QN=170 Which statement is correct?

a. Accumulated Depreciation is a contra asset account

b. Depreciation expense is a contra asset account

c. Account payable is a contra asset account

d. Account receivable is a contra asset account

e. Unearned revenue is a contra asset account

QN=171 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:

c. Debit Office Supplies Expense $254 and credit Office Supplies $254.

a. Debit Office Supplies $105 and credit Office Supplies Expense $105.

.b. Debit Office Supplies Expense $105 and credit Office Supplies $105

d. Debit Office Supplies $254 and credit Office Supplies Expense $254.

.e. Debit Office Supplies $105 and credit Supplies Expense $254.

QN=172 If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is:

c. Debit Unearned Legal Fees and credit Legal Fees Earned.

a. Debit Cash and credit Legal Fees Earned.

b. Debit Cash and credit Unearned Legal Fees.

d. Debit Legal Fees Earned and credit Unearned Legal Fees.

.e. Debit Unearned Legal Fees and credit Accounts Receivable.

QN=174 Where is Accumulated depreciation reported?

d. Statement of changes in Equity

e. Notes for financial statement

QN=175 Adjusting depreciation expense of fixed asset at $8,000. Recording this transaction:

b. Debit depreciation expense $8,000 and credit accumulated depreciation expense $,8000

a. Debit depreciation $8,000 and credit accumulated depreciation expense $,8000

c. Debit depreciation expense $8,000 and credit fixed asset $,8000

d. Debit depreciation expense $8,000 and credit accumulated asset $,8000

QN=177 Adjusting entries at the end of an accounting period would not be required for which of the following?

d. Revenue that has been earned and recorded in the accounting records.

a. Multi-period costs that must be split among 2 or more accounting periods

b. Multi-period revenues that must be split among 2 or more accounting periods

c. Expenses that have been incurred in a given period but not as yet recorded in the accounts

QN=179 How will the Financial Statements be affected if Accountant in the company forgot to adjust a prepaid expense account at the end of the period?

d. Assets in the Balance sheet will be overstated and Expenses in the Income Statement will be understated

a. Assets in the Balance sheet will be overstated

b. Liabilities in the Balance sheet will be overstated

c. Assets in the Balance sheet will be understated and Revenues in the Income Statement will be overstated

e. Liabilities in the Balance Sheet will be overstated and Expenses in the Income Statement will overstated

QN=180 How will it affect Income Statement if an accrued expense of $450 is forgotten to record at the end of the period?

a. Net Income in the Income Statement will be overstated for $450

b. Net Income in the Income Statement will not be affected

c. Income Statement will not be affected but Balance sheet will be understated

d. Net income in the Income Statement will be understated for $450

e. Net income in the Income Statement will be overstated $900

QN=181 How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period?

b. Total Assets will not be affected

c. Total Assets will not be affected but Liabilities will be overstated

d. Total Assets will be understated

QN=182 The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. Prepare the necessary closing entries into OWNER CAPITALAsset : $15,000Liability: $14,000Withdrawal: $1,000

d. Debit Owner Capital: $1,000Credit Withdrawal: $1,000

a. Debit Withdrawal: $1,000Credit Owner Capital: $1,000

b. Debit expense: $1,000Credit Owner Capital: $1,000

c. Debit Owner Capital: $1,000Credit expense: $1,000

e. Debit income summary: $1,000Credit Withdrawal: $1,000

QN=187 The summary amounts below appear in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. Prepare the necessary closing entries into INCOME SUMMARYAsset : $10,000Revenue: $ 15,000Unearned revenue: $1,000

e. Debit Revenue: $15,000Credit Income summary: $15,000

a. Debit unearned Revenue: $1,000Credit Income summary: $1,000

b. Credit unearned Revenue: $1,000Debit Income summary: $1,000

c. Credit Revenue: $15,000Debit Income summary: $15,000

d. Debit owner capital: $10,000Credit Withdrawal: $10,000

QN=188 The Income Summary account is used:a. To adjust and update asset and liability accounts.b. To close the revenue and expense accounts.c. To determine the appropriate withdrawal amount.d. To replace the income statement under certain circumstances.e. To replace the capital account in some businesses.

b. To close the revenue and expense accounts.

a. To adjust and update asset and liability accounts.

c. To determine the appropriate withdrawal amount.

d. To replace the income statement under certain circumstances.

.e. To replace the capital account in some businesses.

acc101 6

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=158 Adjusting entries are journal entries made at the end of an accounting period for the purpose of:

a. Updating liability and asset accounts to their proper balances.

.b. Assigning revenues to the periods in which they are earned.

c. Assigning expenses to the periods in which they are incurred.

d. Assuring that financial statements reflect the revenues earned and the expenses incurred

e. All of these.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=159 The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is:

a. Cash basis accounting.

.b. The matching principle

c. The time period principle

d. Accrual basis accounting.

e. Revenue basis accounting.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=160 Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of:

a. Items that require contra accounts.

b. Items that require adjusting entries.

c. Asset and equity

d. Asset accounts

e. Income statement accounts.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN= 161 Which of the following statements is incorrect?

a. Adjustments to prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities.

b. Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded

.c. Adjusting entries can be used to record both accrued expenses and accrued revenues.

d. Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time.

e. Adjusting entries affect the cash account.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=162 An adjusting entry could be made for each of the following except:

a. Prepaid expenses.

b. Depreciation.

c. Owner withdrawals

d. Unearned revenues

e. Accrued revenues.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=163 An adjusting entry could be made for each of the following except:a. Prepaid expenses.b. Depreciation.c. Suppliesd. Unearned revenues.e. Owner capital

a. Prepaid expenses.

b. Depreciation.

c. Supplies

d. Unearned revenues.

e. Owner capital

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

QN=164 An adjusting entry could be made for each of the following except:

a. Prepaid expenses.

Depreciation.

c. Cash.

d. Accrued expensese.

e. Accrued revenues

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acc101 6

QN=158 Adjusting entries are journal entries made at the end of an accounting period for the purpose of:

QN=159 The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is:

QN=160 Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of:

QN= 161 Which of the following statements is incorrect?

QN=162 An adjusting entry could be made for each of the following except:

QN=163 An adjusting entry could be made for each of the following except:a. Prepaid expenses.b. Depreciation.c. Suppliesd. Unearned revenues.e. Owner capital

QN=164 An adjusting entry could be made for each of the following except:

QN=166 An adjusting entry could be made for each of the following except:

QN=167 An adjusting entry could be made for each of the following except:

QN=168 An adjusting entry could be made for each of the following except:

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