🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
3
answers
0
watching
13
views
27 Nov 2019

Question 3
Name and describe the five elements of internal control.

Question 5
(a) If the receivable turnover is 20, how many days are thereceivables outstanding, on the average?

(b) What are the three classifications of receivables?

Question 6
There are four steps that are involved in the closing process. Whatare the four journal entries that are required in closing thetemporary accounts?

Question 7
What are the four basic categories or types of accounts thatrequire adjusting entries at the end of an accounting period?

Watch
3
answers
0
watching
13
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Nestor Rutherford
Nestor RutherfordLv2
23 Oct 2019
Get unlimited access
Already have an account? Log in
Share

Related questions

QUESTION 1

Accounting is an information and measurement system thatidentifies, records, and communicates relevant, reliable, andcomparable information about an organization's businessactivities.
True
False

QUESTION 2

We use the accounting equation to identify what a company ownsand owes. The accounting equation is:
Assets = Liabilities + Equity
Assets = Liabilities – Equity
Assets = Liabilities + Revenues
Equity = Liabilities + Revenues
QUESTION 3

______ are beliefs that distinguish right from wrong. Thesebeliefs are accepted standards of gauging good and dishonestbehavior.
Accounting Standards
Ethics
Generally Accepted Accounting Principles
FASB
QUESTION 4

The _____ is a collection of all accounts within a company’saccounting system.
General Journal
Chart of Accounts
General Ledger
Balance Sheet
QUESTION 5

We use the accounting equation to identify what a company ownsand owes. _____ are resources a company owns or controls, _____ areclaims creditors have against a company’s assets, and _____ is theowner’s claim on a company’s assets.

QUESTION 6

In double entry accounting a credit to an asset account willrepresent an increase in the asset account balance; and a debitwill represent a decrease in the asset account balance.
True
False
QUESTION 7

The purchase of supplies on credit will ____ assets and ____liabilities.
Increase, decrease
Decrease, increase
Decrease, decrease
Increase, increase
QUESTION 8

During the accounting cycle, we analyze transactions toprepare statements.
True
False
QUESTION 9

The supplies account for a company has a $1,000 debit balanceat the beginning of the year. Supplies of $2,000 were purchasedduring the year and debited to the Supplies account. A December 31physical count shows $500 of supplies remaining at the end of theyear. Assume no other adjusting entries are made during the year.Using the 3-step process for creating adjusting entries, calculatethe adjustment amount for supplies (no journal entry isrequired).
$1,000 adjustment
$2,000 adjustment
$2,500 adjustment
$3,000 adjustment
QUESTION 10

During the accounting cycle, to complete step 7 youwould:
Prepare post-closing trial balance--Test clerical accuracy ofthe closing procedures.
Prepare adjusted trial balance--Summarize adjusted ledgeraccounts and amounts.
Prepare statements--Use adjusted trial balance to preparefinancial statements.
Close--Journalize and post entries to close temporaryaccounts.
QUESTION 11

The three financial statements that should be prepared duringthe accounting cycle are the:
Balance sheet, adjusted trial balance, income statement
Balance sheet, unadjusted trial balance, Statement of Owner’sEquity
Income statement, adjusted trial balance, Statement of Owner’sEquity
Balance sheet, Income statement, Statement of Owner’sEquity

QUESTION 12

An optional working paper, which is not a required report oran accounting record, but is used to prepare a company's unadjustedtrial balance, adjusting entries, adjusted trial balance, andfinancial statements is a(n):
Adjusted trial balance
Worksheet
Post-closing trial balance
Unadjusted trial balance
General ledger
QUESTION 13

The two goals for completing the closing process are:
To identify accounts for closing and record the closingentries
To journalize and post transactions
To post transactions and prepare post-closing trialbalance
To reset revenues, expenses, and withdrawal account balancesto zero at the end of each period, and help summarize an accountingperiod’s revenues and expenses.
QUESTION 14

Fill in the Blank: The _____ describes a company’s financialposition – by the types and amounts of assets, liabilities, andequity -- at a point in time.

