Homework Answers
| Answer : Option c [ permanent accounts ] |
| Explanation : |
| Permanent accounts are those which appear on the balance sheet for example ; Accounts receivables, notes payable, common stock, etc. |
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Because the balance at the end of one accounting period becomes the opening balance at the...
Accrued revenues: Multiple Choice At the end of one accounting period result in cash receipts in...
Accrued revenues: Multiple Choice At the end of one accounting period result in cash receipts in a future period. At the end of one accounting period often result in cash payments in the next period. Are also called unearned revenues. Are recorded at the end of an accounting period because cash has already been received for revenues earned. Are listed on the balance sheet as liabilities.
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
Deferred revenues: a. At the end of one accounting period often result in cash receipts from...
Deferred revenues: a. At the end of one accounting period often result in cash receipts from customers in the next period. b. At the end of one accounting period often result in cash payments in the next period. c. Are also called accrued revenues d. Are recorded at the end of an accounting period for revenues earned because cash has already been received
1. The debit balance in Cash Short and Over at the end of an accounting period is reported as
1. The debit balance in Cash Short and Over at the end of an accounting period is reported asa. an expense on the income statementb. income on the income statementc. an asset on the balance sheetd. a liability on the balance sheet2. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?a. debit Notes Receivable; credit Cashb. debit Cash; credit Miscellaneous Incomec. debit...
Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance...
Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements. -what are notes receivable? -what are long term liabilities? -what is the difference between permanent and temporary accounts?
a b. C d. Expenses paid in cash before they are used or consumed. The difference...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
match the lettered definition with the vocab word a. Expenses paid in cash before they are...
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
At the end of the accounting period, the Service Fees Earned account has a balance of...
At the end of the accounting period, the Service Fees Earned account has a balance of $76,000. The accountant makes two adjustments--one to accrue unbilled service fees of $6,000, and the other to reduce the Unearned Service Fees liability account by $900. After the adjustments are posted, the Service Fees Earned account has a balance of: Select one: a. $75,400 b. $82,900 c. $79,900 d. $72,100 e. None of the above
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200 of prepaid insurance 31. When closing entries are made: A. All ledger accounts are closed to start the new accounting period. B. All temporary counts are closed but not the permanent accounts. C. All real accounts are closed but not the nominal accounts D. All permanent accounts are closed but not the nominal accounts 32. Closing the temporary accounts at the end of each...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
Deferred revenues: a. At the end of one accounting period often result in cash receipts from customers in the next period. b. At the end of one accounting period often result in cash payments in the next period. c. Are also called accrued revenues d. Are recorded at the end of an accounting period for revenues earned because cash has already been received
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
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