Homework Answers
| Option C is the answer | |
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Contingent liability should be recognized when recording the quality assurance warranties. Deferred revenue is not recognized. Comment if you face any issues |
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Which of the following is true about the initial journal entry used to record quality- assurance...
An audit provides reasonable assurance of detecting which of the following types of material illegal acts?...
An audit provides reasonable assurance of detecting which of the following types of material illegal acts? Direct Effect A. Yes Without a Direct Effect Yes No B. Yes NO 1 C. D. Yes No NO Multiple Choice Option A Option B Option C Option D
Which of the following is/are not true about a proper journal entry? Select one: a. An...
Which of the following is/are not true about a proper journal entry? Select one: a. An explanation is needed immediately after each debit and immediately after each credit. b. All credits are indented. c. A debit is never indented, even if a liability or owner's equity account is involved. d. All debits are listed before the first credit. e. In a compound entry, the largest amounts are listed first.
Which of the following is a characteristic of both the expense approach for assurance-type warranties and...
Which of the following is a characteristic of both the expense approach for assurance-type warranties and the sales approach for service-type warranties? ut of Select one: O a. Estimated liability under warranties b. Unearned warranty revenue c. Warranty revenue Od. Warranty expense
The journal entry to record the prior year’s deferred Inflows: property taxes (those expected to be...
The journal entry to record the prior year’s deferred Inflows: property taxes (those expected to be collected more than 60 days beyond year-end) as revenue in the current year would include: Multiple Choice A credit to Revenues Control. A debit to Deferred Inflows: Property Taxes; and a credit to Revenues Control. A debit to Deferred Inflows: Property Taxes. A debit to Revenues Control.
6. Which of the following is true about accounts payable? 1. Accounts payable are also called...
6. Which of the following is true about accounts payable? 1. Accounts payable are also called trade accounts payable 2. When accounts payable are recorded at the net amount, a Purchase Discounts account will be used. 3. When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used. A) B) 2 C) 3 D) Both 2 and 3 are true. 7. Which of the following is an example of a contingent liability? A) Obligations...
6. Which of the following is true about accounts payable? 1. Accounts payable are also called...
6. Which of the following is true about accounts payable? 1. Accounts payable are also called trade accounts payable 2. When accounts payable are recorded at the net amount, a Purchase Discounts account will be used. 3. When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used. A) 1 в) 2 C) 3 D) Both 2 and 3 are true. 7. Which of the following is an example of a contingent liability? A)...
5 Which of the following is the correct journal entry to record the issuance of 3,000...
5 Which of the following is the correct journal entry to record the issuance of 3,000 shares of 6% cumulative, $40 stated value, preferred stock at $44? points Multiple Choice 00:04:52 Debit 132.000 Credit Preferred Stock, $40 Stated Value, 6% Cumulative Cash 132,000
A company should accrue a loss contingency only if the likelihood that a liability has been...
A company should accrue a loss contingency only if the likelihood that a liability has been incurred is: Multiple Choice At least reasonably possible and the amount of the loss is known. Probable and the amount of the loss can be reasonably estimated. At least reasonably possible and the amount of the loss can be reasonably estimated. More likely than not and the amount of the loss is known. Which of the following is not true about deferred revenue? Multiple...
Multiple Choice Question 86 Which of the following is not a true statement about the daily posting of the sales journal...
Multiple Choice Question 86 Which of the following is not a true statement about the daily posting of the sales journal? O The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger. The reference column in the sales journal is checked when the posting is complete for each entry in the journal. O There is no credit posting. O There is a debit posting to accounts in the accounts receivable subsidiary ledger.
Which of the following is NOT a line in your journal entry to record... You disposed...
Which of the following is NOT a line in your journal entry to record... You disposed of Office Furniture for $2,000 cash. The furniture cost $8,000 and had accumulated depreciation of $5,000. Select one: O a. dr. Loss on Disposal of Assets $1,000 O b. dr. Accum.Depreciation - Office Furniture $5,000 O c. dr. Cash $2,000 O d.cr. Office Furniture $8,000 O ecr. Loss on Disposal of Assets - $1,000 Which of the following is NOT a line in your...
An audit provides reasonable assurance of detecting which of the following types of material illegal acts? Direct Effect A. Yes Without a Direct Effect Yes No B. Yes NO 1 C. D. Yes No NO Multiple Choice Option A Option B Option C Option D
Which of the following is a characteristic of both the expense approach for assurance-type warranties and the sales approach for service-type warranties? ut of Select one: O a. Estimated liability under warranties b. Unearned warranty revenue c. Warranty revenue Od. Warranty expense
6. Which of the following is true about accounts payable? 1. Accounts payable are also called trade accounts payable 2. When accounts payable are recorded at the net amount, a Purchase Discounts account will be used. 3. When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used. A) B) 2 C) 3 D) Both 2 and 3 are true. 7. Which of the following is an example of a contingent liability? A) Obligations...
6. Which of the following is true about accounts payable? 1. Accounts payable are also called trade accounts payable 2. When accounts payable are recorded at the net amount, a Purchase Discounts account will be used. 3. When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used. A) 1 в) 2 C) 3 D) Both 2 and 3 are true. 7. Which of the following is an example of a contingent liability? A)...
5 Which of the following is the correct journal entry to record the issuance of 3,000 shares of 6% cumulative, $40 stated value, preferred stock at $44? points Multiple Choice 00:04:52 Debit 132.000 Credit Preferred Stock, $40 Stated Value, 6% Cumulative Cash 132,000
Multiple Choice Question 86 Which of the following is not a true statement about the daily posting of the sales journal? O The invoice number supporting the sales transaction is posted to the reference column in the subsidiary ledger. The reference column in the sales journal is checked when the posting is complete for each entry in the journal. O There is no credit posting. O There is a debit posting to accounts in the accounts receivable subsidiary ledger.
Which of the following is NOT a line in your journal entry to record... You disposed of Office Furniture for $2,000 cash. The furniture cost $8,000 and had accumulated depreciation of $5,000. Select one: O a. dr. Loss on Disposal of Assets $1,000 O b. dr. Accum.Depreciation - Office Furniture $5,000 O c. dr. Cash $2,000 O d.cr. Office Furniture $8,000 O ecr. Loss on Disposal of Assets - $1,000 Which of the following is NOT a line in your...
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