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16) In a typical chart of accounts, liabilities appear before assets. 17) A trial balance is a list of all of the accounts with their balances. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 18) Which of the following accounts increases with a credit? A) Accounts receivable B).
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26) A liability account is increased by a debit. 27) When a business collects cash, the Cash account is debited. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 28) Journalising a transaction means: A) recording the transaction, including a brief explanation. B) calculating the balance in an account. C).
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56) A two-year loan payable would be classified as a: A) non-current asset. B) non-current liability. C) current asset. D) current liability. 57) A balance sheet that has the assets listed above the liabilities and equity sections is a(n): A) audited form balance sheet. B) classified form balance sheet. C) report form balance sheet. D) account form balance sheet. 58).
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16) Which capital budgeting method uses accrual accounting, rather than net cash flows, as a basis for calculations? A) Payback B) Net present value C) Accounting rate of return D) Internal rate of return 17) Which of the following is TRUE regarding capital rationing decisions for capital assets? A) Companies should always choose the investment with.
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21) In accounting, depreciation is the: A) sale of an asset. B) estimation of an asset's current value. C) method of spreading the cost of an asset over its useful life. D) decline in market value of an asset. 22) The Accumulated depreciation account is: A) an expense account. B) a contra account to the asset being.
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21) Which of the following accounts increases with a debit? A) Cash B) Accounts payable C) Interest payable D) Capital 22) The Accounts receivable account of Nuptials Ltd is shown below. Accounts receivable 20,000 3000   5000           Calculate the ending balance of the account. A) $18,000, debit B) $5000, credit C) $28,000, debit D) $23,000, debit TRUE/FALSE. Write 'T' if the statement is true and 'F'.
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MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 46) The post-closing trial balance lists the accounts from the general ledger in: A) numerical order. B) alphabetical order. C) category order, beginning with assets and ending with owners' equity. D) category order, beginning with assets and ending with expenses. 47).
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1) Which of the following accounts is NOT an example of an asset? A) Building B) Cash C) Bills payable D) Accounts receivable 2) Which of the following accounts is NOT an example of a liability? A) Accounts receivable B) Bills payable C) Accounts payable D) Wages payable 3) Which of the following accounts is an example of an owners'.
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36) After initially recording a transaction, the data is then copied or posted to the: A) journal. B) chart of accounts. C) trial balance. D) ledger. 37) The accounting process of copying a transaction from the journal to the ledger is called: A) proofing. B) footing. C) posting. D) journalising. 38) The first step of journalising an entry is to: A).
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21) Dartis Company is considering investing in a specialised equipment costing $650,000. The equipment has a useful life of 5 years and a residual value of $60,000. Depreciation is calculated using the straight-line method. The expected net cash inflows from the investment are given below.   Year 1 $202,000 2 157,000 3 169,000 4 102,000 5 140,000   $770,000   What is the accounting rate.
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66) A business makes a cash payment for advertising expense. Which account is debited? A) Accounts receivable B) Cash C) Advertising expense D) Service revenue 67) A business pays cash back to the owner. Which account is debited? A) Service revenue B) Cash C) Drawings D) Accounts payable 68) A business pays cash back to the owner. Which account is.
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76) The benefit foregone by not choosing an alternative course of action is known as an opportunity cost. 77) When evaluating a potential investment, managers should use more than one measure for making a sound investment decision. 78) Compound interest used in discounted cash flow calculations assumes that companies will reinvest future.
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6) Which of the following accounts would be used under the accrual method of accounting, but NOT under the cash-basis method of accounting? A) Equipment B) Salary expense C) Cash D) Unearned revenue TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 7) Accrual accounting records transactions ONLY when cash.
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76) The following transactions for the month of March have been journalised and posted to the proper accounts. Mar 1Martinez invested $9000 cash in his new design services business. Mar 2Paid the first month's rent of $900. Mar 3Purchased equipment by paying $4000 cash and executing a loan payable for $9000. Mar 4Purchased office.
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61) Canbera Company is considering investing $450,000 in telecommunications equipment which would have an estimated life of five years with zero residual value. The cash flows are as shown below:   Year 1 $120,000 2 $235,000 3 $140,000 4 $98,000   The present value of $1 factors are given below:     10% 12% 13% 14% 1 0.909 0.893 0.885 0.877 2 0.826 0.797 0.783 0.769 3 0.751 0.712 0.693 0.675 4 0.683 0.636 0.613 0.592 5 0.621 0.567 0.543 0.519   The IRR of the project would be: A) more than 13% B) between 8%.
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91) The following are the current month's balances for Toys Galore:   Accounts payable $9000 Revenue 12,000 Cash 3000 Expenses 1400 Furniture 14,000 Accounts receivable 13,000 Jones, capital 7250 Loan payable 4500   What is the profit for Toys Galore for the current month? A) $13,400 B) $10,600 C) $15,000 D) $12,000 92) The following are the current month's balances for Toys Galore:   Accounts payable $8000 Revenue 9000 Cash 7000 Expenses 1500 Furniture 11,000 Accounts receivable 13,000 Jones, capital 8250 Loan payable 4000   What is the total amount of debits for.
