Question 7 options: d. matched, Which of the following is not a characteristic of the accrual basis of accounting? d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? A change from expensing certain costs to capitalizing these costs du. The monthly rent is $7,000. What is the balance to be carried forward in the checkbook? 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: All other trademarks and copyrights are the property of their respective owners. c. optional under generally accepted accounting principles b. Underrecording debt. C. Received $3,800 for fees earned. b. d) Only if the accounting periods are equal in length. a) Income. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? B. b) Liabilities of Perfect Painting are understated at December 31, 2018. Change in accounts payable. A debit to an expense and a credit to an asset account. Please state where each account should be placed? The financial statements will be accurate since the $500 does not have to be paid yet. c) Paid for. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). 1. c) Net income will be understated and total assets will be overstated. Which of the following entries causes an immediate decrease in assets and in profit? c) An asset. The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. \text{From Income Statement:}&\textbf{2018}\\[2pt] c. accumulation Use the following excerpts from Algona Companys financial statements to determine cash received from customers in 2018. c. Intangibles; Accumulated Amortization. c. expenses in the period when they are paid d) The entry to pay outstanding bills. b) Only an estimate. a. depreciation An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. Which of the following is not considered a basic type of adjusting c. Salaries Payable When an automobile is being driven at vvv miles per hour, the average driver requires DDD feet of visibility to stop safely, where D=0.065v2+0.148vD=0.065 v^2+0.148 vD=0.065v2+0.148v. d) Balance sheet items are presented before income statement items. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. Answered: Which of the following is incorrect | bartleby Project Topic Details (a) The entry to record depreciation expense. 6 2/3 a. High School Counselor at Highlands Community Charter School c. common stock a) Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period. a. 1) Unearned revenue is: Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. a. SEJPME PRETEST Flashcards | Quizlet (Assume accrual basis accounting.) Debit Automobile $578 and credit Depreciation Expense $578. 1) The concept of materiality: Since LMA does not enter the trachea, it is less stimulating. a. unearned revenue b. stock dividend distributable c. the currently maturing proportion of long-term debt d. trade accounts payable, What types of account balances are increased by debits? d. debit Gym Memberships Expense; credit Unearned Gym Memberships, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. 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. 20 Which of the following is not considered a basic type of adjusting Revenues, Liabilities, Owners' Equity b. b. deferral basis Adjusting entries part 4 | Other Quiz - Quizizz Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. b) Generally fall into one of two categories. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is As a result of these two omissions: c. Prepaid expenses, land, and accounts receivable. a. revenues and expenses are reported in the period in which cash is received or paid b. revenues are reported on the income statement in the period in which they are earned c. accrual basis of accounting supports the matching concept Which of the following is NOT considered an epidermal appendage? The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt b. Fiscal Technician I at Mount San Antonio College | EDJOIN Wages Expense Expenses have normal debit balances. 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. Our LIMITER plug-in takes all the uncertainty out of limiting by analyzing your audio and making intelligent suggestions as to the best settings for your master. She seems nervous about it. $3,500. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? d) Expenses are a negative factor in the computation of net income. When recording an adjusting entry for a prepaid expense. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 a) $24,000. Which of the following is not considered a basic type of adjusting entry? 1) Unearned revenue appears: Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? Owners' equity will be understated. Weegy: "The total charge will depend on how many visits you make and how many tests are necessary, but the total fee from the beginning of care until the last visit is usually around $200. b) Treats as material only those items that are greater than 2% or 3% of net income. b. For example: making changes to the workplace. CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. 1) Gordy's Corp. has seven employees. First created in 1917 when the U.S. was entering World War I, the debt ceiling has been raised by Congress (and occasionally the president, when authorized to do so by Congress) dozens of times since then. c. book value At the end of June, what should be the balance of Norma's Prepaid Rent account? Is the gift you purchased for that special someone really appreciated? $2,000 b. deferral B. Depreciation Expense. d) Debit Rental Revenue $15,000 and credit Unearned Rental Revenue $15,000. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. B) adaptive smoothing. Question 6 options: 1) In which of the following situations would Daystar Company record unearned revenue in May? A) (b) The entry to record revenue earned but not yet received. (More) b. debit Salary Expense, $12,000; credit Dividends, $12,000 a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, What categories does commissions fall in: A. c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships Before and after the puppies are born, each regular checkup will be $20. Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. (3) On December 1, rent on the office building had been paid for four months. D) trend smoothing. B) An entry to record revenue that has been earned but has not yet been billed to customers. c. The adjustment for prepaid insurance was omitted. The adjusting entry to record the depreciation of a building for the fiscal period is B) [1562][1001]. PDF Table of Contents a) Increase by $9,800. Do nothing yet; Mr. Brown's account is current. -Depreciation for the month of March: $2,300. b) It decreases net income and decreases assets. a. d. net income or loss will not be determined, Adjusting entries always include a. On January 31, Ramona's Nursery paid the interest owed on a note payable for January. Doing so: A. Violates professional standards. c) Matching (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) a. cash basis Interest Revenue d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) b. If no adjustment is made for this item at January 31, how will Princess's financial statements be affected? By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. a. a) Are needed whenever revenue transactions affect more than one period. a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. The company should make an adjusting entry: Assets, liabilities, and owner's equity. An adjusted trial balance is prepared based on the adjusting entries. Changes to previously recorded entries of journal are referred to as adjusting entries. Cash, contributed capital, and retained earnings. Unearned revenue. Asset b. FromBalanceSheetsAccountsReceivableFromIncomeStatement:SalesDec. The first payment is due on July 15. - Liabilities will increase. b. an accrued liability B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? The practice's bank statement shows canceled checks. Purchased land for cash. 