d. liability, Which of the following is an example of a prepaid expense? a. debit Salaries Payable; credit Cash ($4,800 / 12 = $400 * 1 / 2 = $200). a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. checks that have a "stop payment" order. a. b) The entry to record depreciation expense. Employees earn a total of $12,800 per week. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. Answered: Which of the following is incorrect | bartleby Application period 02-Mar-2023 to 17-Mar-2023. D. -Rental income accrued during March, tenant to pay in April: $900. Income statement B. Become a Study.com member to unlock this answer! Prepaid expenses. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? a) Income. Assets and Liabilities B. Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. What reasonable adjustments are. 31,2018Dec. List of Disabilities Covered Under ADA | UpCounsel 2023 A debit to an expense and a credit to cash. a . a) Assets, expenses, and withdraws b) Assets, liabilities, and revenues c) Expense, assets, and capital d) Withdrawals, liabilities, and capital, Which one of the following represents the expanded basic accounting equation? To see how XOM's P/E ratio stacks up to its peers, refer to Google Finance's Related Companies screen. d) Expenses are a negative factor in the computation of net income. Adjusting entries are needed: A. a. net income or loss will always be underestimated The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt B) d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? Internal auditors. January 31 falls on a Tuesday; salaries are paid on Friday of each week. Echo Lake Resort has not yet received payment from the local business. a. a. historical cost d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? Revenues and expenses B. b) Treats as material only those items that are greater than 2% or 3% of net income. c) It increases, Unearned revenue is what type of an account? On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. = 2 5/20 C. Received $3,800 for fees earned. What are the variables of interest? d) Materiality. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. b. an accrued liability B) Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? C. Engineers. Because collecting the adjustment data requires time, the adjusting entries are often. Identify where the following item would be reported in the financial statements. d) Justifies ignoring the matching principle or the realization principle in certain circumstances. Assets c. Stockholders' equity d. Expenses e. Liabilities, Which of the following current asset or current liability accounts is not included in the computation of cash flows from operating activities? Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? 21. Which of the following accounts would likely be included in a deferral adjusting entry? 1) Before any month-end adjustments are made, the net income of Russell Company is $38,000. B. Adjusting entries can be divided into the following four types. a. Answered: Which of the following is most likely | bartleby a) As a reduction to retained earnings. a. prepaid d. the future value of cash flows. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. (3) On December 1, rent on the office building had been paid for three months. This answer has been confirmed as correct and helpful. a) Assets b) Liabilities c) Owner Equity d) Expenditures, In accounting, what is the meaning of capitalized? a) The entry to record the earned portion of rent received in advance. January 31 falls on a Tuesday; salaries are paid on Friday of each week. Our LIMITER plug-in takes all the uncertainty out of limiting by analyzing your audio and making intelligent suggestions as to the best settings for your master. the amount on hand. a. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. Current assets b. E) running sum of forecast errors (RFSE). c. debit Accumulated Depreciation; credit Depreciation Expense. If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? The lease requires monthly rent of $550, with 4 months paid in advance. a. expenses when their future economic value expires or is used up d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? Assets are transferred from one corporation to another. '34_ Which of the following is not considered a basic type of adjusting The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: Which of the following is not considered a basic type. a. cash basis Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? c. accrual Indicate also the type of financial statement. c. Decrease a liability; increase revenue. (Assume accrual basis accounting.) a) Assets of Perfect Painting are overstated at December 31, 2018. d) Daystar Company receives payment in May for work to be performed in June and July. Which of the following would not cause the adjusted trial balance totals to be unequal? Proof of Bachelor's Degree in Counseling, Psychology, or related field. Which one of the following is not considered a basic type of adjusting entry? Each book contained a certain number of coupons for video rentals. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? c. debit Accounts Payable; credit Supplies a) $44,200. The entry to record this event is an example of an adjusting entry: Part 16 - Types of Contracts | Acquisition.GOV Accounting - Chapter 4 Flashcards | Quizlet b) Liabilities of Perfect Painting are understated at December 31, 2018. ANSWER Correct Option is Option B. b. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. Using accrual accounting, revenue is recorded and reported only, Using accrual accounting, expenses are recorded and reported only, The accounting principle upon which deferrals and accruals are based is. Which of the following is an example of accrued revenue? Collection. b. deferred Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. c. The adjustment for prepaid insurance was omitted. Ch. 4 Multiple Choice - Principles of Accounting, Volume 1 - OpenStax Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) 1) Which of the following is not a purpose of adjusting entries? 1) Adjusting entries: d) In the period with the lower earnings. d. records revenues and expenses when the company needs to apply for a loan, By matching revenue earned during the accounting period to related incurred expenses Do you think the materiality guidelines should be quantified? This problem has been solved! By writing-down a fixed asset's depreciable cost now, there is less depreciation expense to match against future revenues. d. None of these choices would not cause the adjusted trial balance totals to be unequal. d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. a) Increase by $9,800. a. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies Following the counterculture movement of the 1960s, misleading marketing campaigns promoting "alternative medicine" as being an effective "alternative" to biomedicine, and with changing social attitudes about not using chemicals, challenging the establishment and authority of any kind, sensitivity to giving equal measure to values and beliefs . c. Prepaid expenses, land, and accounts receivable. The adjusting entry required by Great Kids Co. on January 30 includes: The customer is unemployed and homeless. Owners' equity will be understated. Fiscal Technician I at Mount San Antonio College | EDJOIN c. dividend Assets + liabilities = stockholders' equity b. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? 3. c. contra asset Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . c. revenue, asset c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. (Solved) - 1. Which of the following may not be considered a High School Counselor at Highlands Community Charter School (b) Contracts negotiated under part 15 may be of any type or combination of types that will promote the Government's interest, except as restricted in this part (see 10 U.S.C. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. B) decreases net income and increases liabilities. d. Inventory; Provision for Obsolescence. b. C. Assets, expenses, and withdrawals. 1) The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers. a. Cash will be overstated at January 31. The 6% rate is appropriate in this situation. Academic Standings and CGPAs from previous terms will not be considered or adjusted. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. A) Revenues and Liabilities B) Owners' Equity and Assets C) Liabilities and Expenses D) Assets and Expenses, Which of the following is not a correct expression of the accounting equation? Account Adjustments: Types, Purpose & Their Link to Financial