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Prior to the adjusting process, accrued revenue has (Points:
17. Prior to the adjusting process, accrued revenue has (Points: 3)been earned and cash receivedbeen earned and not recorded as revenuenot been earned but recorded as revenuenot been recorded as revenue but cash has been received18. Accrued expenses are ordinarily reported on the balance sheet as (Points: 3)assetsliabilitiesfixed assetsprepaid expenses19. The account type and normal balance of Accumulated Depreciation is (Points: 3)revenue, creditexpense, debitasset, creditasset, debit20. The unearned rent account has a balance of $36,000. If $4,000 of the $36,000 is unearned at the end of the accounting period, the amount of the adjusting entry is (Points: 3)$4,000$40,000$32,000$36,00021. Adjusting entries affect at least one (Points: 3)income statement account and one balance sheet accountrevenue and the drawing accountasset and one owner's equity accountrevenue and one capital account22. Short-term liabilities are those liabilities that (Points: 3)will be paid in less than one yearare due to paid in 5 to 10 yearsare due to be paid in more than one yearare liabilities owed to the owner and will never be paid23. The income statement is prepared from: (Points: 3)the adjusted trial balance.the income statement columns of the work sheet.either the adjusted trial balance or the income statement columns of the work sheet.both the adjusted trial balance and the income statement columns of the work sheet.24. Which of the following account groups are all considered nominal accounts? (Points: 3)Cash, Fees Earned, Unearned RevenuesPrepaid Expenses, Unearned Revenues, Fees EarnedCapital Account, Drawing Account, Income SummaryDrawing Account, Fees Earned, Rent Expense25. Which of the following is not true about closing entries? (Points: 3)There are four closing entries that update the owner's equity account.After the second closing entry, the income summary account is equal to the net income or (loss) for the period.All real accounts are closed at the end of the period.By closing nominal accounts at the end of the period to zero, it is possible to isolate next period's information correctly.26. Accumulated Depreciation appears on the (Points: 3)balance sheet in the current assets sectionbalance sheet in the property, plant and equipment sectionbalance sheet in the long-term liabilities section27. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:Accumulated Depreciation $2,300Fees Earned 14,700Depreciation Expense 1,300Insurance Expense 200Prepaid Insurance 4,800Supplies 900Supplies Expenses 3,800Net income for the period is (Points: 3)$1,400$9,400$14,700$7,10028. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? (Points: 3)Supplies ExpenseAccumulated DepreciationPrepaid InsuranceUnearned Rent29. Use the following worksheet to answer the following questions.Grid 5Notes Receivable due in 350 days appear on the (Points: 3)balance sheet in the current assets sectionbalance sheet in the fixed assets sectionbalance sheet in the current liabilities sectionincome statement as an expense30. After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period? (Points: 3)$7,800 net income$7,800 net loss$85,300 net income$77,500 net loss31. After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period? (Points: 3)$5,140 net income$37,875 net loss$5,140 net loss$32,735 net income32. Which of the statements below indicates that a company earned a net income for the period? (Points: 3)The sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the work sheet.The sum of the credits exceeds the sum of the debits in the Income Statement columns on the work sheet.The sum of the debits exceeds the sum of the credits in the Income Statement columns on the work sheet.Cash inflows exceeded cash outflows.33. After net income is entered on the work sheet, the Balance Sheet debit and credit columns must (Points: 3)be the same amount as the total amount of the Income Statement debit and credit columnsequal each otherbe the same amount as the total amount in the Adjusted Trial Balance debit and credit columnsnot be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet34. A net loss appears on the work sheet in the (Points: 3)debit column of the Balance Sheet columnscredit column of the Balance Sheet columnsdebit column of the Income Statement columnscredit column of the Adjustments columns35. Net income appears on the work sheet in the (Points: 3)debit column of the Balance Sheet columnsdebit column of the Adjustments columnsdebit column of the Income Statement columnscredit column of the Income Statement columns36. When purchases of merchandise are made for cash, the transaction may be recorded with the following entry (Points: 3)debit Cash; credit Merchandise Inventorydebit Merchandise Inventory; credit Cashdebit Merchandise Inventory; credit Cash Discountsdebit Merchandise Inventory; credit Purchases37. Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a (Points: 3)credit to Sales Returns and Allowancesdebit to Merchandise Inventorycredit to Merchandise Inventorydebit to Cost of Merchandise Sold38. Using the following information, what is the amount of net sales?Grid 3 (Points: 3)28,97063,13063,00062,09039. The inventory system employing accounting records that continuously disclose the amount of inventory is called (Points: 3)RetailPeriodicPhysicalPerpetual40. Merchandise inventory is classified on the balance sheet as a (Points: 3)Current LiabilityCurrent AssetLong-Term AssetLong-Term Liability41. Multiple-step income statements show (Points: 3)gross profit but not income from operationsneither gross profit nor income from operationsboth gross profit and income from operationsincome from operations but not gross profit42. A company, using the periodic inventory system, has merchandise inventory costing $175 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is (Points: 3)$970$650$300$62043. The inventory system employing accounting records that continuously disclose the amount of inventory is called (Points: 3)RetailPeriodicPhysicalPerpetual44. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.Grid 6 (Points: 3)$502$452$500$45045. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May.Grid 4Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the FIFO inventory cost method. (Points: 3)$264$502$400$79046. The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is (Points: 3)First in first outLast in first outAverage costSpecific identification47. The inventory costing method that reflects a cost flow that is in the order in which the costs were incurred and will report the most current prices in ending inventory is (Points: 3)First in first outSpecific identificationLast in first outAverage cost48. The inventory method that considers the inventory to be composed of the units of merchandise acquired earliest is called (Points: 3)first-in, first-outlast-in, first-outaverage costretail method49. Which of the following is not an example for safeguarding inventory? (Points: 3)Storing inventory in restricted areas.Physical devices such as two-way mirrors, cameras, and alarms.Matching receiving documents, purchase orders, and vendor’s invoice.Returning inventory that is defective or broken.50. A low the inventory rate would be expected for (Points: 3)CostcoWal-MartZale’sTarget51. Kristin’s Boutiques has identified the following items for possible inclusion in its December 31, 2010 inventory. Which of the following would not be included in the year end inventory? (Points: 3)Merchandise purchased FOB shipping point was picked up by the freight company but had still not arrived at Kristin’s Boutique as of December 31, 2010.Kristin has in its warehouse merchandise on consignment from Abby Co.Kristin has sent merchandise to various retailers on a consignment basisKristin has merchandise on hand which has been returned by customers because of wrong size.52. Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error? (Points: 3)owner's equity is overstatedcost of merchandise sold is overstatedgross profit is understatednet income is understated53. During times of rising prices, which of the following is not an accurate statement? (Points: 3)Average costing will yield results that are between those of FIFO and LIFO.LIFO will result in a higher cost of goods sold than FIFO.FIFO will result in a higher net income than LIFO.LIFO will result in higher income taxes than FIFO.54. Under a periodic inventory system (Points: 3)accounting records continuously disclose the amount of inventorya separate account for each type of merchandise is maintained in a subsidiary ledgera physical inventory is taken at the end of the periodmerchandise inventory is debited when goods are returned to vendors55. The following lots of a particular commodity were available for sale during the year:Pict 2The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the last-in, first-out method?(Points: 3)$655$620$690$659
