Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Which of the following would cause a contra-asset to be credited and an expense debited?

14/11/2020 Client: arwaabdullah Deadline: 3 days

Question 1 of 402.5 Points

If the balance of supplies at the start of the month was $900 and at the end of the month you had $450 on hand, the adjustment for Supplies would be __________.

A. $450

B. $550

C. $350

D. $900

Question 2 of 402.5 Points

The order of the steps to prepare the worksheet are __________.

A. prepare the trial balance, complete adjustments, prepare the adjusted trial balance, extend the respective totals to the Income Statement and Balance Sheet columns

B. complete the adjustments, prepare the adjusted trial balance, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns

C. extend the totals to the Income Statement and Balance Sheet columns, prepare the trial balance, complete the adjustments, prepare the adjusted trial balance

D. prepare the adjusted trial balance, complete the adjustments, prepare the trial balance, extend the respective totals to the Income Statement and Balance Sheet columns

Question 3 of 402.5 Points

An adjustment for Prepaid Rent would indicate __________.

A. the amount originally paid

B. the amount expired

C. the amount on hand

D. the amount of the trial balance

Question 4 of 402.5 Points

Which of the following would cause a liability to be credited and an expense to be debited?

A. recording the adjustment for the expiration of rent

B. recording the depreciation of equipment

C. recording the accrual of salaries incurred

D. purchasing equipment

Question 5 of 402.5 Points

The depreciation of equipment will require an adjustment that results in __________.

A. total assets increasing and total expenses increasing

B. total assets increasing and total expenses decreasing

C. total assets and expenses decreasing

D. total assets decreasing and total expenses increasing

Question 6 of 402.5 Points

Not recording the Prepaid Rent used causes __________.

A. assets to be too high

B. assets to be too low

C. expenses to be too high

D. revenue to be too high

Question 7 of 402.5 Points

If Prepaid Rent for the period is not adjusted __________.

A. assets will be overstated and expenses will be overstated

B. assets will be overstated and expenses will be understated

C. assets will be understated and expenses will be overstated

D. assets will be understated and expenses will be understated

Question 8 of 402.5 Points

If the adjustment for Supplies used during the period was not made __________.

A. expenses would be too low

B. assets would be too low

C. expenses would be too high

D. revenue would be too high

Question 9 of 402.5 Points

As Prepaid Rent is used, the asset becomes a(n. __________.

A. liability

B. expense

C. contra-asset

D. revenue

Question 10 of 402.5 Points

It's the end of the accounting period and no electric bill has been received (but the expense has been incurred.; you should record an entry that __________.

A. increases the total assets and increases the total expenses

B. decreases the total assets and increases the total expenses

C. increases the total liabilities and increases the total expenses

D. decreases the total liabilities and increases the total expenses

Question 11 of 402.5 Points

The adjustment to record supplies used during the period would be __________.

A. debit Supplies; credit Supplies Expense

B. debit Supplies Expense; credit Cash

C. debit Supplies Expense; credit Supplies

D. debit Supplies; credit Cash

Question 12 of 402.5 Points

Which of the following would cause a contra-asset to be credited and an expense debited?

A. recording an accrued expense

B. recording the consumption of supplies

C. recording the building depreciation

D. All of the above would have that effect.

Question 13 of 402.5 Points

The entry to record the expiration of part of the prepaid rent will __________.

A. decrease total assets and increase total expenses at the end of the month

B. decrease total assets and decrease total expenses at the end of the month

C. increase total assets and increase total expenses at the end of the month

D. increase total assets and decrease total expenses at the end of the month

Question 14 of 402.5 Points

The cost of an asset less accumulated depreciation equals __________.

A. residual value

B. book value

C. depreciation expense

D. None of the above answers are correct.

Question 15 of 402.5 Points

The adjusted trial balance columns __________.

A. help to ensure the ledger is still in balance

B. help to identify any errors that may have been made during adjustment

C. show updated account balances to aid in preparation of the financial statements

D. All of the above answers are correct.

Question 16 of 402.5 Points

At the start of this year 18 months’ rent was paid. At the year's end, how will this affect the balance sheet?

A. Assets will be decreased.

B. Liabilities will be increased.

C. Owner's equity will be increased.

D. This has no effect on the period end balance sheet.

Question 17 of 402.5 Points

Which of the following would cause total assets to decrease and total expense to increase?

A. recording the depreciation of equipment

B. recording the consumption of supplies

C. recording the expiration of prepaid rent

D. All of the above would have that effect.

Question 18 of 402.5 Points

It is the year end, but not the pay period end. How will this affect the balance sheet?

A. Assets will be increased.

B. Liabilities will be increased.

C. Owner's equity will be increased.

D. This has no effect on the period end balance sheet.

Question 19 of 402.5 Points

The capital balance amount shown in the balance sheet column of the worksheet represents __________.

