a. assets '34_ Which of the following is not considered a basic type of adjusting -Depreciation for the month of March: $2,300. 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. The adjusting entry required at June 30 is: b) A debit to Management Fees Receivable for $200 and a credit to a revenue account for $200. Can any of these factors explain why XOM's P/E ratio differs from its peers? d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. b. The note is to be repaid, with interest, in six months. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. D. Then you prepare a slip to deposit the checks accepted for payment. NOCCCD will not sponsor any visa applications. a) $44,200. A) Both revenues and assets will be understated. Expenses have normal debit balances. c. correction of an error in the general journal. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. 28. 3. c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. Asset b. The cash account will always be affected by adjusting journal entries. a) The entry to record depreciation. c. $2,800 Increase in assets b. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? 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? User: 3/4 16/9 Weegy: 3/4 ? $12,000 d. debit Dividends, $12,000; credit Cash, $12,000, The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed Which ONE of the following items is NOT a type of stockholders' equity? Your chance of going to Disney World next year is 10%. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, and equipment f. Which of the following is a section of the income statement? D. An entry to convert an asset to a liability. 21. checks stamped "NSF." All other trademarks and copyrights are the property of their respective owners. The appropriate adjusting entry at the end of the period would be: Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? Asset b. Prepaid expenses. E) running sum of forecast errors (RFSE). a. Increase an expense; increase a liability. b. Which of the following situations is not considered an adjustment? A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? Human Resources Specialist at North Orange County Community College b) $4,000 is paid in January for equipment with a useful life of four years. c. accrual basis This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is c. accrued c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] b) Prepaid expenses represent assets. a. cash basis d) The entry to record accrued wages payable. (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. 1) Prepaid expenses are: She would like you to explain the meaning of terms she has come across related to accounting. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. The adjusting entry required on December 31 is (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. b) The entry to pay salaries. B) a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. When you have accessed the documents, you can use the search tool in your Internet browser. Asset b. - Net income increases. The budget for the month was to sell 45 trucks at an average price of$9,500 each. The monthly rent is $6,000. b. The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable Expert Solution b. CPA wishes to use a representation letter as a substitute for performing other audit procedures. Which fraction has self adjusting force? d. Increase an expense; decrease an asset. $400 .c) A credit to Child Care Fees Earned of $4,500. a. depreciation expense for each major class of asset b. balances of major classes of depreciable assets, by nature or function c. accumulated depreciation on, Which of the following is not acceptable treatment for the presentation of current liabilities? A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. a. failure to adjust Unearned Revenue to recognize revenue earned b. failure to record depreciation for the year c. failure to accrue interest payable d, Which of the following statements best describes tax results to a shareholder in a section 351 transaction when liabilities on property transferred to the corporation are assumed by the corporation? A) An entry to convert a liability to a revenue. 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). Increase in liabilities and reduction in net income. Increase in liabilities and reduction in net income. A. A) The asset-liability approach focuses on the measurement of net assets. 1) The accrual of interest on a note payable will: 1) Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. Fair value adjustment-trading a. A) Do you think the materiality guidelines should be quantified? -Supplies used in March: $100. changing someone's working arrangements. Ch. 4 Multiple Choice - Principles of Accounting, Volume 1 - OpenStax In ICD-10, adjustment disorder is classified under 'Neurotic, stress-related and somatoform disorders' (code F43.2), unlike DSM-IV-TR where is it is not classified under any particular group. However, it does not protect against aspiration. . List of Disabilities Covered Under ADA | UpCounsel 2023 5. ra - A kzs nyelvvltozattal kapcsolatos, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. On February 3, Ron Brown was billed for an office visit. d. inventory, Which account would normally not require an adjusting entry? b. asset, debit D) An entry to convert an asset to a liability. 1) In which of the following situations would Daystar Company record unearned revenue in May? On January 31, Ramona's Nursery paid the interest owed on a note payable for January. a. a. providing equipment, services or support. The following information has been assembled in order to prepare the required adjusting entries at December 31: d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. -Supplies used in March: $300. C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. Wages Expense d. debit Salaries Expense; credit Salaries Payable, The supplies account had a balance of $4,400 at the beginning of the year and was debited during the year for $2,400, representing the total of supplies purchased during the year. b) Daystar Company completes a job for a customer in May; payment will be received in June. d) $222,900. a. Which of the following is not accomplished by an adjusting entry? These individuals were then invited to participate in an online survey in exchange for a $10 gift certificate. Revenues b. c) $0 Maturity dates of long-term debt c. Methods of amortizing intangibles d. Composition of plant assets, Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses). The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. c) To accrue an uncollected revenue. