A) Debit Prepaid Insurance and credit Cash
B) Debit Unearned Revenue and credit Service Revenue
C) Debit Supplies and credit Accounts Payable
D) Debit Insurance Expense and credit Cash
Correct Answer
verified
Multiple Choice
A) Supplies and a credit to Accounts Payable.
B) Supplies and a credit to Cash.
C) Supplies Expense and a credit to Accounts Payable.
D) Supplies Expense and a credit to Cash.
Correct Answer
verified
Essay
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View Answer
True/False
Correct Answer
verified
Multiple Choice
A) $19,000.
B) $22,000.
C) $24,000.
D) $17,000.
Correct Answer
verified
Multiple Choice
A) Cash and a credit to Accounts Receivable.
B) Accounts Receivable and a credit to Service Revenue.
C) Service Revenue and a credit to Unearned Revenue.
D) Cash and a credit to Accounts Payable.
Correct Answer
verified
Multiple Choice
A) liabilities will be overstated.
B) expenses will be overstated.
C) cash will be understated.
D) liabilities will be understated.
Correct Answer
verified
Multiple Choice
A) November 10.
B) November 15.
C) November 17.
D) December 2.
Correct Answer
verified
Multiple Choice
A) Net profit margin would be overstated.
B) Net profit margin would be understated.
C) Net profit margin would be unaffected.
D) Net profit margin cannot be computed because overstating sales is unethical.
Correct Answer
verified
Multiple Choice
A) difference between what was earned and the costs incurred during a period.
B) difference between the cash received and the cash paid out during a period.
C) difference between what is owned and what is owed at a point in time.
D) change in the value of the company during a period.
Correct Answer
verified
Multiple Choice
A) No journal entry needs to be made because payment has not yet been made.
B) A journal entry with a debit to Salaries and Wages Expense and a credit to Unearned Expense for $500 should be recorded.
C) A journal entry with a debit to Salaries and Wages Payable and a credit to Salaries and Wages Expense for $500 should be recorded.
D) A journal entry with a debit to Salaries and Wages Expense and a credit to Salaries and Wages Payable for $500 should be recorded.
Correct Answer
verified
Multiple Choice
A) financing activities.
B) investing activities.
C) operating activities.
D) other activities.
Correct Answer
verified
Multiple Choice
A) credit to Accounts Payable
B) credit to Utilities Expense.
C) debit to Utilities Revenue.
D) debit to Cash.
Correct Answer
verified
Multiple Choice
A) Net income will be too high.
B) Net income will be too low.
C) Net income will not be affected by this error.
D) Net income will be too high in the following period.
Correct Answer
verified
Multiple Choice
A) Supplies for $10,000, a debit to Accounts Payable for $2,000, and a credit to Cash for $12,000.
B) Supplies and a credit to Cash for $12,000.
C) Supplies Expense and a credit to Cash for $12,000.
D) Supplies for $2,000, a debit to Accounts Payable for $10,000, and a credit to Cash for $12,000.
Correct Answer
verified
Multiple Choice
A) Cash and a credit to Unearned Revenue.
B) Accounts Payable and a credit to Service Revenue.
C) Cash and a credit to Service Revenue.
D) Service Revenue and a credit to Cash.
Correct Answer
verified
Essay
Correct Answer
verified
View Answer
Multiple Choice
A) $600 using accrual accounting versus $300 using cash basis.
B) $300 using accrual accounting versus $600 using cash basis.
C) $700 using accrual accounting versus $200 using cash basis.
D) $200 using accrual accounting versus $700 using bash basis.
Correct Answer
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Multiple Choice
A) Using the accrual basis of accounting, if payment is received before delivery of goods or a service, revenue is recorded at the time the payment is received.
B) Using the accrual basis of accounting, if payment is received after delivery of goods or a service, an asset is recorded at the time the good or service was delivered.
C) Using the cash basis of accounting, if payment is received before delivery of goods or a service, net income is affected when goods or services are delivered.
D) Using the cash basis, if payment is received after delivery of goods or a service, unearned revenue is recorded.
Correct Answer
verified
Multiple Choice
A) debit balance of $22,000.
B) credit balance of $22,000.
C) debit balance of $2,000.
D) credit balance of $2,000.
Correct Answer
verified
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