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. REGISTER TO BID: Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and any Addenda which are incorporated 1) The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers. The entry to record depreciation expense b. Become a Study.com member to unlock this answer! Liabilities and Revenues c. Expenses and Assets d. Liabilities and Retained Earnings, What type of account is Cash? Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? = 2 1/4. Beginning capital, capital contribution and withdrawals, and net income. a. For the most part, is XOM's P/E ratio above or below that of its peers? A. On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. 24 Questions Show answers. c. revenue She would like you to explain the meaning of terms she has come across related to accounting. 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 1) Which of the following entries causes an immediate decrease in assets and in net income? Not recording contingent liabilities. \end{array} a. Which of the following is most likely not considered an adjusting entry? b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. NOCCCD will not sponsor any visa applications. a) The entry to record depreciation. b) An entry to convert an asset to a liability. C) decreases assets and increases liabilities. c) A credit to Child Care Fees Earned of $4,500. Professional discounts d. $8,000, Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? a. historical cost Level ICS-10. The District may choose to fill one or more positions from this recruitment within six (6) months. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? Revenues and expenses B. . Current assets b. (3) On December 1, rent on the office building had been paid for three months. Do you think the materiality guidelines should be quantified? Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . Which of the following statements is incorrect? In fact, limiter faux pas are one of the easiest ways to undo a hard-earned mix. Toe researchers examined the link between engagement ring price (dollars) and level of appreciation of the recipient (measured on a 7-point scale where 1 = "not at all" and 7 = "to a great extent"). The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric a) Before financial statements and after a trial balance has been prepared. a) In the period in which they are earned. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. $550. a. b. records revenues and expenses when they are incurred C) a. debit Depreciation Expense; credit Building. b) Liabilities Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies copyright 2003-2023 Homework.Study.com. Liabilities, expenses, and assets. Identify where the following item would be reported in the financial statements. (a) Asset impairment charges can be used to raise future reported income. Createyouraccount. What is considered an adjustment to income? - Support Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. Despite the fact that the ad will appear in Haute Cuisine three months after the end of Bon Appetite Caf's current fiscal year, the Caf's accountant recorded the disbursement to advertising expense. Assets are transferred from one corporation to another. C. Assets, expenses, and withdrawals. theater tickets sold for next month's performance. A. expenses and assets B. assets, liabilities, and stockholders' equity C. liabilities and stockholders' equity D. assets and revenue, For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) User: 3/4 16/9 Weegy: 3/4 ? a. expenses when their future economic value expires or is used up Unlike entries made . A) d) Net income will be overstated and total assets will be overstated. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. b. d) Matching. Generally accepted accounting principles require that companies use the ________ of accounting. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. Hospital Tap Water as a Source of Stenotrophomonas Maltophilia The entry to record this event is an example of an adjusting entry: Each earns $800 per week for a five-day work week ending on Friday. b) Net income will be understated and total assets will be understated. Write offs. c) Prepaid expenses become expenses only as goods or services are used up. c. accrued Your brickwall limiter settings will make or break your master. c. debit to Accounts Receivable and a credit to Wages Expense Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. Important Terms: Please Read Before Bidding! d. liability, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n) A GPA adjustment may occur under one of the following conditions: How to Calculate Your . 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 Owners' Equity, Assets c. Liability, Expenses d. Assets, Expenses, Which of the following is a definition of expenses that clearly represents an asset-liability approach? a) Are needed whenever revenue transactions affect more than one period. c. accrual basis The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. D. b. debit Stockholders' Equity; credit Supplies -Rental income accrued during March, tenant to pay in April: $800. 83) Which of the following isnotconsidered an end-of-period adjusting entry?A) The entry to record the portion of unexpired insurance which has become expense during the period. d) Prepaid expenses are shown in a special section of the income statement. Legislative reform is needed, to remove or widen the . c. correction of an error in the general journal. The prepaid insurance account had a balance of $3,000 at the beginning of the year. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . 31,2017$105,000. $3,600 a. income statement account and one balance sheet account 2. ANSWER Correct Option is Option B. Which of the following is not a characteristic of the accrual basis of accounting? changing someone's working arrangements. (Solved) - 1. Which of the following may not be considered a d) $42,000. 45, 2009). a) Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses b) Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues c) Assets -, Which account types have a normal debit balance? a. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. This tool is intended to be used as a guide only. checks stamped "NSF." On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. 3321 (a) and 41 U.S.C.3901 ). Accounting chapter 3 Flashcards | Quizlet answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. A) Whenever revenue is not received in cash. Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? Accounting - Chapter 4 Flashcards | Quizlet