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. How much is owed the employees for their wages? (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. c. Underrecording depreciation expense. $700 b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 a. c. the cash account c) Paid for. a. debit Rent Expense, $8,000; credit Prepaid Rent, $8,000 b. a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 Adjustment disorder considered | Advances in - Cambridge Core c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships c. records revenues when cash is received and expenses when they are incurred She has also heard that certain terms have special meanings in accounting relative to everyday use. To see how XOM's P/E ratio stacks up to its peers, refer to Google Finance's Related Companies screen. Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, c) The entry to declare a dividend distribution. b) An expense. $3,200 Farad, Inc., specializes in selling used trucks. a. 1) Which statement is true about an adjusted trial balance? Legislative reform is needed, to remove or widen the . Adjusting entries part 4 | Other Quiz - Quizizz Borrowed $40,000 from First National Bank. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as a) To record unrecorded expenses. d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? c. Intangibles; Accumulated Amortization. Which of the following statements is incorrect? She seems nervous about it. a. Change in amortization period for an intangible asset. If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry? a. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. b. What is considered an adjustment to income? The monthly rent is $7,000. [1562][1001]. The financial statements will be accurate since the $500 does not have to be paid yet. ERIC - EJ962764 - Applied Behavior Analysis Programs for Autism d) Realization principle and matching principle. checks that have been paid by at the bank and charged to the depositor's account. Toe researchers examined the link between engagement ring price (dollars) and level of appreciation of the recipient (measured on a 7-point scale where 1 = "not at all" and 7 = "to a great extent"). 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? 59) Which of the following is not a characteristic of trend projections? a) Before financial statements and after a trial balance has been prepared. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. This was the question investigated in the Journal of Experimental Social Psychology (Vol. c) $60,000. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. b) Only an estimate. Which of the following is NOT considered to be a symptom of reverse On January 10, the mortgage payment was made. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? A) Capitalized means that an asset account is debited (increased) for the cost of an asset.B) Capitalized means that a liability account is credited (increased) for the cost of an asset.C) Capitalized mea, Entry to recognize depreciation expense incurred on equipment is recorded as: a. The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivable Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. Give Mr. Brown a tactful collection call. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. d. Expenses are a negative factor in the computation of net income. Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. 1) Which of the following is considered an adjusting entry? 1) Which of the following is considered an adjusting entry? a. income statement account and one balance sheet account These items are not included as Itemized Deductions and can be entered independently. The accrued salaries were included in the first salary payment in November. Skip. a) Purchased. a) An entry to accrue unpaid expenses. Expenses increase stockholders' equity. a. only income statement accounts The adjustment for accrued fees of $16,340 was journalized as a debit to Accounts Payable for $16,430 and a credit to Fees Earned of $16,340. D) Expenses. a) On January 1, Empire Company paid rent for six months on its office building. d) Prepaid expenses are shown in a special section of the income statement. c. accrual What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? History of alternative medicine - Wikipedia PDF Table of Contents Current assets b. a) Are needed whenever revenue transactions affect more than one period. If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: - Stockholders' equity is not affected. it has CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu The practice's bank statement shows canceled checks. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. ($4,800 / 12 = $400 * 1 / 2 = $200). c) An asset. Note that the product can be found mentally, without the use of a calculator or pencil-and-paper calculations. Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. Asset b. Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected (increased or decreased) by debits and credits. Gamma Company adjusts its accounts at the end of each month. copyright 2003-2023 Homework.Study.com. Asset b. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. b. asset, contra liability d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. This month, the last day of the month falls on a Thursday. When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. Indicate which items will be erroneously stated, because of the error, on (A) the income statement for the year and (B) the balance sheet as of October 31. At the end of June, what should be the balance of Norma's Prepaid Rent account? B) Revenue. 4. What type of account is Notes Payable? Income statement B. If the balance of supplies at the start of the month was $900 and at the end of the month you had $350 on hand, the adjustment for Supplies would be: $450. At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. c) The entry to record revenue earned but not yet received. C) The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. As time passes, fixed assets other than land lose their capacity to provide useful services. Generally accepted accounting principles require that companies use the ________ of accounting. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance $3,600 b) Accumulated depreciation should equal depreciation expense. a. assets b. liabilities c. gains d. expenses, What type of account is prepaid expense? 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? b) Assets = Liabilities - Owners' Equity. