Question

please answer a,b,c,d..some quetions have more than 1 answer

103)Which of the following items would not appear in an income statement? A)Cash. B)Service revenue. C)Salaries expense. D)Advertising expense.

108)ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $36,000 for 18 months, and the crop damage policy was $12,000 for a two-year term. What was the balance in ABC's Prepaid Insurance account as of December 31, 2018? A)$48,000. B)$30,000. C)$18,000. D)$9,000.

109)For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a liability. A) True B) False

140)Which of the following is not a possible journal entry? A)Debit assets; Debit stockholders' equity. B)Credit revenues; Debit assets. C)Debit expenses; Credit liabilities. D)Credit assets; Debit expenses.

141)For a journal entry with only two lines, the following entry is valid: Increase in one Liability, Increase in a second second liability. A) True B) False

142)Consider the following transactions: Issued common stock for cash. Purchased equipment by signing a note payable. Paid rent for the current month. Collected cash from customers on account. How many of these four transactions increased the given company's total assets? A)One. B)Four. C)Two. D)Three.

143)For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in a Owners' Equity. A) True B) False

144)For which of the following must Debits equal Credits (This question may have multiple answers) A)Transaction Entries B)Closing Entries C)Adjusting Entries

145)For a journal entry with only two lines, the following entry is valid: Increase in a Liability, Increase in Revenue. A) False B) True

146)For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Revenue. A) False B) True

147)When writing formal journal entries A)There is no required ordering of Debits and Credits B)Credits are on top, Debits are on the bottom C)Debits are on top, Credits are on the bottom

148)Which of the following accounts would normally have a debit balance? A)Accounts Payable, Service Revenue, Common Stock. B)Income Tax Payable, Service Revenue, Dividends. C)Salaries Payable, Deferred Revenue, Utilities Expense. D)Cash, Delivery expense, Dividends.
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149)Assume that cash is paid for rent to cover the next year. The appropriate debit and credit are: A)Debit Rent Expense, credit Cash. B)Debit Prepaid Rent, credit Rent Expense. C)Debit Cash, credit Prepaid Rent. D)Debit Prepaid Rent, credit Cash.

150)On January 1, ABC started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During the year, the company reported net income of $92,000, paid a dividend of $15,200, and issued more common stock for $27,500. What is total stockholders' equity at the end of the year? A)$1,201,300. B)$1,588,300. C)$1,097,000. D)$1,231,700.

151)For a journal entry with only two lines, the following entry is valid: Increase in an asset, Decrease in a liability. A) True B) False

152)Which of the following has the single greatest impact on stock prices? A)Total dividends. B)Net income. C)Total revenues. D)Total assets.

153)At the beginning of December, ABC had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry? A)Debit Supplies $4,200, credit Supplies Expense $4,200. B)Debit Cash $800, credit Supplies $800. C)Debit Supplies Expense $4,200, credit Supplies $4,200. D)Debit Cash $4,200, credit Supplies $4,200.

154)Receiving a utility bill for costs in the current period but delaying payment until the following period is an example of a(n): A)Deferred revenue. B)Prepaid expense. C)Accrued revenue. D)Accrued expense.

161)Separation of duties occurs when two or more people act in coordination to circumvent internal controls. A) False B) True

162)The Trueblood Criterion is used by A)Managers when reporting to the public B)Internal Management reports (Managerial Accounting) C)Accountants D)Managers when reporting to the IRS

163)The ending Retained Earnings balance of ABC decreased by $1.0 million from the beginning of the year. The company declared a dividend of $5.4 million during the year. What was the net income for the year? A)$6.4 million. B)$4.4 million. C)$7.5 million. D)$1.0 million.

169)After the 1st step in the Operating Cycle, the firm has? A)Inventory B)Receivable C)Cash

171)The second step in the Operating Cycle is called? A)Purchase B)Collection C)Manufacture D)Sale

173)If a company records cash received for services to be provided in the future with a debit to Cash and a credit to Service Revenue, how will this error affect total assets for the current period? A)Not possible to determine. B)Total assets will be correct. C)Total assets will be too low. D)Total assets will be too high.

175)Following are transactions of ABC, a new company, during the month of January: 1. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased $300 of office supplies on account. 6. Paid employees $10,000 for their first month's salaries.
How many of these transactions decreased ABC's total assets? A)Four. B)One. C)Two. D)Three.

177)Prior to year-end adjusting entries, what would explain the Allowance for Uncollectible Accounts having a debit balance? A)The amount of cash collections from customers in the current year was less the amount of cash collections from customers in the prior year. B)The amount of credit sales in the current year was greater than the amount of credit sales made in the prior year. C)The amount of actual uncollectible accounts in the current year was greater than the estimate of uncollectible accounts made at the end of the prior year. D)The amount of actual uncollectible accounts in the current year was less than the estimate of uncollectible accounts made at the end of the prior year.

Answer 1

(103) Ans is option (A) Cash

(108) Ans is option (C) $18,000

(109) Ans is option (b) false

(140) Ans is option (A)Debit assets; Debit stockholders' equity.

(141) Ans is option (B) False

(142) Ans is option (A) One

(143) Ans is option (A) True

(144) Ans are All options A)Transaction Entries B)Closing Entries C)Adjusting Entries

(145) Ans is option (B) True

(146) Ans is option (A) False

(147) Ans is option (C)Debits are on top, Credits are on the bottom

(148) Ans is option (D)Cash, Delivery expense, Dividends.

(149) Ans is option (D)Debit Prepaid Rent, credit Cash

(150) Ans is option (A)$1,201,300

(151) Ans is option (A) True

(152) Ans is option (D)Total assets

(153) Ans is option (D)Debit Cash $4,200, credit Supplies $4,200

(154) Ans is option D)Accrued expense

(161) Ans is option (B) True

(162) Ans is option (A)Managers when reporting to the public

(163) Ans is option (B)$4.4 million

(169) Ans is option (A)Inventory

(171) Ans is option (D) Sale

(173) Ans is option (C)Total assets will be too low

(175) Ans is option (B) One

(177) Ans is option (D)