Homework Answers
Answer
Option 3
Accumulated Depreciation
Accumulated Depreciation is a contra account as the depreciation is credited and the balance is deducted for assets each year.
This account has the amounts where the company needs to make up for the future or present discounts and depreciations and doubtful payments.
Add Answer to:
Which of the following is considered a "contra" account? Multiple Choice O Deferred Revenue. O Goodwill....
Multiple Choice Question 106 Which of the following accounts is classified as a contra revenue account? Sales R...
Multiple Choice Question 106 Which of the following accounts is classified as a contra revenue account? Sales Returns and Allowances Purchase Discounts Cost of Goods Sold Sales Revenue Multiple Choice Question 107 Sales revenues are usually considered earned when goods have been transferred from the seller to the buyer. adjusting entries are made. cash is received from credit sales. an order is received.
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense...
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense C. Accumulated Depreciation O D. Book Value
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account....
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account. a contra-equity account. a contra-asset account. a contra-expense account. PART B An analyst notes that ABC Inc.’s allowance for credit losses as a percentage of year-end accounts receivable has changed. Which of the following would not be a plausible explanation for the change? Multiple Choice ABC’s management is using the allowance for credit losses to “manage” earnings. The company ages its receivables and the...
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra...
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra asset until used. A liability A revenue. An asset. CPAs obtain a license from: Multiple Choice The AICPA. The federal government. State governments. The SEC. The purpose of closing entries is to transfer: Multiple Choice Assets and liabilities when operations are discontinued. Inventory to cost of goods sold when merchandise is sold. Balances in temporary accounts to a permanent account. Accounts receivable to retained...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the Balance Sheet. o as a liability on the Income Statement o as owner's equity on the Balance Sheet. o as an expense on the Income Statement. Proy 1 of 30
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account...
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account b. Asset account O C. Expense account O d. None of the above e Liability account
Which of the following would not be considered a revenue recognition abuse? Multiple Choice Recording goods on layaway...
Which of the following would not be considered a revenue recognition abuse? Multiple Choice Recording goods on layaway for a customer as a final sale. Recording revenue on a large shipment to a customer whose ability to pay is not reasonably assured. Recording goods on consignment as part of inventory when there is a right of return. Recording revenue on goods ready for delivery to the customers, segregated in the company warehouse without a bill-and-hold arrangement in the contract.
32. Which of the following accounts is classified as a contra revenue account? A) Sales Revenue...
32. Which of the following accounts is classified as a contra revenue account? A) Sales Revenue B) Cost of Goods Sold C) Sales Returns and Allowances D) Purchase Discounts 33. Ron's Quik Shop bought equipment for $70,000 on January 1, 2013. Ron estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2014, Ron decides that the business will use the equipment for a total of...
Which of the assets does not match with the correct contra account? Select one: O a....
Which of the assets does not match with the correct contra account? Select one: O a. Intangibles and Accumulated Amortization b. Property, Plant and Equipment and Accumulated Depreciation O c. Accounts Receivable and Bad Debt Expense O d. Inventory and Provision for Obsolescence
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
Multiple Choice Question 106 Which of the following accounts is classified as a contra revenue account? Sales Returns and Allowances Purchase Discounts Cost of Goods Sold Sales Revenue Multiple Choice Question 107 Sales revenues are usually considered earned when goods have been transferred from the seller to the buyer. adjusting entries are made. cash is received from credit sales. an order is received.
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense C. Accumulated Depreciation O D. Book Value
An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra asset until used. A liability A revenue. An asset. CPAs obtain a license from: Multiple Choice The AICPA. The federal government. State governments. The SEC. The purpose of closing entries is to transfer: Multiple Choice Assets and liabilities when operations are discontinued. Inventory to cost of goods sold when merchandise is sold. Balances in temporary accounts to a permanent account. Accounts receivable to retained...
On a balance sheet, Accumulated Depreciation-Equipment is reported: Multiple Choice o as a contra-asset on the Balance Sheet. o as a liability on the Income Statement o as owner's equity on the Balance Sheet. o as an expense on the Income Statement. Proy 1 of 30
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account b. Asset account O C. Expense account O d. None of the above e Liability account
32. Which of the following accounts is classified as a contra revenue account? A) Sales Revenue B) Cost of Goods Sold C) Sales Returns and Allowances D) Purchase Discounts 33. Ron's Quik Shop bought equipment for $70,000 on January 1, 2013. Ron estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2014, Ron decides that the business will use the equipment for a total of...
Which of the assets does not match with the correct contra account? Select one: O a. Intangibles and Accumulated Amortization b. Property, Plant and Equipment and Accumulated Depreciation O c. Accounts Receivable and Bad Debt Expense O d. Inventory and Provision for Obsolescence
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
Most questions answered within 3 hours.
-
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 7 minutes ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 1 hour ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 2 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 3 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 3 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 4 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 4 hours ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 5 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 6 hours ago -
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 6 hours ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 6 hours ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 6 hours ago