Need to get answer in this before Friday if there is any problem


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Need to get answer in this before Friday if there is any problem to develop a need to know the step how to do it Num 8-9-15-16-problem page 5 Asignación #1 – Intermedia (202-Estudia).rtf Appendix C MULTIPLE CHOICE 1. Which T-account is incorrect? a. Depreciation Expense + | – b. Interest Receivable + | – c. Capital Stock – | + Unearned Rent d. + | – 2. Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful Accounts c. Interest Expense d. Sales 3. Which of the following is a nominal account? a. Retained Earnings b. Accounts Receivable c. Purchase Returns and Allowances d. Accumulated Depreciation 4. The major financial statements presented by a company include all of the following statements, except for the a. balance sheet b. statement of changes in financial position c. income statement d. statement of cash flows ACCO 202 (Asignación #1) – Prof. Carlos Alvarez 1-1 5. Which of the following adjusting entries involves the recognition of an accrued expense? a. recording depreciation on a long-lived asset b. writing off the portion of an insurance policy that has expired c. recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period d. recognition of bad debt losses that are expected to result from making sales on credit terms 6. Which of the following errors will be detected by a trial balance? a. posting a credit to Sales instead of to Accounts Payable b. incorrectly computing the balance of the cash account c. not journalizing a complete sales transaction d. forgetting to post a complete purchase transaction 7. The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet c. journal d. document of original entry 8. On February 1, 2004, Ace Company received $36,000 in advance for a three-year rental of land, and credited Rent Revenue. The correct December 31, 2004 adjusting entry would be 25,000 a. Unearned Rent Rent Revenue b. Rent Revenue Unearned Rent Unearned Rent c. Rent Revenue d. Rent Revenue Unearned Rent 1-2 25,000 11,000 11,000 25,000 25,000 11,000 11,000 9. On May 1, 2004, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is due and payable at the end of each six months. Zachary makes all interest payments on schedule. The correct December 31, 2004, adjusting entry would be 25 a. Interest Expense Interest Payable b. Interest Payable 100 Cash Interest Expense c. Cash d. Interest Expense Interest Payable 25 100 25 100 25 100 10. All of the following closing entries are correct, except for a. debit Unearned Rent, credit Income Summary b. debit Sales Revenue, credit Income Summary c. debit Retained Earnings, credit Dividends Distributed d. debit Income Summary, credit Loss on Sale of Land 11. Which of the following is an accrued expense? a. depreciation b. employees’ salaries c. interest revenue d. rental expense paid three months in advance 12. An adjusting entry normally affects a. balance sheet accounts only b. income statement accounts only c. an income statement account and a balance sheet account d. balance sheet accounts or income statement accounts only 13. Which of the following is not a type of adjusting entry? a. depreciation of long-term physical assets b. allocation of unearned revenue c. correction of an error in the general journal d. recording of accrued revenue ACCO 202 (Asignación #1) – Prof. Carlos Alvarez 1-3 14. The Yellow Company made year-end adjusting entries affecting each of the following accounts: Office Salaries Payable (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance (credited). Which account is likely to appear in Yellow’s reversing entries? a. Office Salaries Payable b. Depreciation Expense c. Unearned Rental Revenue d. Prepaid Insurance 15. Which of the following adjusting entries would be the most likely to be reversed? 2,0

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