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QUESTION 4 5 points Which of the following is not true? The balances in the Income...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal...
1) A worksheet is a: A) formal document shown with a company's annual report. B) formal document required by the Canada Revenue Agency. C) formal document required by creditors. D) multicolumn document used by accountants to aid in the preparation of the financial statements. 2) All of the following are listed on a worksheet except: A) a debit and credit column for a statement of owner's equity. B) a debit and credit column for an income statement. C) a debit...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
* Question Completion Status: QUESTION 1 An external user would NOT include O human resources personnel....
* Question Completion Status: QUESTION 1 An external user would NOT include O human resources personnel. o the company's bank. o a creditor of the company. O Canada Revenue Agency. QUESTION 2 The heading of a balance sheet must identify the company, statement, and date. company, statement, and time period. company and date. statement and date. Click Saure and Shmi * Question Completion Status: QUESTION 3 Which of the following questions would NOT be answered by presenting the statement of...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must...
After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns. True or false?
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
8. The adjustment for depreciation expense was omitted, this would: A) overstate the period's expenses and...
8. The adjustment for depreciation expense was omitted, this would: A) overstate the period's expenses and overstate the period end liabilities. B) overstate the period's expenses and understate the period end liabilities. C) understate the period's expenses and overstate the period's assets. D) understate the period's expenses and understate the period's assets. 9. The income statement columns on a worksheet have subtotals as follows: debit column, $12,000, and credit column, $9,000. This indicates that: A) the company incurred a net...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
After all of the account balances have been extended to the Balance Sheet columns of the...
After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $27,181 and credits of $38,582. This indicates that The amounts are out of balance and need to be corrected The company has a net income of $11,401 for the period. The company has a net loss of $11,401 for the period. Neither net income or loss can be calculated because it...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
* Question Completion Status: QUESTION 1 An external user would NOT include O human resources personnel. o the company's bank. o a creditor of the company. O Canada Revenue Agency. QUESTION 2 The heading of a balance sheet must identify the company, statement, and date. company, statement, and time period. company and date. statement and date. Click Saure and Shmi * Question Completion Status: QUESTION 3 Which of the following questions would NOT be answered by presenting the statement of...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
8. The adjustment for depreciation expense was omitted, this would: A) overstate the period's expenses and overstate the period end liabilities. B) overstate the period's expenses and understate the period end liabilities. C) understate the period's expenses and overstate the period's assets. D) understate the period's expenses and understate the period's assets. 9. The income statement columns on a worksheet have subtotals as follows: debit column, $12,000, and credit column, $9,000. This indicates that: A) the company incurred a net...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $27,181 and credits of $38,582. This indicates that The amounts are out of balance and need to be corrected The company has a net income of $11,401 for the period. The company has a net loss of $11,401 for the period. Neither net income or loss can be calculated because it...
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