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18) Column 1 Column 2 Column 3 Column 4 Raw materials inventory 19) Column 1 Column 2 Column 3 Column 4 Factory supplies inventory 20) Column 1 Column 2 Column 3 Column 4 Factory equipment 21) Column 1 Column 2 Column 3 Column 4 Accumulated depreciation— factory equipment 22) Column 1 Column 2 Column 3 Column 4 Accounts payable 23) Column 1 Column 2 Column 3 Column 4 Raw materials purchases 24) Column 1 Column 2 Column 3 Column 4 Cost of goods sold 25) Column.
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41) A business pays cash back to the owner. Which of the following accounts will be debited? A) Cash B) Smith, Withdrawals C) Accounts Payable D) Smith, Capital 42) The owner of a business withdrew cash for personal use. Which of the following accounts will be credited? A) Smith, Capital B) Smith, Withdrawals C) Cash D) Accounts Payable 43) An.
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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 owner's 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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Learning Objective 1-4 1) A business owner starts a new business and invests $6,000 of capital. This transaction results in an increase in the assets of the business. 2) For an accounting equation to balance, a transaction must affect both the sides of the equation. 3) John contributes cash in exchange for capital.
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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 authorities. 14).
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11) Martin Supply Service 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: Sold goods for.
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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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11) Which of the following is the correct accounting equation? A) Assets + Liabilities = Equity B) Assets = Liabilities + Equity C) Assets + Revenues = Equity D) Assets + Revenues = Liabilities + Expenses 12) Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the.
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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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25) The following transactions have been journalized and posted to the proper accounts. Prepare a trial balance using the following details: a.Edward Wilson invested $15,000 cash in his new landscaping business. b.Paid the first month's rent with $800 cash. c.Purchased equipment by paying $4,000 cash and executing a note payable for $4,000. d.Purchased office.
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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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21) Sylvan Manufacturing applies overhead based on direct labor hours. At the beginning of the year, it estimated that overhead costs would be $75,000 and direct labor hours would be 10,000. The applied overhead rate per direct labor hour is: A) $7.50. B) $15.00. C) $0.1333. D) none of the above. 22) If the overhead.
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5) The accounting principle that ensures that all expenses are recorded when they are incurred during the period, and compares those expenses against the revenues of the period is called the ________ principle. A) comparison B) accrual C) matching D) revenue recognition 6) Which of the following accounting terms assumes that a business's activities can.
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25.2   Learning Objective 25-2 1) What is the journal entry to record issuing supplies from the storeroom? A) Debit Overhead-Applied; credit Raw Materials Inventory B) Debit Overhead-Control; credit Supplies Inventory C) Debit Supplies Inventory; credit Overhead-Applied D) Debit Overhead-Applied; credit Supplies Inventory 2) What is the journal entry to record issuing raw materials from the storeroom? A).
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11) Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory appear on which section of the worksheet? A) Statement of cost of goods manufactured B) Balance sheet C) Income statement D) Statement of cost of goods sold. 12) A manufacturing company will have a new set of columns on the worksheet for the: A) statement.
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41) Finished goods are listed on the statement of cost of goods manufactured. 42) All expenses are listed on the income statement of a manufacturer. 43) Classify each of the following as raw materials, direct labor, or overhead: Item Raw Material Direct Labor Overhead Steel in making of cars Salary of a supervisor Wages of an employee producing desks Lease.
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51) Sharon Company reported the following transactions for September, 2015. A)Sharon started the business with a capital contribution of $25,000 cash. It was credited to Sharon, Capital. 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.
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21) Which of the following is a characteristic of a corporation? A) A corporation is owned by stockholders. B) Lenders of a corporation do not have the right to claim the corporation's assets to satisfy their obligations. C) All shares of a corporation must be held by a single individual. D) Each stockholder has.
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31) Work-in-Process is credited and Payroll is debited when direct labor is charged to production. 32) Finished Goods is debited when products are sold and credited when the products are transferred from Work-in-Process. 33) Cost of Goods Sold is debited after items have been sold from the finished goods inventory. 34) Overhead may.
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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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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 owner's equity informs users about how much of the earnings were kept and reinvested in.
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Learning Objective 1-3 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 owner. 3) The total of amount of assets that a business possesses, may or may not equal the total of liabilities.
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25.3   Learning Objective 25-3 1) The purchase of direct materials was recorded as the purchase of office supplies. This error will cause: A) the cost of goods manufactured to be overstated. B) the cost of goods sold to be overstated. C) the net income to be overstated. D) None of these are correct. 2) The direct.
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Given the following accounts: [1]Expense accounts. [2]Accounts receivable [3]Finished goods inventory. [4]Work in process inventory. [5]Raw materials inventory. [6]Factory supplies inventory. [7]Overhead applied [8]Accumulated depreciation factory equipment [9]Accounts payable. [10]Payroll [11]Utilities payable [12]Sales. [13]Raw materials purchases. [14]Overhead-control. [15]Cost of goods sold. Indicate the account(s) to be debited and credited to record the following transactions. 42) Purchased raw materials on account. Debit ________ & ________ & ________ Credit ________.
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Learning Objective 3-3 1) Accrued revenues are 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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46) Calculate the (a) cost of goods manufactured from the following information. Beginning Raw Materials Inventory:$63,000 Ending Raw Materials Inventory:58,000 Overhead:36,000 Beginning Finished Goods Inventory:27,000 Ending Finished Goods Inventory:32,000 Direct Labor:42,000 Raw Materials Purchased:73,000 Beginning Work-in-Process Inventory:12,000 Ending Work-in-Process Inventory:15,000 47) Seascape Interiors produces artist supplies. Listed below are the costs of production and inventory. Direct Labor$60,000 Raw Materials Inventory, Aug. 125,000 Raw.
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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) Accounts.
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Learning Objective 3-1 1) Under accrual accounting, transactions are recorded only when cash is received or paid. 2) The owner of Recipes.org purchased $2,000 of supplies on account. Under the accrual basis of accounting, no entry is made until the $2,000 is paid. 3) In cash basis accounting, revenue is recognized when cash.
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11) Which of the following accounts does cash basis accounting ignore? A) Payables B) Revenue C) Cash D) Expenses 12) Two weeks earlier, a business had rendered services to one of its customers on account for which the payment was received today. Which of the following entries would be recorded if the company uses accrual.
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11) The Overhead-Control account is used for the: A) application of overhead to production and it has a debit balance. B) accumulation of all actual overhead costs and it has a credit balance. C) application of overhead to production and it has a credit balance. D) accumulation of all actual overhead costs and it.
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31) Finished goods inventory includes the total costs of manufacturing a product. 32) A cost of goods manufactured statement should be prepared before the income statement has been prepared. 33) The balance sheet contains all three manufacturing inventories. 34) The steps of the accounting cycle for a manufacturing company are different from those.
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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 owner's equity, the effect of withdrawals on the ending balance in owner's equity can be evaluated. 3) Financial statements are business documents that are used to communicate information needed to.
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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 owner's 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 owner's equity D) assets and.
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39) From the following transactions, prepare the appropriate general journal entries for the month of April. a. Raw materials costing $60,000 were issued from the storeroom. b. Direct labor of $53,000 was charged to production. c. Indirect labor costs of $17,000 were incurred. d. Overhead was applied at the rate of 40% of direct.
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