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Learning Objective 3-2 1) The revenue recognition principle is the basis for recording revenues?both when to record revenue and the amount of revenue to record. 2) In accounting terms, the calendar year is always called the fiscal year. 3) Which of the following is considered a fiscal year? A) six months B) three months C) twelve.
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11) Which of the following is a liability account? A) Accounts Receivable B) Cash C) Building D) Notes Payable 12) Which of the following is an asset account? A) Wages Payable B) Notes Payable C) Unearned Revenue D) Accounts Receivable 13) A customer's promise to pay in the future for services or goods sold is called a(n) ________. A) Accounts Receivable B).
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21) Kostner Financial Services Inc. performed accounting services for a client in December. A bill was mailed to the client on December 30. The company received the client's check by mail on January 5. Which of the following accounts should appear on the income statement for the year ended December.
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45) The managerial accountant at the Export Shoppe attended a meeting with the facilities manager to discuss the internal and external costs during the quarter. The facilities manager provided the managerial accountant with the following cost worksheet that highlights the internal and external costs during the period: The managerial accountant reported.
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Learning Objective 1-5 1) The balance sheet of a business summarizes an entity's revenues and expenses. 2) By looking at a statement of retained earnings, the effect of dividends on the ending balance in retained earnings can be determined. 3) Financial statements are business documents that are used to communicate information needed to.
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75) The system used for the identification, collection, analysis, and use of monetary and physical information is known as? A) Environmental management accounting (EMA) B) Materials flow accounting (MFA) C) Triple bottom line D) Sustainability Define internal controls and list the internal control principles. 76) Sustainability is concerned not only with the impact on the.
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40) People's Public Power is an electric utility company. The new CEO is interested in implementing new projects that will not only benefit the environment, but will also benefit the company through cost savings. One of the proposed projects is to offer a paperless, online billing solution for its customers.
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31) The entry to record depreciation includes a credit to the ________. A) the Depreciation Payable account B) the Cash account C) the Accumulated Depreciation account D) the Depreciation Expense account 32) If an adjusting entry includes a debit to Rent Expense, that would indicate that the payment of rent had been previously recorded as.
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21) The following are the current month's balances for Toys Galore Inc. Accounts Payable $ 8,000 Revenue 10,000 Cash 5,000 Expenses 1,750 Furniture 12,000 Accounts Receivable 14,000 Common Stock 8,250 Notes Payable 6,500 Calculate the total amount of credits for the trial balance. A) $24,500 B) $22,750 C) $24,750 D) $32,750 22) The following are the current month's balances for Toys Galore Inc. Accounts Payable $ 8,000 Revenue 10,000 Cash 5,000 Expenses 1,750 Furniture 12,000 Accounts Receivable 14,000 Common Stock 8,250 Notes Payable 6,500 What is the total amount.
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11) In the case of unearned revenue, the adjusting entry at the end of the period includes a credit to Service Revenue. Assume the unearned revenue is initially recorded as a liability. 12) The contra asset accounts, like Accumulated Depreciation, always have normal debit balances. 13) On January 1, 2014, Prepaid Insurance.
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11) Which of the following is a financial statement that presents a business's accounting equation? A) chart of accounts B) trial balance C) income statement D) balance sheet 12) Which of the following is used by both internal and external users to the company? A) chart of accounts B) trial balance C) balance sheet D) costing reports 13) Which of.
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Learning Objective 1-2 1) As per the economic entity assumption, an organization and its owner should be seen as the same entity. 2) The guidelines for accounting information are called Generally Accepted Accounting Principles (GAAP). 3) IFRS is the main U.S. accounting rule book and is currently created and governed by the FASB. 4).
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41) A business paid cash dividends to shareholders. Which of the following accounts will be debited? A) Cash B) Dividends C) Accounts Payable D) Common Stock 42) A business paid cash dividends to shareholders. Which of the following accounts will be credited? A) Common Stock B) Dividends C) Cash D) Accounts Payable 43) An accounting entry that is characterized by.
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Learning Objective 2-3 1) Source documents provide the evidence and data for accounting transactions. 2) Debits in the journal are always posted as debits in the ledger. 3) The process of transferring data from the ledger to the journal is called posting. 4) A journal entry under the double-entry system includes both debit and.
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85) An EMA system must make visible the environmental costs hidden in overhead by a traditional accounting system. Define internal controls and list the internal control principles. 86) An EMA system only requires aggregated data to function effectively. Define internal controls and list the internal control principles. 87) Traditional accounting systems focus.
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11) Which of the following accounts does cash basis accounting ignore? A) Payables B) Revenue C) Cash D) Expenses 12) A company receives payment on August 5 for services rendered, two weeks earlier, to one of its customers on account. Which of the following entries would be recorded if the company uses accrual basis accounting? A).
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31) For Revenues, the category of account and its normal balance is ________. A) stockholders' equity and a credit balance B) assets and a debit balance C) assets and a credit balance D) stockholders' equity and a debit balance 32) For Stockholders' Equity, the category of accounting equation and its normal balance is ________. A) equity.
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55) The total volume of water use associated with the processes and products of a business is A) usage footprint. B) waste footprint. C) trash footprint. D) water footprint. Define internal controls and list the internal control principles. 56) A ________ is a measure of the total emissions of carbon dioxide and other greenhouse gases. A).