A. the beginning capital plus net income

B. the beginning capital plus net income less withdrawal

C. the beginning capital less withdrawals

D. the beginning capital plus any investments to capital that occurred during the period

Question 20 of 402.5 Points

Bringing account balances up to date before preparing financial reports is called __________.

A. posting

B. adjusting

C. journalizing

D. analyzing

Question 21 of 402.5 Points

If current assets are $60,000 and current liabilities are $50,000, the current ratio is __________.

A. 0.8:1

B. 8.3:1

C. 2.1:1

D. 1.2:1

Question 22 of 402.5 Points

Liquidity ratios measure __________.

A. how effectively a company is using its equity

B. how effectively a company is using its liabilities

C. a company's ability to pay shareholders

D. a company's ability to pay off short-term debts

Question 23 of 402.5 Points

An account in which the balance is not carried over from one accounting period to the next is called a __________.

A. permanent account

B. real account

C. temporary account

D. zero account

Question 24 of 402.5 Points

The current ratio determines the ability of a company to __________.

A. pay off all payables

B. pay off current payables

C. manage its ability to earn profit

D. use its equity

Question 25 of 402.5 Points

Which of the following assets would not be classified as property, plant, and equipment?

A. delivery truck

B. copyright

C. land

D. furniture

Question 26 of 402.5 Points

The balance in the Rent Expense account on the worksheet was $120. The journal entry to close the Rent Expense account is __________.

ANSWER: D

Question 27 of 402.5 Points

If current assets are $75,000 and current liabilities are $15,000, the current ratio is __________.

A. 5:1

B. 0.2:1

C. 0.5:1

D. None of the above answers are correct.

Question 28 of 402.5 Points

Profitability ratios measure __________.

A. a company's ability to earn profits

B. a company's ability to meet short-term obligations

C. how well a company is using debt versus equity

D. how effectively a company is using its assets

Question 29 of 402.5 Points

Which of the following sequence of actions describes the proper order in the accounting cycle?

A. journalize, post, close, prepare financial statements, adjust, and analyze transactions

B. prepare financial statements, journalize, post, adjust, analyze transactions, and close

C. analyze transactions, journalize, post, adjust, prepare financial statements, and close

D. post, close, prepare financial statements, adjust, analyze transactions, and journalize

Question 30 of 402.5 Points

Of the following accounts, which might appear in the adjusted trial balance, but not in the post-closing trial balance?

A. income summary

B. owner's capital

C. accounts payable

D. depreciation expense

Question 31 of 402.5 Points

The income statement debit column of the worksheet showed the following expenses:

The journal entry to close the expense accounts is __________.

ANSWER- A

Question 32 of 402.5 Points

Scott Company had a current ratio of 2.76:1 in Year 1 and 2.57:1 in Year 2. This change in current ratio indicates __________.

A. the company's debt paying ability has improved

B. the company's debt paying ability has weakened

C. the company's customers are paying their accounts sooner

D. the company is able to sell its inventory faster

Question 33 of 402.5 Points

Which analysis deals with the percentage of changes in certain items over several years?

A. vertical analysis

B. ratio analysis

C. trend analysis

D. common-size statement

Question 34 of 402.5 Points

Debt management ratios measure __________.

A. how effectively a company is using its cash

B. how well a company is using debt versus equity position

C. a company's ability to earn profit

D. a company's ability to meet payable obligations

Question 35 of 402.5 Points

A common-size comparative statement shows __________.

A. percentages

B. dollar increases/decreases

C. whole dollar amounts

D. None of the above answers are correct.

Question 36 of 402.5 Points

Assets that are not expected to provide benefits for a number of accounting periods are called __________.

A. current assets

B. fixed assets

C. long-term assets

D. property, plant, and equipment

Question 37 of 402.5 Points

Comparative reports in which each item is expressed as a percentage of a base amount without dollar amounts are called __________.

A. comparative financial statements

B. common-size statements

C. cash flow analysis

D. horizontal analysis

Question 38 of 402.5 Points

Closing entries __________.

A. need not be journalized since they appear on the worksheet

B. need not be posted if the financial statements are prepared from the worksheet

C. are not needed if adjusting entries are prepared

D. must be journalized and posted

Question 39 of 402.5 Points

The final step in the accounting cycle is __________.

A. preparing the post-closing trial balance

B. preparing the financial statements

C. journalizing the closing entries

D. journalizing the adjusting entries

Question 40 of 402.5 Points

Which of the following is a non-depreciable asset?

A. desk chairs

B. land

C. computer

D. building

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Quality Homework Helper
Buy Coursework Help
Peter O.
Academic Mentor
Top Quality Assignments
Finance Homework Help
Writer Writer Name Offer Chat
Quality Homework Helper

ONLINE

Quality Homework Helper

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Buy Coursework Help

ONLINE

Buy Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Peter O.

ONLINE

Peter O.

