreciation expense is an example of
a. current liability
b. a contra account
c. A method of setting aside money to replace equipment at a later date
d. a non-cash expense
The asset “land”
a. cannot be depreciated
b. depreciated if it is held for future corp. growth
c. is an example of an intangible asset
d. is an example of a current asset
e. none of the above
On Dec 5 Arnold delivery received $2000 from a customer in payment of future delivery services. The journal entry debited cash. If one fourth of the $2000 in the Unearned delivery fees account has been earned by Dec 31 the adjusting entry on Dec 31 is?
The cash flow statement is dived into three main categories. They are which of the following?
a. Cash over and short, account receivables and accounts payable, cash and accruals
b. assets, liabilities, owners equity
c. revenues, cost of goods sold, and operating expenses
d. Cash from operating activities, cash from investing activities, cash from financing activities
The Case company had revenues of $115,000 for the year MR Case withdrew $15,000 from the business during the year. The accounting entry to close the owners drawing account is?
a. debt income summary $15,000, credit Mr Case drawing $15,000
b. debit Mr Case drawing $15,000, credit income summary $15,000
c. debit Mr Case drawing $15,000, MR Case credit capital $15,000
d. debit Mr Case capital $15,000, credit Mr Case drawing $15,000
From time to time auditors may uncover an error or irregularity. What if any is the differenace between the two?
a. none, they are the same
b. An error is an unintentional mistake an irregularity is an intentional manipulation of the company accounts
c. an error is an intentional manipulation of the company accounts and an irregularity is unintentional mistake
d. An error is an mistake found on the income statement and irregularity is a mistake found on the balance sheet
CMU corporation has $200,000 of accounts receivable and has found an average 4% of its credit sales are uncollectable. Suppose CMU Corp determines that a customer owing $3000 will never pay what would be the journal entry?
Row INc. has a contract to construct a building for a price of $200,000 of cost and it estimates and additional $20,000 will be needed to finish the building. How much profit can be recognized using the % of completion method?
Please recheck if all information is provided. If yes, Please provide options.
In a manufacturing company, inventory typically consist of three components. They are
a. raw materials, supplies, and indirect salaries
b. supplies, factory overhead, cost of goods sold
c. raw materials , work in process, and finished goods
d. direct labor, supplies, raw material
Identify the advantage of recognizing revenue at the time of sale?
a. there is no alternative method
b. this only applies to cash sales, not credit sales
c. risk of loss due to price decline or destruction of the goods has passed to the buyer
d. none of the above
Allowance for doubtful accounts and allowance for accumulated depreciation are both examples of?
Common size financial statements refer to?
statements that show percentages of financial statement items as well as dollar amounts shown
An example of a general, selling, or administrative expense would b?
a. raw material used in manufacturing
b. insurance expense on the corpaorate headquartered building
c. direct labor used in manufacturing
d. boxes used to pack the finished product in for shipment to the retailer
Sell returns and allowances are sometime found
a. on the balance sheet as a contra account
b. on the sources and uses a fund statement as a use of funds
c. under the title of the operating income on the income statement
d. as a deduction from the gross sales on the income statement
A used in accounting and finance, source documents include
a. only documents received as hard copies
b. only documents received electronically
c. information such as cash register tapes, which would be posted to the accounting records
d. income statements but not balance sheets