QUESTION 15

Return on Assets is useful in evaluating management, analyzingand forecasting profits, and planning activities.
True
False

QUESTION 16

The Income Statement:
Identifies cash inflows (receipts) and cash outflows(payments) over a period-of-time.
Summarize adjusted ledger accounts and amounts
Describes a company’s revenues and expenses along with theresulting net income or net loss -- over a period-of-time due toearnings activities
Resets revenues, expenses, and withdrawal account balances tozero at the end of each period.
QUESTION 17

An internal control system consists of the policies andprocedures used to:
Protect assets and Ensure reliable accounting
Urge adherence to company policies and Promote efficientoperations
All of the above
None of the above.
QUESTION 18

The cost-benefit principle is the second limitation of_______.
Bank reconciliations
Petty cash controls
Voucher system of controls
Internal controls
QUESTION 19

The Unadjusted Trial Balance columns of a company's work sheetshows the Store Supplies account with a balance of $750. TheAdjustments columns shows a credit of $425 for supplies used duringthe period. The amount shown as Store Supplies in the Balance Sheetcolumns of the work sheet is:
$325 debit
$325 credit
$425 debit
$425 credit
QUESTION 20

A company shows a $600 balance in Prepaid Rent in theUnadjusted Trial Balance columns of the work sheet. The Adjustmentscolumns show expired rent of $200. This adjusting entry resultsin:
$200 decrease to net income
$200 increase to net income
$200 different between the debit and credit columns of theUnadjusted Trial Balance
An error in the Balance Sheet

QUESTION 21

This semester we have discussed four major financialstatements. List the 4 financial statements and describe them. Makesure to include how they flow together.

QUESTION 22

Explain the purpose of adjusting entries at the end of aperiod.

1.
The realizationprinciple indicates that revenue usually should be recorded inthe accounting records:
Question 1 options:
A) when cash is collected from customers
B) when goods are sold or services are rendered to customers
C) at the end of the accounting period
D) only when the revenue can be matched by an equal dollar amountof expenses
E) both (b) and (d) are correct

2.
Which of the following account(s) would be part ofworking capital?
Question 2 options:
A) accounts payable
B) land
C) supplies
D) retained earnings
E) cost of goods sold
F) two of the above accounts are part of working capital
G) three of the above accounts are part of working capital
H) four of the above accounts are part of working capital
I) all of the above accounts are part of working capital

3.
On May 17, Buckeye Corporation performed $800 ofservices for ABC Company, a customer. ABC paid for one-half ofthe
bill on May 17 and agreed to pay the remainder within 30 days. OnJune 9, ABC paid the remaining amount owed. Which
of the following journal entries would ABC Company make onJune 9?
Question 3 options:
A) debit accounts receivable $400 and credit cash $400
B) debit cash $400 and credit service revenue $400
C) debit accounts payable $400 and credit service revenue$400
D) debit cash $400 and credit accounts payable $400
E) debit cash $400 and credit accounts receivable $400
F) debit accounts payable $400 and credit cash $400

4.
The following information is available for XYZ Company: January 1, 2003 December 31, 2003Assets $500,000 $700,000Liabilities $300,000 $400,000 Equity $200,000 $300,000
XYZ Company reported a net income of $50,000 during 2003.
XYZ Company's return on equity (ROE) for 2003 was equal to:
Question 4 options:
A) 8.3%
B) 50.0%
C) 25.0%
D) 20.0%
E) 16.7%

5.
Fletcher, Inc. reported an ending notes payablebalance of $57,000. An examination of the notes payablet-account
revealed debits of $25,000 and credits of $39,000 during the year.The beginning notes payable balance for Fletcher,
Inc. was equal to:
Question 5 options:
A) $71,000 credit
B) $71,000 debit
C) $43,000 debit
D) $43,000 credit
E) none of the above are correct

6.

Indicate the effect each of the following transactions has onthe accounting equation (i.e., assets, liabilities, and equity).Enter the number corresponding to your answer in the box provided.Answer choices may be used once, more than once, or not atall.

