Signin/Signup
Signin/Signup
Info
Warning
Danger

Accounting Answers, Flashcards, Essays and Textbook Solutions

The hard task of handling college homework is one of the most common challenges in the path of student success. No student ever says, "Hey I love homework! Give me more!" (However nerdy they are) Yet, it is an unavoidable part of your college experience.

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 41) Which of the following entries would be used to account for bad debts using the direct write-off method? A) Accounts receivable is debited and Bad debts expense is credited. B) Bad debts expense is debited and Allowance.
5 Views
View Answer
46) Zorro Company has significant amounts of accounts receivable and experiences bad debts from time to time. Zorro uses the direct write-off method. When Zorro Company writes off a bad debt, what is the effect of that single transaction? A) It will increase total assets of the company. B) It will reduce.
4 Views
View Answer
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 11) Which of the following is a benefit of selling on credit? A) Some customers do not pay, creating an expense. B) Expenses are reduced by making sales to a wide range of customers. C) Revenues are increased by.
5 Views
View Answer
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 6) Internal control is the organisational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policy, promote operational efficiency and ensure accurate and reliable accounting records. 7) It.
4 Views
View Answer
6) Hardware is the electronic equipment that includes: A) computers, monitors, printers and networks. B) monitors, printers, software and databases. C) monitors, printers, software and networks. D) computers, monitors and software. 7) Which of the following is a feature of an effective accounting information system? A) compatibility B) control C) flexibility D) all of the above 8) Keeping accurate records.
4 Views
View Answer
16) In a computerised accounting system, processing performed continuously as the transactions occur is referred to as: A) online processing. B) module processing. C) quick processing. D) batch processing. 17) ERP systems are used by some large organisations. ERP stands for: A) Early Reporting Process. B) Expense and Revenue Program. C) Enterprise Resource Planning. D) Enterprise Record Package. 18) Which.
4 Views
View Answer
66) The bookkeeper of Fire Steel Ltd recorded a $1564 cheque as $15,640 in payment of the current month's rent. Which of the following journal entries is needed to adjust for this error in the books of the company? A) Cash 14,076   Rent expense   14,076   B) Cash 14,076   Sales revenue   14,076   C) Booking error 1564   Cash   1564   D) Rent expense 15,640   Cash   15,640   67) The following information is needed to reconcile.
4 Views
View Answer
61) The following information is available for Jack's Unlimited Company for the current month.   Book balance end of the month $7100 Outstanding cheques 700 Deposits in transit 4000 Service charges 95 Interest revenue 35   What is the adjusted book balance on the bank reconciliation? A) $10,270 B) $7040 C) $7740 D) $6970 62) A company received a bank statement showing a balance of $77,000. Reconciling items.
4 Views
View Answer
76) With a manual accounting system, adjusting and closing entries: A) are recorded in the cash payments journal. B) are recorded in the general journal. C) are not recorded when a business uses special journals. D) are recorded in the cash receipts journal. 77) The transaction that would not be recorded in the general journal.
4 Views
View Answer
16) Which of the following describes the internal control procedure separation of duties? A) External auditors will monitor internal controls. B) Cashiers must not have access to accounting records. C) The information system is critical. D) Prenumber invoices and other documents. 17) Which of the following describes the internal control procedure documents and records? A) Separate.
4 Views
View Answer
1) Which of the following is included in the category other receivables? A) Investments B) Bills receivable C) Loans to employees D) Accounts receivable 2) A record that contains the details by customer or vendor of the individual account balances would be called a: A) journal. B) subsidiary ledger. C) control account. D) liability account. 3) A creditor is a.
4 Views
View Answer
21) In the following situation, which internal control procedure needs strengthening? At Hofstra Services, the junior accountant collects cheques and cash from customers and records the transactions into the Journal. The controller approves the journal entries and bank reconciliations. The treasurer signs cheques and approves contracts. A) Competent, reliable and ethical personnel B).
4 Views
View Answer
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 56) Target allows customers to use MasterCard. It reports Sales revenue of $24 000 for the week. MasterCard charges Target a 3% fee. The journal entry for this transaction would be: A) Sales revenue 24 000   Card fee expense 720   Cash   24 720   B) Cash 23.
4 Views
View Answer
96) Which of the following statements describes a receiving report? A) It is a statement from the supplier showing the goods purchased and the amount due. B) It is a document authorising a payment to a supplier. C) It is a report showing that the goods have been received in good condition, as.
4 Views
View Answer
36) 'Two-factor authentication' involves logging into a computer system with a user ID and a password. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 37) Which of the following is the most basic internal control for cash? A) Keeping money in a bank account B) Counting cash.
