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4.5   Questions 1) FOB destination means that title passes at the time of shipment of the product to the buyer from the seller. 2) FOB shipping point means that title passes at the time the product is shipped from the seller. 3) A buyer debits the shipping charges that they pay for merchandise.
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2.2   Questions 1) Double-entry accounting requires that every business transaction impact at least two different accounts. 2) A T-account is a way to visualize the increases and decreases to the value of an account. 3) The debit (left) side of an account always indicates an increase in the value of the account. 4) The.
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3.1   Questions 1) Under accrual accounting, the most important GAAP concepts to remember are the recognition principle for expenses and the matching principle for revenues. 2) Accounts receivable and accounts payable are examples of accruals. 3) Recording office supplies as an asset after paying for them would be considered a deferral. 4) Because inventories.
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21) A T-account has a $922 credit balance. This account is most likely: A) Office Equipment. B) Rent Expense. C) Dividends. D) Sales Revenue. 22) A T-account has a $388 credit balance. This account is most likely: A) an expense. B) a dividend account. C) an asset. D) a stock account. 23) Debit means: A) decrease. B) increase. C) the right side.
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4.7   Questions 1) Gross profit percentage is computed by dividing net sales by cost of goods sold. 2) The net income percentage is computed by dividing net income by gross profit. 3) If a company has $115,000 net sales, $65,000 in gross profit, and $12,000 in net income, the net income percentage would.
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11) The accounts that are NOT closed are: A) assets, liabilities, and revenues. B) assets, liabilities, and stockholder's equity. C) assets, liabilities, and expenses. D) revenues, expenses and dividends. 12) Dividends paid and net losses are: A) additions to Retained Earnings. B) subtractions from Retained Earnings. C) additions to net income. D) subtractions from net income. 13) Revenues are: A) additions.
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11) GAAP is the acronym for generally accepted ________ principles. A) auditing B) accounting C) averaging D) associated 12) Accountants who ignore the effect of inflation on prices may be violating which accounting principle? A) Going concern B) Business entity C) Reliability D) Something other than what is listed 13) In the financial accounting records, most assets should be reported.
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11) The adjusted trial balance will directly show the: A) total in the Cash account. B) final total in the Retained Earnings account. C) total of the adjustments. D) accounts that were adjusted. 12) The adjusted trial balance shows: A) accounts that may still be out of balance. B) revenues and expense amounts only. C) numbers ready to.
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4.2   Questions 1) Most businesses today use the periodic inventory method. 2) Because of innovative and computerized methods of tracking inventory, most businesses today use the perpetual inventory method. 3) In the perpetual inventory system, inventory is constantly updated through the inventory tracking system. 4) Under the perpetual inventory system, the need for a.
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4.3   Questions 1) Both purchase returns and allowances decrease the merchandiser's inventory cost. 2) The purchase of inventory affects both an asset and the stockholder's equity account. 3) An invoice with the credit terms 3/10, n/30 means that the customer has 3 days to take a 10% discount off of the invoice total. 4).
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21) ________ entries transfer net income or net loss and dividends to the Retained Earnings account. A) Adjusting B) Closing C) General D) Timely 22) Closing entries are prepared for which of the following reasons? A) To get the accounts ready for the next accounting period B) To get the worksheet ready for the next accounting period C).
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31) Payables are classified as: A) Stockholders' Equity. B) Retained Earnings. C) Liabilities. D) Assets. 32) Items such as revenue, expenses and dividends are classified as: A) Common Stock. B) Retained Earnings. C) Liabilities. D) Assets. 33) The payment of cash dividends would have which of the following effects on the accounting equation? A) Increase Liabilities B) Decrease Stockholders' Equity C) Increase Assets D).
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11) Renaud, Inc. has the following list of inventory: Item Unit Cost Selling Price DKW $13,257 $20,322 EOR $ 6,790 $7,192 CKS $18,302 $19,773 XCC $ 9,394 $11,274 CIS $27,434 $33,409 Under specific-identification, what is Renaud's ending inventory if EOR and CIS are not sold during the current period? A) $34,224 B) $40,601 C) $40,953 D) $51,369 12) Inland Industrial has the following list of inventory: Item Unit Cost Selling Price DKW $13,257 $20,322 EOR $ 6,790 $7,192 CKS $18,302 $19,773 XCC $ 9,394 $11,274 CIS $27,434 $33,409 Under.
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1.5   Questions 1) Cash accounting recognizes business transactions when they occur. 2) Cash accounting recognizes business transactions when cash is received or paid. 3) Accrual accounting recognizes business transactions when they occur. 4) Accrual accounting recognizes business transactions cash is received or paid. 5) The fundamental accounting equation is Assets plus Liabilities equals Stockholders' Equity. 6).
