Question

Blackboard * → XCO * Question Completion Status: QUESTION 26 The adjusting process: A requires the accountant to analyze the various accounts maintained by a business B. is an outgrowth of the accrual basis of accounting Collapse 2019-Fall: ACCT-2401-BV2-Prin. of Fina C. is an outgrowth of the periodicity assumption D. All of these E. None of these QUESTION 27 For purposes of reporting the results of operations, the life of a business is: O A considered to be one continuous reporting period B. divided into discrete accounting periods C. divided into one-year time intervals D. divided into specific points in time E. None of these QUESTION 28 If payday occurs on each Wednesday for the weekly pay period ending the previous Friday, and an entry is made ea payday (Wednesday) would involve a debit to: O A Wage Expense B. Wages Payable OC Cash This is a table showing the attributes of a collection of items. Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Answer 1

question 26.

D.. All of these.

the adjusting process requires analysis of accounts maintained by the business and is an out growth of accrual basis and also periodicity assumption.

question 27..

B.divided into discrete accounting periods.

The life of a business is divided into discrete periods to to report the results of operations.

question 28.

A. wages expense.

the required entry will be:

wages expense a/c......dr....xxx

.......to wages payable a/c...xxx

question 31:

E.none of these.

closing entry will be :

income summary a/c dr 9,500...

..........To expenses a/c............9,500.

(to close the expenses)

revenues a/c dr.....8,000

...........To income summary a/c......8,000.

(to close revenue)

question 32.

e. none of these.

current ratio = current assets / current liabilities