5 Views
View Answer
31) Which of the following describes collusion? A) When a company defrauds its suppliers by making false claims B) When bogus websites acquire passwords and account numbers fraudulently C) When two or more people cooperate together to defraud a company D) When one employee steals from a company 32) 'Access creep' occurs when: A) an employee.
4 Views
View Answer
61) The purchase of office equipment on credit would be recorded in: A) the cash payments journal. B) either the cash payments journal or the purchases journal. C) the purchases journal. D) the cash receipts journal. 62) Which journals would have a column for GST? A) Purchases and sales B) All the special journals C) Cash receipts and.
4 Views
View Answer
11) Which of the following describes the control environment? A) Internal auditors monitor company controls to safeguard assets and external auditors monitor the controls to ensure that the accounting records are accurate. B) A company must identify its risks. C) The control environment is the 'tone at the top' of the business. D) The.
4 Views
View Answer
121) In a voucher system, the vouchers are prepared by: A) the outside supplier. B) the accounting department. C) the sales department. D) the purchasing department. 122) A purchase order is sent by the purchasing department to: A) the outside supplier. B) the receiving department. C) the sales department. D) the accounting department. TRUE/FALSE. Write 'T' if the statement is.
4 Views
View Answer
71) On a bank reconciliation, deposits in transit are subtracted on the book side of the reconciliation. 72) If the bank reconciliation includes a bank service charge, a journal entry is required that debits Cash and credits Miscellaneous expense. 73) If the bank reconciliation includes a deposit in transit, a journal entry.
4 Views
View Answer
76) If the bank reconciliation includes interest revenue, a journal entry is required that debits Cash and credits Interest revenue. 77) In a bank reconciliation, a book error will be shown on the bank side of the reconciliation. 78) In a bank reconciliation, a deposit in transit will be shown on the.
4 Views
View Answer
21) Inputs into accounting systems are the reports used for decision making, including the financial statements. 22) Design of an accounting information system begins with a trial balance. 23) The chart of accounts lists all the accounts and their account numbers. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or.
4 Views
View Answer
51) A company uses the direct write-off method to account for bad debts. Bad debts expense will be estimated as a percentage of sales. 52) The direct write-off method is used primarily by large, publicly owned companies. 53) Archer Company and Zorro Company both have significant amounts of accounts receivable at any.
4 Views
View Answer
91) The acid-test ratio is calculated as current assets divided by current liabilities. 92) Days' sales in receivables is the ratio of average net accounts receivable to one day's sales. 93) An acid-test ratio of at least 1.0 is generally considered safe. 94) The acid-test ratio is also known as the quick ratio. 95).
5 Views
View Answer
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 11) A well-designed accounting system must be able to accommodate change. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 12) The three stages of data processing are: A) inputs, decision making and.
4 Views
View Answer
101) The use of electronic data interchange (EDI) bypasses the need for people and documents in cash payment procedures. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 102) Which of the following would be included in the entry to record the replenishment of a petty.
4 Views
View Answer
86) What is the acid-test ratio for a retailer who has the following balances? (Round to two decimal places.)   Cash $20,000 Short-term investments 41,000 Net current receivables 52,000 Inventory 95,000 Total current liabilities 279,000   A) 0.41 B) 0.75 C) 0.8 D) 0.6 87) A company has net credit sales of $1,200,000, beginning net accounts receivable of $260,000 and ending net accounts receivable of $203,000. What.
4 Views
View Answer
26) Mandatory vacations and job rotation improve internal control. 27) Separation of duties limits fraud and promotes the accuracy of the account records. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 28) Which of the following is a security procedure designed for e-commerce? A) Secure inventory storage B).
4 Views
View Answer
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 71) The accounts payable subsidiary ledger has postings from which set of journals? A) Purchases, cash receipts and sales B) Sales, cash payments and general C) Purchases, general and cash receipts D) Purchases, general and cash payments 72) The journal in.
4 Views
View Answer
116) A company makes a legitimate, properly authorised payment to a supplier. The accountant changes the date of the transaction to shift it to a later time period. Because the transaction is legitimate, this action would not be considered unethical. 117) A company urgently needs to repair its fire alarm system,.
4 Views
View Answer
1) Which of the following is TRUE of internal control? A) Internal controls are only necessary for large businesses. B) A company's outside auditor is responsible for the company's internal control system. C) Internal control procedures tend to diminish the importance of operational efficiency. D) One of the major purposes of internal control is.
4 Views
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*