d . b. c. The chance of rolling a 3 on two dice is 1/18. a) An exact calculation prepared by an appraiser. Solved Which of the following is not considered a basic type - Chegg a) An entry to accrue unpaid expenses. The adjusting entry on December 31 is 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? finding a different way to do something. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. c. accumulation The entry to record depreciation expense b. 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. Asset b. Accounting chapter 3 Flashcards | Quizlet 2. b) An entry to convert an asset to a liability. b. only balance sheet accounts Adjusting entries are necessary for the following items: D) Expenses. a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. c) $38,000. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. Large corporations are not able to avoid underpaying their taxes by relying on the 100% of the tax shown on the return for the preceding year exception. a) Affects only items reported in the income statement. c. debit Salaries Payable; credit Salaries Expense Which is the best response? The monthly rent is $7,000. If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be, If an entry to adjust depreciation is not recorded at the end of the period, Depreciation Expense on the income statement will be, If the following adjusting entry is omitted, what effect will it have on the financial statements? \text{Sales}&\text{700,000}\\ 59) Which of the following is not a characteristic of trend projections? Vacancy code VA/2023/B5303/25590. c. Offsetting current liabilities against assets that, Which item below is not a current liability? b) Only if the same accountant prepares the income statement each period. Which of the following is not accomplished by an adjusting entry? c. common stock Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships B. a) Assets Fiscal Technician I at Mount San Antonio College | EDJOIN As time passes, fixed assets other than land lose their capacity to provide useful services. -Fees earned in March that had been collected in advance: $2,600. An entry to convert an asset to a liability. d) $117,000. Changes to previously recorded entries of journal are referred to as adjusting entries. D) \end{array} d. debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. a. only income statement accounts Accounts Receivable 1) The accrual of interest on a note payable will: 1) Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. 5. ra - A kzs nyelvvltozattal kapcsolatos, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. 1) In which of the following situations would Daystar Company record unearned revenue in May? 20 Which of the following is not considered a basic type of adjusting d) Assets = Liabilities + Paid-in Capital + Reven. b. A) The asset-liability approach focuses on the measurement of net assets. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? B) Revenue. Begin the equity section with Contributed Capital + Retained Earnings. Asset b. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over- or understated in 2018 and 2019 . d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become a. C) .c) A credit to Child Care Fees Earned of $4,500. Internal auditors. If the balance of supplies at the start of the month was $900 and at the end of the month you had $350 on hand, the adjustment for Supplies would be: $450. a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? the amount originally paid. d. liability, Which of the following is an example of a prepaid expense? a. Using accrual accounting, revenue is recorded and reported only, Using accrual accounting, expenses are recorded and reported only, The accounting principle upon which deferrals and accruals are based is. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. Identify where the following item would be reported in the financial statements. E) running sum of forecast errors (RFSE). Labour TraffickingEven in Canada | Max Bell School of Public Policy b) An expense. A) providing equipment, services or support. b. asset, debit Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) Unearned Fees, (c) Building, (d ) Wages Payable, (e) Office Supplies. 1) Which of the following is the accounting principle that governs the timing of revenue recognition? A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? Debit Depreciation Expense $578 and credit Automobile $578. Advanced Limiting Techniques - Mastering The Mix b) The entry to record depreciation expense. C) An entry to convert. B) It therefore provides a plausible reason as to why human trafficking charges are often dropped or why traffickers are often charged under related crimes, such as forcible confinement, extortion, etc. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. a. D. What are the variables of interest? Use the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018. c. book value The adjusting entry to record the depreciation of a building for the fiscal period is Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? 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? b) Depreciation See all questions asked by natashavale1025. c. Decrease a liability; increase revenue. Legislative reform is needed, to remove or widen the . Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. B. Which of the following is not a characteristic of the accrual basis of accounting? 28. 1) Which statement is true about an adjusted trial balance? a. D) An entry to convert an asset to a liability. What are accrual adjusting entries? | AccountingCoach Which one of the following is not considered a basic type of adjusting Which of the following basic elements of financial statements is more associated with the balance sheet than the income statement? FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, a. b) Daystar Company completes a job for a customer in May; payment will be received in June. Find the matrix products. b. Underrecording debt. Because collecting the adjustment data requires time, the adjusting entries are often. a. Which of the following is not considered a basic type of adjusting entry? 1) Prepaid expenses are: c) An overstatement of liabilities offset by an understatement of owners' equity. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? Borrowed $40,000 from First National Bank. C. Received $3,800 for fees earned. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. b) The entry to record depreciation expense. e. None of the above. d) The entry to convert liabilities to revenue. c) A credit to Child Care Fees Earned of $4,500. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance 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. d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting 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. The adjusting entry required on December 31 is Property, Plant, and Equipment; Accumulated Depreciation. Increase in an asset and increase in a liability. Which of the following situations is not considered an adjustment? Adjusting entries can be divided into the following four types. (a) The entry to record depreciation: $3,000. b. c) Paid for. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. If no adjusting entry is made, how will this year's financial statements of Bon Appetite Caf be affected? The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." c. a computer technician has just signed an agreement with you regarding pricing for future work These adjustments are discussed below. a. a computer technician has installed the latest software updates and was paid on the same day ANSWER Correct Option is Option B. (2) The company's pays all employees up to date each Friday. a. Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? a. expenses when their future economic value expires or is used up a) Income. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. Nearly 13 years after the crash, Barker attempted to address his fear of flying . c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. C. Assets, expenses, and withdrawals. