9.According to result of Adjusted Trial Balance, The financial statements are prepared in order:

D.Income Statement, Retained Earnings Statement & Statement of Financial Position.

A.Income Statement, Statement of Financial Position, Retained Earnings Statement.

B.Retained Earnings Statement, Income Statement, Statement of Financial Position.

C.Statement of Financial Position, Retained Earnings Statement, Income Statement.

10.All of the following are REQUIRED steps in the accounting cycle EXCEPT:

A.Journalise entries and post to Ledger accounts.

C.Prepare Financial statements.

13. The company signed a labor contract with 3 employees on September 1, and is expected to pay a monthly salary of $1,000 per employee. The employees has worked at the signing date and knows that this month's salary will be paid next month, so the transaction at the closing period of September 30 is

A.Debit Salaries and wages expenses $3,000 - Credit Salaries and wages Payable $3,000.

B.Debit Salaries and wages expenses $3,000 - Credit Cash $3,000.

C.Debit Cash $3,000 - Credit Salaries and wages expenses $3,000.

15. On September 3, the company had a transaction to recognize Service revenue made $5,000 collected in cash from customers, recorded as Debit Cash $500 and Credit Service revenue $500. The correcting entry if the reversing entry is not used is: InCorrect entry: Dr Cash 500 Cr Revenue: 500, Correct entry: Dr Cash 5000 Cr Revenue: 5000, Correcting:

B.Debit Cash $4500 - Credit Service Revenue $4500.

A.Debit Service Revenu $4500 - Credit Cash $4500.

C.Debit Service Revenu $5500 - Credit Cash $5500.

D.Debit Service Revenu $5,000 - Credit Cash $5,000.

16. On September 1, the company signed a labor contract with 3 employees. The expected monthly salary will be $1,000 per employee. The business transaction on September 1 is

A.Debit Cash $3,000 - Credit Salaries and wages expenses $3,000.

B.Debit Salaries and wages expenses $3,000 - Credit Cash $3,000.

C.Debit Salaries and wages expenses $3,000 - Credit Salaries and wages Payable $3,000.

17. Extented Accounting equation is:

C.Assets = Liabilites + Share capital - Ordinary + Retained Earnings + Revenue - Expenses - Dividends.

A.Assets = Liabilites + Share capital - Ordinary + Retained Earnings + Revenue + Expenses + Dividends.

B.Assets = Liabilites - Share capital - Ordinary - Retained Earnings - Revenue - Expenses - Dividends.

D.Assets = Liabilites + Share capital - Ordinary + Retained Earnings + Revenue - Expenses + Dividends.

18. Record in Debit side:

A.Increase Assets;̀ Decrease Liabilites.

B.Decrease both of Assets; Liabilites.

C.Decrease Assets; Increase Liabilites.

D.Increase both of Assets; Liabilites.

19. Adjusting entries are made to ensure that:

D.revenue is recognized in the period when the service is performed; Expenses are recognized in the period they are incurred

A.accounts of the statement of financial position and the income statement have balances on the cash basis of accounting.

B.Expenses are recognized in the period in which they are incurred.

C.Revenue is recognized in the period when the service is performed.

B.referred to as the book of original entry.

A.indicate the accounts in alphabetical order.

C.only include assets and liabilities accounts.

D.an account files which company stores.

22. X company computed depreciation expenses for equipemenṭ about $100 in May. So, adjusting entry in the end of May:

C.Debit Depreciation expenses 100, Credit Accumulated depreciation-Equipmenṭ 100.

A.Debit Depreciation expenses 100, Credit Equipmenṭ̣ 100.

B.Debit Depreciation expenses 100, Credit Accumulated depreciation- X company 100.

D.Debit Equipment expenses 100, Credit Accumulated depreciation-Equipmenṭ 100.

25. The Recording process will be in the following order:

C.Analyze transaction, Enter transaction in Journal, Tranfer information to Ledger accounts.

A.Tranfer information to Ledger accounts, Analyze transaction, Enter transaction in Journal.

B.Enter transaction in Journal, Analyze transaction, Tranfer information to Ledger accounts.

D.Analyze transaction, Tranfer information to Ledger accounts, Enter transaction in Journal.

26. Which of the following statements about Users accounting information is CORRECT?

A.Regulators are external users.

B.The company manager is an external user.

C.The tax authority is an internal user.

D.Creditors are internal users.

27. ADJUSTING entries for Accrued Expenses:

A.Increase Liabilities; Increase Expenses.

B.Increase Expenses; Increase Assets.

C.Increase Revenue; Increase Assets.

D.Increase Assets; Increase Revenues.

28. Closing entry for INCOME SUMMARY when company has a net loss is:

C.Debit Retained Earnings - Credit Income Summary.

A.No journal entry is required because the income Summary balance is already zero before closing entry.

B.Debit Income Summary - Credit Retained Earnings.

D.None of statement is correct.

29. How many accounting reports?

C.2 reports - management reports and financial statements.

A.3 reports - management reports and financial statements; internal report.

B.4 reports - management reports and financial statements, internal report; investor report.

D.1 report - financial statements.

30. On September 2, the company had a transaction to recognize Service revenue of $5,000 collected in cash from customers, recorded as Debit Cash $50,000 and Credit Service Revenue $50,000. The correcting entry if the reversing entry is not used is:

A.Debit Service Revenue $45,000 - Credit Cash $45,000.

