I have 24 accounting questions I need help with please (FE)

Oct 21st, 2015
KateS
Category:
Accounting
Price: $15 USD

Question description

14. What is the proper entry to show the owner making an investment in the company?

a. a credit to Cash and a debit to Capital

b. a debit to Cash and a credit to Capital

c. a debit to Cash and a credit to Revenue

d. a credit to Cash and a debit to Revenue

16. Which of the statements of the rules of debit and credit is true?

a. Decrease Accounts Receivable with a credit and the normal balance is a credit.

b. Increase Accounts Payable with a credit and the normal balance is a credit.

c. Increase Capital with a debit and the normal balance is a debit.

d. Decrease Cash with a debit and the normal balance is a debit.

18. A credit to a liability account was posted to an owner’s equity account. This would cause:

a. assets to be overstated

b. liabilities to be understated

c. owner’s equity to be understated

d. net income to be overstated

21. The posting reference column on the general journal:

a. shows which transactions have been posted to the ledger

b. displays to which accounts the transactions have been posted

c. allows us to cross reference to the general ledger

d. All of the above.

22. Which of the following would cause the trial balance to be out of balance?

a. a debit to Cash and a debit to Equipment for the same amount

b. a credit to Cash and a debit to Supplies for the same amount

c. a debit to Accounts Receivable and a credit to Accounting Fees for the same amount

d. All of the above.

24. The adjustment to record supplies used during the period would be:

a. debit Supplies; credit Supplies Expense

b. debit Supplies Expense; credit Cash

c. debit Supplies Expense; credit Supplies

d. debit Supplies; credit Cash

25. A contra-asset is:

a. in reality a liability

b. an asset with a debit balance

c. an account with an opposite balance of a normal asset

d. an account that increases the asset

28. The adjustment that is made to allocate the cost of a building over its expected life is called:

a. depreciation

b. residual value

c. accumulated depreciation

d. None of the above.

29. Logan’s Snowboards estimated depreciation for office equipment at $250. The adjusting

 entry to record the depreciation would include a:

a. debit to Accumulated Depreciation for $250

b. credit to Depreciation Expense for $250

c. credit to Accumulated Depreciation for $250

d. credit to Office Equipment for $250

30. When making the adjustment for prepaid insurance, instead of writing off only the time that

 has passed the entire policy was written off. This would:

a. overstate the assets

b. overstate the liabilities

c. understate net income

d. None of the above.

34. The entry to close the Depreciation Expense account would cause:

a. the Capital account balance to increase

b. the Capital account balance to decrease

c. the Depreciation Expense account balance to decrease

d. None of the above.

35. J. Oros showed a net loss of $3,200. The entry to close the Income Summary account would

 include a:

a. debit to Oros, Capital, $3,200

b. debit to Income Summary , $3,200

c. credit to Oros, Capital, $3,200

d. credit to Cash, $3,200

36. After closing the revenue, expense, and withdrawal accounts, the capital increased by

 $2,000. Which of the following situations could have occurred?

a. The company had a net income.

b. The owner invested an additional amount.

c. The owner made a withdrawal.

d. All of the above.

44. If the owner of Que Legal Services forgot to deduct a withdrawal from the balance per books,

 what entry would be necessary?

a. Debit Cash; credit Withdrawals

b. Debit Withdrawals; credit Cash

c. Debit Revenue; credit Cash

d. Debit cash; credit Revenue

47. A company can deem an employee as salaried:

a. if they do not want to pay overtime wages

b. if the employee meets the salaried laws under the Fair Labor Standards Act

c. to make the payroll process easier

d. if they have been employed at the company for 1 year or longer

59. The side that increases the balance of the Sales Discount account is:

a. a credit

b. a debit

c. zero

d. It does not have a normal balance.

64. A sales discount correctly taken by the charge customer was debited to Sales at the time the

 entry was recorded. This error will cause the:

a. net income for the period to be overstated

b. net income for the period to be understated

c. sales discount account to be understated

d. sales account to be overstated

65. Payment for merchandise sold on credit for $100 subject to 1/10 n/30 was received within

 the discount period—$99 was received. This was recorded with a debit to Sales Discounts

 for $1, a debit to Cash for $99, and a credit to Accounts Receivable $100, but no mention

 was made of the subsidiary ledger account. This error will cause the:

a. net income for the period to be overstated

b. net income for the period to be understated

c. control account to not agree with the subsidiary ledger

d. assets to be overstated

67. Purchases Discount:

a. is a contra-cost account

b. has a normal debit balance

c. decreases Net Income

d. All of the above.

68. F.O.B. shipping point means:

a. the buyer pays for the freight

b. the seller pays for the freight

c. the title passes at time of shipment

d. a and c only

71. A company purchased office supplies on account. This will be recorded with a:

a. debit to Accounts Payable and a credit to Supplies

b. debit to Supplies and a credit to Supplies Expense

c. debit to Supplies and a credit to Accounts Payable

d. credit to Supplies and a debit to Purchases

86. Salvage value was ignored when originally calculating the units-of-production depreciation.

 This error would cause:

a. the period’s net income to be overstated

b. the period’s net income to be understated

c. the period end assets to be overstated

d. None of the above.

92. When stock is exchanged for non-cash assets:

a. debit the asset for prior book value; credit Common Stock for cash received

b. debit assets for market value; credit Common Stock for par value and, if needed,

 Paid-in Capital in Excess of Par

c. debit assets for market value; credit Common Stock for market value

d. debit assets for par value; credit Common Stock for par value

99. The debt in relation to the risk taken by stockholders is measured by:

a. debt to stockholders’ equity

b. gross profit ratio

c. rate of return to stockholders

d. None of the above.


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