Homework Answers
QUESTION NO: 6
ANSWER - OPTION A - DEBIT TO OFFICE SUPPLIES AND CREDIT TO ACCOUNTS PAYABLE
QUESTION NO: 7
ANSWER - OPTION A - ANALYSE - JOURNAL - LEDGER
QUESTION NO: 8
ANSWER - OPTION B - POSTING
QUESTION NO: 9
ANSWER - OPTION -C DEBIT
QUESTION NO: 10
ANSWER- OPTION- C CHART OF ACCOUNTS
QUESTION NO: 11
ANSWER- OPTION- D POSTING REFERENCE
QUESTION NO: 12
ANSWER- OPTION- D DECREASE AN ASSET ACCOUNT AND DECREASE A LIABILITY ACCOUNT
QUESTION NO: 13
ANSWER- OPTION-A SALES ON CREDIT $3000
QUESTION NO: 14
ANSWER- OPTION-A THE AMOUNT OF DEBIT IS GREATER THAN THE AMOUNT OF CREDIT
QUESTION NO: 15
ANSWER- OPTION-D CHRONOLOGICAL ORDER
QUESTION NO: 16
ANSWER- OPTION- A $ 300 DEBIT BALANCE
QUESTION NO: 17
ANSWER- OPTION- C PREPAID EXPENSES
QUESTION NO: 18
ANSWER- OPTION- A TWO ----( SINCE DOUBLE ENTRY SYSTEM OF ACCOUNTING IS FOLLOWED)
QUESTION NO: 19
ANSWER- OPTION- D LAND ACCOUNT DR $12000 TO COMMON STOCK A/C $12000 CR
QUESTION NO: 20
ANSWER- OPTION- D INCREASE IN LIABILITY ACCOUNT
QUESTION NO: 1
ANSWER- FALSE
QUESTION NO: 2
ANSWER- FALSE
QUESTION NO: 3
ANSWER- FALSE
QUESTION NO: 4
ANSWER- TRUE
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Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account...
Question 11 In order to be classified as a long-term liability the debt must: Not yet...
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
Question 4 Not yet answered Marked out of 1.00 P Flag question 34. C3.ln a Debtor...
Question 4 Not yet answered Marked out of 1.00 P Flag question 34. C3.ln a Debtor Control Account the Bad Debts written off should be shown in the account Select one: a. As a balance carried down O b. Both as a debit and as a credit O c. As a credit O d. As a debit
Question 17 A parent company must own how much of the subsidiary's common stock? Not yet...
Question 17 A parent company must own how much of the subsidiary's common stock? Not yet answered Marked out of 1.00 P Flag question Select one: a. 0.15 b.0.25 OC. 0.75 O d. 0.5 Question 18 Since accounts receivable are usually collected within two month they are classified as: Not yet answered Marked out of 1.00 Select one: a. a fixed asset P Flag question O b. a cash asset c. a current asset d. a recurring asset Question 19...
Question 27 To be classified as a capital expenditure the cost must do what? Not yet...
Question 27 To be classified as a capital expenditure the cost must do what? Not yet answered Marked out of 1.00 Select one: O a. involve long term repairs to an asset b. affect only a piece of machinery or equipment Flag question c. be directly related to a capital account O d. improve or better an existing plant asset Question 28 Which of the following is NOT a current asset? Not yet answered Marked out of 1.00 Select one:...
Question 3 in heating and cooling, 9 = Not yet answered Select one: ATIC Marked out...
Question 3 in heating and cooling, 9 = Not yet answered Select one: ATIC Marked out of 1.00 P Flag question O -ΡΔν • CVAT O m c ΔΤ Question 4 Physical changes occur at constant Not yet answered Marked out of 1.00 Select one: • entropy O time p Flag question temperature O energy A change of temperature of -5°C is equivalent to a temperature change of... Question 5 Not yet answered Marked out of 1.00 P Flag question...
Question 21 What are the results of the physical count are compared to? Not yet answered...
Question 21 What are the results of the physical count are compared to? Not yet answered Marked out of 1.00 Select one: a. last year's count P Flag question O b. the computer (or book) count c. balance sheet value O d. last quarter's count Question 22 Not yet answered How is a formal promissory note in acknowledgment of a customer's debt classified? Marked out of 1.00 Select one: O a. as a note receivable Flag question O b. as...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00 Select one: a. that all invoices are paid in 30 days Flag question O b. the preparation of adjusting entries O c. that revenue be recognized when the cash is received O d. that reversing entries be prepared where is all the financial data needed to calculate the debt-rations found? Question 38 Not yet answered Marked out of 1.00 Select one: a. balance sheet,...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Question 7 How would a company record the invoice for routine maintenance performed on a piece...
Question 7 How would a company record the invoice for routine maintenance performed on a piece of existing equipment? Not yet answered Marked out of 1.00 Select one: a. as liability for the current period O b. as an expense for the current period P Flag question c. as a capitalized cost for the current period O d. as a future expense Under the Equity Method what causes the balance of the investment to decrease? Question 8 Not yet answered...
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
Question 4 Not yet answered Marked out of 1.00 P Flag question 34. C3.ln a Debtor Control Account the Bad Debts written off should be shown in the account Select one: a. As a balance carried down O b. Both as a debit and as a credit O c. As a credit O d. As a debit
Question 17 A parent company must own how much of the subsidiary's common stock? Not yet answered Marked out of 1.00 P Flag question Select one: a. 0.15 b.0.25 OC. 0.75 O d. 0.5 Question 18 Since accounts receivable are usually collected within two month they are classified as: Not yet answered Marked out of 1.00 Select one: a. a fixed asset P Flag question O b. a cash asset c. a current asset d. a recurring asset Question 19...
Question 27 To be classified as a capital expenditure the cost must do what? Not yet answered Marked out of 1.00 Select one: O a. involve long term repairs to an asset b. affect only a piece of machinery or equipment Flag question c. be directly related to a capital account O d. improve or better an existing plant asset Question 28 Which of the following is NOT a current asset? Not yet answered Marked out of 1.00 Select one:...
Question 3 in heating and cooling, 9 = Not yet answered Select one: ATIC Marked out of 1.00 P Flag question O -ΡΔν • CVAT O m c ΔΤ Question 4 Physical changes occur at constant Not yet answered Marked out of 1.00 Select one: • entropy O time p Flag question temperature O energy A change of temperature of -5°C is equivalent to a temperature change of... Question 5 Not yet answered Marked out of 1.00 P Flag question...
Question 21 What are the results of the physical count are compared to? Not yet answered Marked out of 1.00 Select one: a. last year's count P Flag question O b. the computer (or book) count c. balance sheet value O d. last quarter's count Question 22 Not yet answered How is a formal promissory note in acknowledgment of a customer's debt classified? Marked out of 1.00 Select one: O a. as a note receivable Flag question O b. as...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00 Select one: a. that all invoices are paid in 30 days Flag question O b. the preparation of adjusting entries O c. that revenue be recognized when the cash is received O d. that reversing entries be prepared where is all the financial data needed to calculate the debt-rations found? Question 38 Not yet answered Marked out of 1.00 Select one: a. balance sheet,...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Question 7 How would a company record the invoice for routine maintenance performed on a piece of existing equipment? Not yet answered Marked out of 1.00 Select one: a. as liability for the current period O b. as an expense for the current period P Flag question c. as a capitalized cost for the current period O d. as a future expense Under the Equity Method what causes the balance of the investment to decrease? Question 8 Not yet answered...
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