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. d) Prepaid expenses are shown in a special section of the income statement. (a) Asset impairment charges can be used to raise future reported income. Identify where the following item would be reported in the financial statements. Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 d) Only if the accounting periods are equal in length. a) Net income will be overstated and total assets will be understated. 6 2/3 d) The entry to pay outstanding bills. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 B. 6, expenses can be defined by which of the following? What categories capital falls in: A. or in longer cases. $700 It was most recently raised . The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: b. asset c) Net income for Perfect Painting for 2018 is understated. b) Assets = Liabilities - Owners' Equity. 24 Questions Show answers. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . Current assets b. d) Ordered. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. c) The entry to declare a dividend distribution. checks that have a "stop payment" order. When considered, this factor makes the offence of human trafficking difficult to prove. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. copyright 2003-2023 Homework.Study.com. an agreement that has been signed for snow removal services for the next three months C) d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is Which of the following may not be considered a "qualifying asset" under IAS 23? 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? Sweat gland b. Hairc. b. Unearned Revenue Which one of the following is not considered a basic type of adjusting entry? b) Deferred revenue. The following information has been assembled in order to prepare the required adjusting entries at December 31: a. prepaid 35. b) As an asset on the balance sheet. a. Where are the highest populations in Europe? (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. a. theater tickets sold last month for yesterday's performance Owners' equity will be understated. Question 1 Which of the following are considered the original "chronic eight" conditions from the 2008 Risk Adjustment Data Technical Assistance for Medicare Advantage Organizations Participation Guide? c. Revenue minus expenses. Advanced Limiting Techniques. d) Materiality. d. the future value of cash flows. B) adaptive smoothing. c) The entry to record revenue earned but not yet received. 31,2018$85,0002018700,000Dec. Which is an example of asset overstatement fraud? Createyouraccount. 31,2017$105,000. b) $231,900. a) It increases expenses and does not affect assets. An example of a contra-asset account is: A) (a) A power. c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. Credit Interest Payable $2,500 Adjustments include: Medical Savings Account, Form 8853 Educator Expenses User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. a. [1562][1001]. -Rental income accrued during March, tenant to pay in April: $900. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. She would like you to explain the meaning of terms she has come across related to accounting. c. net income or loss will be properly reported on the income statement b) At the end of January, Empire Company pays the custodian for January office cleaning services. 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 After recording these adjustments, net income for March is: a) Are needed whenever revenue transactions affect more than one period. Accumulated depreciation a. a) Assets = Equities. Duration Open ended subject to satisfactory performance and the availability of funds. b. c. correction of an error in the general journal. -Supplies used in March: $300. We level all printers as if everything is properly assembled, tightened, and adjusted. 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 List of Disabilities Covered Under ADA | UpCounsel 2023 b. net income or loss will always be overestimated c) Results in financial statements that are less useful to decision makers because many details have been omitted. When recording this mortgage payment, the accountant should: b. revenues are reported on the income statement in the period in which they are earned A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? "The first examination will be $40 or $50, depending on how long the visit is. checks not accepted by the bank. b. Patient Billing and Collections-Chapter 18 Flashcards | Quizlet c) Net income will be understated and total assets will be overstated. Multiple Choice An entry to convert a liability to a revenue. A debit to an expense and a credit to an asset account. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. Assets = Revenue + Expenses - Liabilities. 3D file Manual Bed Leveling Sensor3D printable model to downloadCults If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? The following information has been assembled in order to prepare the required adjusting entries at December 31: 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? (1). Change in inventory. A. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: Whenever an individual stops drinking, the BAL will ________________. a. The cash basis of accounting records revenues and expenses when the cash is exchanged, while the accrual basis of accounting, records revenues and expenses when they are incurred, at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become, expenses when their future economic value expires or is used up. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? Change from straight-line to sum-of-the-years'-digits method of depreciation. d) Balance sheet items are presented before income statement items. The first payment is due on July 15. Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? Which type of probability (empirical, classical, subjective) is each of the following? a. earned and the cash has been received Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Fees Earned a. What category does capital belong to? Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. b. asset, contra liability Accounting Ch. 3 Flashcards | Quizlet d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as 21. These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. 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 . c) Debit Accrued Interest Payable $6,300. c) Income Assets, capital, and withdrawals. The customer is unemployed and homeless. checks that have been paid by at the bank and charged to the depositor's account. Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples. Question : 52) Which of the following not considered to be one - ScholarOn Payment at the time of service b. Revenues B. C) The entry to record depreciation expense. Reasonable adjustments at work - Acas d) Expenses are a negative factor in the computation of net income. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: YES Accumulated depreciation, salaries payable supplies and unearned rent NO frank kent, drawing land At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. a. depreciation Which of the following entries causes an immediate decrease in assets and in profit? 1) Depreciation expense is: (3) On December 1, rent on the office building had been paid for four months. changing someone's working arrangements. b. deferred Expenses increase stockholders' equity. C. Engineers. = 15 ? What is the balance to be carried forward in the checkbook? a. debit Unearned Gym Memberships; credit Gym Memberships Revenue - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. b. revenue and the dividends account = 45/20 B. (Provide paragraph citations.) Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; A change from expensing certain costs to capitalizing these costs du. Sketch the graph of D(v)D(v)D(v). 1) Omega Company adjusts its accounts at the end of each month.
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