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? b) Net income will be understated and total assets will be understated. B. Assigning revenues to the periods in which they are earned. Which of the following is not considered a basic type of adjusting Office Furniture Owner withdrawals Unearned Revenu. See all questions asked by natashavale1025. c. net income or loss will be properly reported on the income statement d . Answered: Which of the following is most likely | bartleby 83) Which of the following isnotconsidered an end-of-period adjusting entry?A) The entry to record the portion of unexpired insurance which has become expense during the period. d. Inventory; Provision for Obsolescence. The first payment is due on July 15. What are the variables of interest? 1) Depreciation expense is: (A), [1001][1652]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right] The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: Revenues and expenses B. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) a. A. a) The entry to record depreciation. Identify each of the following as either an asset, a liability, or equity: (a) Prepaid Rent, (b) Unearned Fees, (c) Building, (d ) Wages Payable, (e) Office Supplies. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . Decrease in liabilities and reduction in net income. The customer claims he can't pay today, but he hopes to be able to pay next month. 2. Job categories Finance. Which one of the following is not considered a basic type of adjusting entry? B. Owners' equity will be understated. Which of the following is considered to be an accrued expense? Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. $3,500. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. b) The entry to pay salaries. What categories capital falls in: A. c. The adjustment for prepaid insurance was omitted. The District may choose to fill one or more positions from this recruitment within six (6) months. a. revenues and expenses are reported in the period in which cash is received or paid b) Realization principle Which of the following is not considered a basic type. a. still on hand d. debit Gym Memberships Expense; credit Unearned Gym Memberships, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. B. the amount on hand. b. B) a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? c. common stock b. only balance sheet accounts (Provide paragraph citations.) Which of the following is NOT one of the three ways medical services can be achieved? Statement of changes. Hardship circumstances Which of the assets does not match with the correct contra account? Which one of the following is not considered a basic type of adjusting (4) Depreciation of office equipment is based on an estimated useful life of six years. Indicate also the type of financial statement. Net income for January will be overstated. 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. c. Offsetting current liabilities against assets that, Which item below is not a current liability? 3. Use the following account types to form the expanded accounting equation. DOC Chapter 05 Audit Evidence and Documentation - CPA Diary Explore the various types of adjusting journal entries, and examine how to do them. Question 1 Which of the following are considered the original "chronic eight" conditions from the 2008 Risk Adjustment Data Technical Assistance for Medicare Advantage Organizations Participation Guide? b. purchased The accrual of an electricity bill for electricity used but not yet paid b. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? Once a patient's account is in the hands of a_____agency, most offices will terminate the physician-patient relationship. A) An entry to convert a liability to a revenue. a) In the period in which they are earned. 1. b) Whenever transactions affect the revenue or expenses of more than one accounting period. Changes to previously recorded entries of journal are referred to as adjusting entries. a. debit to Wages Expense and a credit to Wages Payable a) Assets a) Income. 1) Depreciation expense is: a) An exact calculation prepared by an appraiser. b) $41,160. b. deferral Adjusting entry for accrued Q: Adjusting entries that need to be made in order to comply with accrual accounting concepts normally A: Adjusting entries are made by the management to maintain the accrual basis accounting system. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. Which of the following expresses the key elements of the statement of owners' equity? (2) The company pays all employees up to date each Friday. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: Why or why not? -Fees earned in March that had been collected in advance: $3,600. c) $1,200 cash dividends are declared and paid. (3) On December 1, rent on the office building had been paid for three months. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 c. Expenses decrease stockholders' equity. b) $36,000. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. (a) Asset impairment charges can be used to raise future reported income. a) $24,000. = 2 5/20 It was most recently raised . 1) Shop supplies are expensed when: a. deferral Current liabilities c. Investments d. Long-term liabilities e. Property, pla. Decrease in an asset and decrease in a liability. As with the other things we are calling a mental illness this problem needs to interfere with your ability to work or go to school . An entry to convert an asset to a liability. d) Balance sheet items are presented before income statement items. A. Updating liability and asset accounts to their proper balances. Depreciation Expense. a. earned and the cash has been received d) Only if the accounting periods are equal in length. d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) a) Assets of Perfect Painting are overstated at December 31, 2018. The accrual of an electricity bill for electricity used but not yet paid b. Adjusting entries are needed: A. d. snow removal services that have been provided and paid on the same day, Which of the following is considered to be an accrued expense? A debit to a liability and a credit to cash. What is considered an adjustment to income? - Support 1) Omega Company adjusts its accounts at the end of each month. Unearned revenue. -Rental income accrued during March, tenant to pay in April: $800. Rent Revenue 1,900. c. revenue the amount expired. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. 6 2/3 Increase in assets and increase in net income. 1) During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. Unearned Rent 1,900 Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is A) Which of the following would not be considered an adjusting entry? a. the required rate of return.

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