Hello, I can assist you in writing attractive and compelling content on ganja and its movement globally. I will provide with valuable, informative content that you will appreciate. The content will surely hit your target audience. I will provide you with the work that will be according to the needs of the targeted audience and Google’s requirement.

$55 Chat With Writer
Academic Mentor

ONLINE

Academic Mentor

Hey, I have gone through your job posting and become very much interested in working with you.I can deliver professional content as per your requirements. I am a multi-skilled person with sound proficiency in the English language for being a native writer who worked on several similar projects of content writing and can deliver quality content to tight deadlines. I am available for both online and offline writing jobs with the promise of offering an incredibly responsive and supreme level of customer service. Thanks!

$55 Chat With Writer
Top Quality Assignments

ONLINE

Top Quality Assignments

Hey, I have gone through your job posting and become very much interested in working with you.I can deliver professional content as per your requirements. I am a multi-skilled person with sound proficiency in the English language for being a native writer who worked on several similar projects of content writing and can deliver quality content to tight deadlines. I am available for both online and offline writing jobs with the promise of offering an incredibly responsive and supreme level of customer service. Thanks!

$55 Chat With Writer
Finance Homework Help

ONLINE

Finance Homework Help

I have a Master’s degree and experience of more than 5 years in this industry, I have worked on several similar projects of Research writing, Academic writing & Business writing and can deliver A+ quality writing even to Short Deadlines. I have successfully completed more than 2100+ projects on different websites for respective clients. I can generally write 10-15 pages daily. I am interested to hear more about the project and about the subject matter of the writing. I will deliver Premium quality work without Plagiarism at less price and time. Get quality work by awarding this project to me, I look forward to getting started for you as soon as possible. Thanks!

$55 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

8 steps of ethical decision making - Psychology - Class 8 computer chapter 1 networking concepts - MGT312T Week 2 Discussion - Merger and acquisition notes for mba - Baby won't you tell me lyrics - How to antidifferentiate on cas - Wig shops in ypsilanti mi - City of monroe continuous problem solution - Dr King Essay - Valbirn pty ltd v powprop pty ltd - Calculate time constant of rc circuit - Ca oh 2 ch3cooh balanced equation - Educational stock market game - Concept Analysis - Hw - Anycontrol ac 212 instructions - Vrhn analysis in strategic management - How can business owners attract qualified laborers - I have rung the doom of my good name - Introduction to federal income taxation in canada 40th edition - Decd recruitment sa gov au - How to cite shakespeare plays in an essay - The Art of Interviewing - submission after one hour - Hound dog song history - Miss evers boys movie download - There will come soft rains essay questions - Windshield survey example paper - Ati capstone maternal newborn assessment - Inverse laplace transform of s - Transcultural integrative model - The chase annie dillard - Dr ross dwyer radiologist - Eating disorder inventory 3 edi 3 scale descriptions - Romeo and juliet news report assignment - Battles in the desert & other stories - Please see attached - Need in 24 hours - Thinking for yourself mayfield 9th edition - Rl circuit lab report conclusion - 2.5 page work - Assignment 3 business intelligence and data warehouses - Discussion - Hawaiian name for john - Countercyclical Monetary Policy - Shark tank season 9 episode 2 stream - Std soap note - Food Journal - Cloud Computing technologies - Reflection in Action - Can somebody write me a response paper over the film "The Deadly Deception" - Performance management system of starbucks - Mrna destroyer - A cylindrical specimen of a nickel alloy - The monkey's paw pdf middle school - I need a response to these 2 discussion done for week 2 for my Recruit, Assess, Develop, and Retain Class - Iliad book 22 sparknotes - Ph level of buxton water - Epson eb 1410wi price - The great depression a diary - Human resource - Freepbx call center builder - Alternate or parallel forms reliability - Need help making a chart - Dia construction security plan worksheet - Access module 1 textbook project - Edu 599 Capstone Education - Project - 5 steps of the writing process - Fluke 725 fuse replacement - 13 corby lane carine - Attendance allowance form aa1 - Form 1aa residential tenancy agreement - Achievements of epidemiology - Week 4 soap note - Cultural competence early childhood - Reading like a historian boston massacre answer key - Analysis of "Credit Sale Slaves" and "The Planter's Annual Record" - Mcmaster university enrollment dates - The accounts of delphinia dreams, inc. showed the following balances at the beginning of october: - W2F - Bibliography for mechanical engineering - Discussion: Military Personnel and Suicide-wk4-Dis6411 - History of periodic table assignment - Dq - What you pawn i will redeem analysis - Cisco ace 30 eol - Dtp brake test codes - A genre's iconography consists of - Clay's speech at hannah's funeral script - Proust questionnaire doc - Feast watson floor clear - The miller's tale nether ye meaning - Imagery in birches - Donabate portrane tennis club - General mills organizational culture - Science - Psychological roots of prejudice worksheet - How to draw blood sample from goat - Questions about drafting the us constitution - How to prepare a cost of goods manufactured statement