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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) Accrual accounting requires adjusting entries at regular intervals throughout the accounting period. 17) Every time supplies are used during the accounting period, the asset 'supplies' should be reduced and the 'supplies expense' should be increased. MULTIPLE CHOICE..
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51) The post-closing trial balance shows the updated Capital balance. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 52) Under which of the following categories would Inventory appear? A) Non-current assets B) Non-current liabilities C) Current assets D) Current liabilities 53) Under which of the following categories would Land appear? A).
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36) The accounting rate of return is the only capital budgeting method that uses accrual accounting. 37) The accounting rate of return calculations ignores the time value of money, but the payback period does include consideration of the time value of money. MULTIPLE CHOICE. Choose the one alternative that best completes the.
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51) All else being equal, the shorter the investment period, the higher the total amount of interest earned. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 52) Which of the following is true of discounted cash flow methods like NPV and IRR? A) They use simple.
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11) Short-term investment decisions are inherently riskier than long-term decisions because they have a shorter period in which to recoup the investment. 12) The payback method and the accounting rate of return method are often used to perform an initial screening of investments, rather than a detailed in-depth analysis. 13) Most capital.
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66) Following details are provided by VPN Company.   Initial investment $5,000,000 Discount rate 15% Yearly cash flows   1 $1,268,000 2 $1,358,000 3 $2,416,000 4 $1,170,000   Refer to the following table for PV factors:     13% 14% 15% 1 0.885 0.877 0.87 2 0.783 0.769 0.756 3 0.693 0.675 0.658 4 0.613 0.592 0.572   What is the NPV of the project? A) $590,000 positive B) $596,759 negative C) $611,224 negative D) $624,318 positive 67) The following details are provided by Dopler Company:     Project A Project B Project C Project D Initial investment $440,000 $208,000 $552,000 $512,000 PV of cash inflows $588,000 $384,000 $818,000 $408,000 Payback period.
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6) Which of the following accounts is an owners' equity account? A) Accrued liability B) Prepaid expense C) Accounts payable D) Capital 7) In a typical chart of accounts, what information is provided along with the account name? A) Dates of transactions B) Account number C) Account balance D) Transaction amounts 8) Which of the following accounts is an example.
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81) When a business records an expense incurred, the expense account is always credited. 82) When a business records revenue earned, the revenue account is always credited. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 83) Which of the following statements is TRUE? A) A trial balance.
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1) Which of the following statements is TRUE concerning the worksheet? A) The worksheet is a document used to summarise data to prepare the financial statements. B) The worksheet is a ledger. C) The worksheet is a journal. D) The worksheet is a financial statement. 2) The adjusting entry for depreciation would include a: A) debit.
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11) Which of the following is NOT part of owners' equity? A) Bills payable B) Capital C) Accounts receivable D) Both A and C 12) A book holding all of the accounts is called the: A) balance sheet. B) ledger. C) journal. D) income statement. 13) Which of the following is the detailed record of the changes in a particular.
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31) A business acquired equipment for $135,000 on 1 January 2017. The equipment will be depreciated over five years of its useful life using the straight-line depreciation method. The business records depreciation once a year on 31 December. Which of the following is the adjusting entry required to record depreciation.
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71) Which of the following journal entries would be recorded if Jane Brown started a business and then deposited cash of $6 000 into the business bank account? A) Jane Brown, capital 6 000   Cash   6 000   B) Jane Brown, capital 6 000   Accounts payable   6 000   C) Accounts payable 6 000   Cash   6 000   D) Cash 6 000   Jane Brown, capital   6 000   72) Which of the following journal entries.
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61) A business pays $500 cash for supplies. Which account is credited? A) Service revenue B) Accounts payable C) Cash D) Supplies 62) A business buys $500 in supplies on credit. Which account is credited? A) Service revenue B) Cash C) Supplies D) Accounts payable 63) A business makes a cash payment to a supplier 'on credit' (for supplies that.
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41) The normal sequence of information flow in an accounting system is: A) source document, ledger, journal. B) journal, source document, ledger. C) source document, journal, ledger. D) ledger, journal, source document. 42) Which of the following is NOT an example of a source document? A) Bank deposit slip B) Purchase invoice C) Journal D) Sales invoice 43) Which of.
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26) Paramount Company is considering purchasing new equipment costing $708,000. The company's management has estimated that the equipment will generate cash flows as follows:   Year 1 $202,000 2 202,000 3 254,000 4 254,000 5 150,000   Residual value is zero. What is the payback period? A) 3.5 years B) 4.5 years C) 3.2 years D) 3.7 years 27) Software Hub is deciding whether to purchase new accounting.
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6) Which two methods are typically used for initial screening of investments, rather than for detailed in-depth analysis? A) Accounting rate of return and net present value B) Internal rate of return and net present value C) Payback and accounting rate of return D) Net present value and payback 7) When projecting future cash flows.
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11) Under cash-basis accounting, an expense is recorded ONLY when cash is paid out. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 12) The end-of-period process starts with the: A) balance sheet. B) adjusted trial balance. C) unadjusted trial balance. D) income statement. 13) Which of the following accounts would.
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