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11) Part of accrual accounting depends upon recording ________ entries at the end of the fiscal year. A) expense B) revenue C) adjusting D) debit 12) At the end of the period, which is prepared first? A) Income statement B) Balance sheet C) Adjusting entries D) Unadjusted trial balance 13) Recording Interest Receivable would be an example of a(n): A) deferred.
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2.1   Questions 1) Account titles such as Marketing Expense and Depreciation Expense would be numbered starting with a 3. 2) A listing of all accounts in numerical order is called a chart of accounts. 3) An account numbered 321 would be considered a stockholders' equity account as it begins with a 3. 4) The.
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1.6   Questions 1) Financial statements are historical reports of what has taken place financially in a business. 2) The Income Statement details how cash changed over an accounting period or cycle. 3) The Balance Sheet is dated as of a period of time. 4) The Statement of Retained Earnings is prepared to determine the.
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11) On the trial balance, which account balances should be listed in the debit column? A) Assets, revenues, and dividends B) Liabilities, revenues, and Common Stock C) Assets, Dividends, and expenses D) Liabilities, revenues, and Dividends 12) On the trial balance, which account balances should be listed in the credit column? A) Liabilities, Retained Earnings, and.
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5.1   Questions 1) Merchandise inventory represents the goods that a merchandiser has available to sell to its customers. 2) Inventory is probably the retailer's smallest (by value) current asset. 3) Manufacturers have three different kinds of inventory. 4) GAAP allows two different kinds of inventory costing methods. 5) Under the specific-identification method, the flow of.
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4.4   Questions 1) Sales Discounts and Sales Returns and Allowances are contra-accounts of the Sales account. 2) Debit card and credit card sales are counted as cash transactions. 3) A journal entry that has more than one debit or more than one credit is known as a complex journal entry. 4) The account Sales.
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4.1   Questions 1) Wholesalers purchase large quantities of product from manufacturers and then sell the product to retailers. 2) Retailers may buy goods from the manufacturer and then sell the goods to consumers. 3) A retailer sells goods to a wholesaler. 4) Goods that a retailer sells to consumers are classified as inventory. 5) Which.
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5.2   Questions 1) Beginning inventory plus net purchases equals cost of goods sold. 2) A piece of artwork would probably be inventoried using the specific-identification method. 3) The objective of inventory tracking is to allocate the cost of goods available for sale between the cost of units sold and the cost of unsold.
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31) The ________ keeps a running balance of an individual account. A) general journal B) balance sheet C) general ledger D) posting reference 32) The ________ indicates where the information originated and to where the information was transferred. A) general journal B) balance sheet C) general ledger D) posting reference 33) One of the customers of Rodriguez Roofing, Inc. paid.
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21) Which of the following accounts would never be adjusted in a journal entry? A) Prepaid Rent B) Supplies C) Inventory D) Cash 22) The difference between the cost of office equipment and accumulated depreciation–office equipment is called: A) market value. B) salvage value. C) book value. D) original value. 23) The total dollars in an accumulated depreciation account are: A).
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11) James, a customer, purchased $500 of merchandise from Haskins, Inc. Under the perpetual inventory system, Haskins, Inc. will record a: A) debit to Accounts Receivable or to Cash for $500. B) credit to Accounts Receivable or to Cash for $500. C) credit to Cost of Goods Sold for $500. D) debit to Sales.
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11) Which of the following financial statements illustrates the accounting equation? A) Statement of Retained Earnings B) Income Statement C) Balance Sheet D) Statement of Cash Flows 12) Beginning Retained Earnings for the period would be shown on the: A) Statement of Retained Earnings. B) Income Statement. C) Balance Sheets. D) Statement of Cash Flows. 13) Of the financial statements,.
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4.6   Questions 1) Most merchandising businesses prepare a single-step income statement. 2) Cost of Goods Sold is part of general and administrative expenses. 3) Net Sales minus Cost of Goods Sold equals Gross Profit. 4) Net income is generally referred to as the company's "bottom line." 5) The statement of retained earnings for a merchandiser.
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21) The adjusted trial balance proves that: A) all adjusting entries have been recorded correctly. B) debit totals equal credit totals. C) no adjusting entry has been entered twice. D) the balance of the adjusted trial balance is correct. 22) The unadjusted trial balance for Supplies shows a $434 balance. If $132 of supplies were.
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11) A piece of equipment cost $1,000 and has a salvage value of $200. If it has an 8-year life, the annual depreciation expense under straight-line depreciation would be: A) $125. B) $100. C) $200. D) $800. 12) Adjusting entries for Supplies and Prepaid Rent would be adjustments for: A) deferred expense. B) deferred revenue. C) accrued expense. D).