B.Debit Service Revenue $55,000 - Credit Cash $55,000.

C.Debit Cash $45,000 - Credit Service Revenue $45,000.

D.Debit Service Revenue $5,000 - Credit Cash $5,000.

Under the perpetual inventory system, in addition to making the entry to record a sale, a company would

B.make no additional entry until the end of the period.

A.debit Cost of Goods Sold and credit Inventory.

C.debit Inventory and credit Cost of Goods Sold.

D.debit Cost of Goods Sold and credit Purchases.

Jane earned a salary of $600 for the last week of December. She will be paid on January 1. The adjusting entry for Jane’s employer at December 31 is:

D.Dr. Salaries and Wages Expense $600/Cr. Salaries and Wages Payable $600

B.Dr Salaries and Wages Payable $600/Cr Cash $600

C.Dr Salaries and Wages Expense $600/Cr Cash $600

Which of the following is NOT a characteristic of FOB Shipping Point?

A.The point of transfer is when the goods arrive at the buyer’s place of business.

B.The buyer owns goods in transit.

D.The point of transfer is when the goods leave the seller’s place of business.

During the process of closing its books at the end of the year, a company's accountant closed revenue accounts totalling $500,000 and expense accounts totalling $450,000. The company paid dividend $30,000 for shareholders. Which of the following statements is true?

B.The company's Capital increased by $20,000 during the year.

A.The company's Capital increased by $50,000 during the year.

C.The company's Capital increased by $80,000 during the year.

D.The company's net income for the year was $20,000.

The Income Summary account:

C.Is used during the process of closing the books.

A.Remains open from one accounting period to the next accounting period.

D.Appears on a post-closing trial balance.

The proper journal entry to record $1,000 of Dividends paid by Myer’s Corporation is:

A.Dr. Dividends 1,000/ Cr. Cash 1,000

B.Dr. Accounts Payable 1,000/ Cr. Cash 1,000

C.Dr. Dividends Expense 1,000/ Cr. Service Revenue 1,000

D.Dr. Dividends Expense 1,000/ Cr. Cash 1,000

If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be:

A.debit Unearned Service Revenue and credit Service Revenue.

B.debit Unearned Service Revenue and credit Prepaid Expense.

C.debit Unearned Service Revenue and credit Accounts Receivable.

D.debit Unearned Service Revenue and credit Cash.

Which of the following statements about the post-closing trial balance is true?

C.The post-closing trial balance lists all accounts with a non-zero balance.

A.If the post-closing trial balance is in balance, then no journalizing or posting errors have been made.

B.The retained earnings account balance on the trial balance is the same as the retained earnings account balance on the post-closing trial balance.

D.The post-closing trial balance lists the same accounts and amounts as the trial balance; the post-closing trial balance is created later than the trial balance.

ABC company received a cash advance of $700 from a customer. As a result of this event:

C.assets increased by $700 (Debited).

A.both assets and equity increased by $700 (Debited and Credited).

B.equity increased by $700 (Credited).

D.liabilities decreased by $700 (Debited).

Which of the following statement about an account is true?

A.An account is an individual accounting record of increases and decreases in specific assets, liability, and stockholders equity items.

B.The left side of an account is the credit, or decrease side.

C.There are separate accounts for specific assets and liabilities but only one account for stockholders’equity items.

D.The right side of an account is the debit, or increase side.

Which of the following is NOT a characteristic of FOB Destination?

D.The point of transfer is when the goods leave the seller’s place of business.

A.The seller owns goods in transit.

B.The seller pays for shipping.

C.The point of transfer is when the goods arrive at the buyer’s place of business.

The income statement of a merchandising company contain the following unique features:

C.Sales revenue, cost of goods Sold, and gross profit.

A.Sales revenue, work in process and gross profit.

B.Sales revenue, work in process, and operating expenses.

D.Sales revenue, finished goods, and net income.

Accounting (B)

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Education

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University

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Practice Problem

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Hằng Nguyễn

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C.(1/5) Debit Equipment 12000 - Credit Cash 12000 ; (31/5) Debit Depreciation expense 2400 - Credit Accumulated Depreciation - Equipment 2400.

D.(1/5) Debit Equipment 12000 -Credit Acccounts Payable 12000 ; (31/5) Debit Depreciation expense 200 - Credit Accumulated Depreciation - Equipment 200.

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70 questions

1 Trial balance statement showed balances: Supplies €1000 và Supplies expenses €0. Inventory count revealed that Supplies on hand end of period is €600, so adjusting entry:

2.What types of account will NOT appear in the post-closing trial balance:

3.Which of the following is a MAIN type (or group) of ADJUSTING entries?

4.ADJUSTING entries for Unearned Revenues:

5.UNEARNED REVENUES belong to ..... group. Fill in the blank:

6.The trial balance will NOT be balanced if:

7.On May 1, company X bought an equipment worth $12,000 in cash and plan to use it for 5 years. Question: Record the journal entry on May 1 & the adjusted entry for depreciation expense on May 31:

8.Net PROFIT earned over a period of time when:

9.According to result of Adjusted Trial Balance, The financial statements are prepared in order:

10.All of the following are REQUIRED steps in the accounting cycle EXCEPT:

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