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21) Which of the following groups of accounts normally have a debit balance? A) assets and expenses B) revenues and expenses C) liabilities and stockholders' equity D) assets and liabilities 22) Which of the following groups of accounts will decrease with a debit? A) assets and expenses B) revenues and expenses C) liabilities and stockholders' equity D) assets and.
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1) Liabilities represent creditors' claims on the business's assets. 2) The left side of the accounting equation measures the amount that the business owes to creditors and to the stockholders. 3) The total of the amount of assets that a business possesses may or may not be equal to the total of.
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Learning Objective 2-1 1) A chart of accounts is a detailed record of the changes in a particular asset, liability, or stockholders' equity. 2) A chart of accounts is a list of all of a company's accounts with their account numbers. 3) Liabilities are economic resources that are expected to benefit the business.
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26) Melody Instruments Inc. sells musical instruments. On December 31, 2015, after its first month of business, Melody Instruments Inc. had the following balances in its accounts, listed alphabetically. Accounts Receivable $ 5,000 Accounts Payable 15,000 Advertising Expense 2,000 Building 16,500 Cash ? Common Stock 50,000 Dividends 1,200 Equipment 2,000 Land 70,000 Notes Payable 60,000 Office Supplies 3,400 Salaries Expense 4,000 Service Revenue 72,000 Utilities Expense 4,100 Determine the balance in the cash account and prepare the trial balance. 27).
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Learning Objective 1-6 1) The income statement shows whether or not a business can generate enough cash to pay its liabilities. 2) The balance sheet shows whether or not a business is earning profits. 3) The statement of retained earnings informs users about how much of the earnings were kept and reinvested in.
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Learning Objective 3-3 1) Accrued revenue is the income that has been received but not earned. 2) Prepaid insurance is an asset account and hence it appears on the balance sheet. 3) Prepaid rent is an expense account and hence it appears on the income statement. 4) A contra account's normal balance (debit or.
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10) Calculate the debt ratio using the following trial balance of Melody Instruments, Inc. as of December 31, 2015. Melody Instruments Trial Balance December 31, 2015 Account TitleDebitCredit Cash$88,800 Accounts Receivable5,000 Office Supplies3,400 Equipment2,000 Building16,500 Land70,000 Accounts Payable$ 15,000 Notes Payable60,000 Common Stock50,000 Dividends1,200 Service Revenue72,000 Utilities Expense4,100 Salaries Expense4,000 Advertising Expense2,000_______ .
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11) Different users of financial statements focus on the different parts of the financial statements for the information they need. 12) Any person or business to whom a business owes money is called the business's creditor. 13) Managerial accounting provides information to ________. A) internal decision makers B) outside investors and lenders C) auditors D) taxing.
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Learning Objective 3-1 1) Under accrual accounting, transactions are recorded only when cash is received or paid. 2) Recipes. Inc. purchased $2,000 of supplies on account. Under the accrual basis of accounting, no entry is made until the amount is paid. 3) In cash basis accounting, revenue is recognized when cash is received.
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Learning Objective 1-1 1) Accounting is the information system that measures business activities, processes the information into reports, and communicates the results to decision makers. 2) Accounting is referred to as the language of business because it is the method of communicating business information to stakeholders. 3) Managerial accounting focuses on information for.
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21) GAAP are the rules that govern accounting in the United States. The acronym GAAP in this statement refers to ________. A) Globally Accepted and Accurate Policies B) Global Accommodation Accounting Principles C) Generally Accredited Accounting Policies D) Generally Accepted Accounting Principles 22) The formation of a partnership firm requires a minimum of ________. A) four.
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31) The taxable income of a sole proprietorship is ________. A) combined with the personal income of the proprietor B) not combined with the proprietor's personal income C) not taxable. D) handled similarly to that of a corporation 32) Genity Inc., located in Texas, records business transactions in dollars and disregards changes in the value.
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65) Which of the following items does not represent physical information in environmental management accounting system? A) Tons of scrap metal recycled B) Kilowatt hours of electricity used C) Gallons of toxic waste generated D) Cost of sulfur used in erasers Define internal controls and list the internal control principles. 66) Which of the.
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11) Marsh Supply Services received $1,000 cash from a customer which was owed to the business from the previous month. Which of the following accounts would decrease as a result of this transaction? A) Cash B) Equity C) Accounts Payable D) Accounts Receivable 12) Ace Inc. had the following transactions in June: A) a $2,200 increase B).
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Learning Objective 1-4 1) John contributed $6,000 in the business by opening a bank account in the name of the business, United Internists. The corporation issued common stock to John. This transaction results in an increase in the assets of the business. 2) For an accounting equation to balance, a transaction must.
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21) Accord Corporation purchased land for $100,000 by a cash payment of $20,000 and promised to pay the remaining amount at a later period. What is the net effect of this transaction on the business's accounting equation? A) assets increase by $100,000 and liabilities decrease by $20,000 B) assets increase by $100,000.
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51) Sharon Foods Inc. reported the following transactions for September, 2015. A)The business received $25,000 cash and issued common stock. It was credited to Common Stock. B)The business purchased office equipment for $11,500 for which $2,500 cash was paid and the balance was put on a note payable. C)Paid insurance expense of $1,800.
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