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11) Dividends, Accounts Receivable, and Buildings have normal balances of: A) credit, debit, and debit, respectively. B) debit, debit, and credit, respectively. C) credit, credit, and credit, respectively. D) debit, debit, and debit, respectively. 12) Revenues, Accounts Receivable, and Common Stock have normal balances of: A) credit, debit, and credit, respectively. B) debit, debit, and credit, respectively. C).
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31) Salary expense is $975 per day, Monday through Friday, and the business pays employees each Friday. If December 31 falls on a Wednesday, the amount of the adjusting entry to record accrued salaries would be: A) $2,925. B) $975. C) $1,950. D) $4,875. 32) The journal entry to record $2,750 of depreciation expense for.
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2.3   Questions 1) The general journal was developed to organize transactions by account. 2) The general journal is used to record the events (transactions) of a business. 3) The act of recording a transaction is called "journalizing." 4) Journalizing is the transfer of information from the general journal to the general ledger. 5) The posting.
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11) The first step in analyzing a transaction is to determine: A) if the account balance will increase or decrease. B) the accounts that are involved. C) the type of accounts that are involved. D) which accounts are to be debited and credited. 12) The second step in analyzing a transaction is to determine: A) if.
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3.3   Questions 1) The adjusted trial balance is prepared before the adjusting entries are completed and posted. 2) After preparing the adjusted trial balance, those figures are used to complete the balance sheet only. 3) The balance of Retained Earnings on the adjusted trial balance does not represent the final retained earnings balance.
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3.4   Questions 1) To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted, prepare the adjustments. 2) Revenues, expenses and Dividends are called permanent accounts. 3) Assets, liabilities and Retained Earnings are permanent accounts that are NOT closed at.
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21) An increase in revenues would have which of the following effects on the accounting equation? A) Decrease Stockholders' Equity B) Increase Common Stock C) Increase Liabilities D) Increase Stockholders' Equity 22) Which of the following is a written promise to pay? A) Account receivable B) Account payable C) Note payable D) Dividend payable 23) A company has Liabilities of.
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11) The method of accounting that recognizes a transaction when it occurs is: A) financial accounting. B) cash accounting. C) cost accounting. D) accrual accounting. 12) Most businesses use: A) cash accounting. B) accrual accounting. C) cash and accrual accounting. D) profit accounting. 13) Which of the following is considered an asset? A) Accounts Payable B) Sales C) Accounts Receivable D) Common Stock 14).
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11) All payables are listed as: A) assets. B) liabilities. C) stockholders' equity. D) revenue. 12) Accounts that start with the numbers 6-9 would probably be: A) other revenues and expenses. B) other assets and liabilities. C) other stockholders' equity. D) other assets and revenues. 13) A type of company asset in which a customer owes the company money would.
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21) When merchandise is purchased on account under the perpetual inventory system, the journal entry is: A) debit Purchases and credit Accounts Payable. B) debit Accounts Payable and credit Inventory. C) debit Inventory and credit Accounts Payable. D) debit Accounts Payable and credit Purchases. 22) The inventory system that uses the merchandise inventory account as.
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41) Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the amount in ending Retained Earnings? A) $58,000 B) $61,500 C) $68,500 D) $65,000 42) Beginning Retained Earnings are $31,000; sales are $46,800; expenses are $43,500; and dividends paid are $2,800. How much is the.
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21) The type of accounting required by GAAP is: A) modified cash. B) hybrid cash. C) cash. D) accrual. 22) The majority of businesses normally end their fiscal year on: A) June 30. B) September 30. C) December 31. D) some other date. 23) It is necessary to post: A) asset and liability entries. B) revenue and expense entries. C) adjusting entries. D).
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11) Current assets are listed on the balance sheet in: A) alphabetical order. B) order of liquidity. C) ascending order of value. D) descending order of value. 12) Wages Payable, Income Taxes Payable and Accounts Payable are: A) long-term liabilities. B) long-term assets. C) short-term liabilities. D) short-term assets. 13) A 10-year note payable would be listed on the balance.
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2.4   Questions 1) A trial balance is a list of the accounts and their balances taken from the general journal. 2) The trial balance is an official financial statement. 3) A trial balance contains the name of the company, the words "trial balance" and the date of the statement. 4) The required accounting period.
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3.2   Questions 1) Adjusting entries are used to update accounts at the end of an accounting period. 2) An example of a contra-account would be Accumulated Depreciation. 3) Adjusting entries are made only for accrued revenues and accrued expenses. 4) Unearned Ticket Revenue must be adjusted to show how much of the deferred revenue.
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