Question 6 options:
ABC Company performed $2,000 of delivery servicesfor a customer who agreed to pay next month

ABC Company paid $2,000 cash to the bank; $1,800of this amount was the repayment of a bank loan and the other $200paid was interest

ABC Company made the adjusting entry to accrueincome taxes owed but not yet paid

ABC Company purchased equipment for $3,000cash

1.
assets increase; liabilities increase; equitydecrease
2.
assets decrease; liabilities decrease; equity noeffect
3.
assets increase; liabilities no effect; equityincrease
4.
assets no effect; liabilities no effect; equity noeffect
5.
assets no effect; liabilities increase; equitydecrease
6.
assets increase; liabilities increase; equityincrease
7.
assets increase; liabilities increase; equity noeffect
8.
assets no effect; liabilities decrease; equityincrease
9.
assets decrease; liabilities no effect; equitydecrease
10.
assets decrease; liabilities decrease; equitydecrease
1.
The realizationprinciple indicates that revenue usually should be recorded inthe accounting records:
Question 1 options:
A) when cash is collected from customers
B) when goods are sold or services are rendered to customers
C) at the end of the accounting period
D) only when the revenue can be matched by an equal dollar amountof expenses
E) both (b) and (d) are correct

2.
Which of the following account(s) would be part ofworking capital?
Question 2 options:
A) accounts payable
B) land
C) supplies
D) retained earnings
E) cost of goods sold
F) two of the above accounts are part of working capital
G) three of the above accounts are part of working capital
H) four of the above accounts are part of working capital
I) all of the above accounts are part of working capital

3.
On May 17, Buckeye Corporation performed $800 ofservices for ABC Company, a customer. ABC paid for one-half ofthe
bill on May 17 and agreed to pay the remainder within 30 days. OnJune 9, ABC paid the remaining amount owed. Which
of the following journal entries would ABC Company make onJune 9?
Question 3 options:
A) debit accounts receivable $400 and credit cash $400
B) debit cash $400 and credit service revenue $400
C) debit accounts payable $400 and credit service revenue$400
D) debit cash $400 and credit accounts payable $400
E) debit cash $400 and credit accounts receivable $400
F) debit accounts payable $400 and credit cash $400

4.
The following information is available for XYZ Company: January 1, 2003 December 31, 2003Assets $500,000 $700,000Liabilities $300,000 $400,000 Equity $200,000 $300,000
XYZ Company reported a net income of $50,000 during 2003.
XYZ Company's return on equity (ROE) for 2003 was equal to:
Question 4 options:
A) 8.3%
B) 50.0%
C) 25.0%
D) 20.0%
E) 16.7%

5.
Fletcher, Inc. reported an ending notes payablebalance of $57,000. An examination of the notes payablet-account
revealed debits of $25,000 and credits of $39,000 during the year.The beginning notes payable balance for Fletcher,
Inc. was equal to:
Question 5 options:
A) $71,000 credit
B) $71,000 debit
C) $43,000 debit
D) $43,000 credit
E) none of the above are correct

6.

Indicate the effect each of the following transactions has onthe accounting equation (i.e., assets, liabilities, and equity).Enter the number corresponding to your answer in the box provided.Answer choices may be used once, more than once, or not atall.

Question 6 options:
ABC Company performed $2,000 of delivery servicesfor a customer who agreed to pay next month

ABC Company paid $2,000 cash to the bank; $1,800of this amount was the repayment of a bank loan and the other $200paid was interest

ABC Company made the adjusting entry to accrueincome taxes owed but not yet paid

ABC Company purchased equipment for $3,000cash

1.
assets increase; liabilities increase; equitydecrease
2.
assets decrease; liabilities decrease; equity noeffect
3.
assets increase; liabilities no effect; equityincrease
4.
assets no effect; liabilities no effect; equity noeffect
5.
assets no effect; liabilities increase; equitydecrease
6.
assets increase; liabilities increase; equityincrease
7.
assets increase; liabilities increase; equity noeffect
8.
assets no effect; liabilities decrease; equityincrease
9.
assets decrease; liabilities no effect; equitydecrease
10.
assets decrease; liabilities decrease; equitydecrease

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in