How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Bizhelp Your Own Question

Bizhelp
Bizhelp, Accountant
Category: Business and Finance Homework
Satisfied Customers: 5726
Experience:  BA degree and Certified Public Accountant
Type Your Business and Finance Homework Question Here...
Bizhelp is online now
A new question is answered every 9 seconds

Accounting 1 1. he most important output of the accounting

Resolved Question:

Accounting 1

1. he most important output of the accounting cycle is the financial statements. (Points : 2)
True
False


2. Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements. (Points : 2)
True
False


3. Financial statements should be prepared after the closing entries are journalized and posted. (Points : 2)
True
False


4. Assets, liabilities, and stockholders’ equity are real accounts and do not get closed at the end of the period. (Points : 2)
True
False


5. All income statement accounts balances will be carried forward to the new year. (Points : 2)
True
False


6. In the accounting cycle, the last step is (Points : 2)
preparing the financial statements
journalizing and posting the adjusting entries
preparing a post-closing trial balance
journalizing and posting the closing entries


7. The Statement of Retained Earnings begins with the beginning balance followed by (Points : 2)
plus Net Income (loss) less dividends
plus Net Income (loss) plus investments
plus investments less dividends
plus investments plus Net Income (loss) less dividends


8. Balance sheet accounts (Points : 2)
represent amounts accumulated during a specific period of time
are called real accounts
have zero balances after the closing entries have been posted
are equal to assets and liabilities


9. All of the closing entries will adjust ____ to update that account. (Points : 2)
the dividends account
the retained earnings account
the cash account
the income summary account


10. The accounting cycle requires three trial balances be done. In what order should they be prepared? (Points : 2)
Post-closing, unadjusted, adjusted
Unadjusted, post-closing, adjusted
Unadjusted, adjusted, post-closing
Post-closing, adjusted, unadjusted

The largest expense for retail businessess is the cost of of inventory sold. (Points : 2)
True
False


2. Under the perpetual inventory system, the cost of merchandise sold is recorded when sales are made. (Points : 2)
True
False


3. Sales Discounts is a revenue account that increases net sales. (Points : 2)
True
False


4. The effect of a sales return and allowance is a reduction in sales revenue and a decrease in cash or accounts receivable. (Points : 2)
True
False


5. If the buyer bears the transportation costs related to a purchase, the terms are said to be FOB destination. (Points : 2)
True
False


6. Generally, the revenue account for a merchandising business is entitled (Points : 2)
sales
net sales
gross sales
profit


7. What is the term applied to the excess of net revenue from sales less the cost of merchandise sold? (Points : 2)
gross profit
income from operations
net income
gross sales


8. Merchandise inventory is classified on the balance sheet as a (Points : 2)
Current Liability
Current Asset
Long-Term Asset
Long-Term Liability


9. The primary difference between a periodic and perpetual inventory system is that a (Points : 2)
periodic system determines the inventory on hand only at the end of the accounting period
periodic system keeps a record showing the inventory on hand at all times
periodic system provides an easy means to determine inventory shrinkage
periodic system records the cost of the sale on the date the sale is made


10. In credit terms of 1/10, n/30, the "1" represents the (Points : 2)
number of days in the discount period
full amount of the invoice
number of days when the entire amount is due
percent of the cash discount
Submitted: 10 months ago.
Category: Business and Finance Homework
Expert:  Bizhelp replied 10 months ago.
Hi,

Thanks for the questions.

Please click here to download the answers.

Hope this helps!


If you would like to request me for future posts, please put 'For Bizhelp' at the beginning of them.
Bizhelp, Accountant
Satisfied Customers: 5726
Experience: BA degree and Certified Public Accountant
Bizhelp and 2 other Business and Finance Homework Specialists are ready to help you
Customer: replied 10 months ago.

hi, i will ike to know if you can write a 2 1/2 page paper?

Expert:  Bizhelp replied 10 months ago.
Hello,

Sorry, I do not write essays/papers. If you have not already posted the question yet, you can open a new post at http://www.justanswer.com/essays/ and another expert will probably be able to help you. Thanks!
Customer: replied 10 months ago.

are u able now i nedd help in accounting

Expert:  Bizhelp replied 10 months ago.
Yes, I'm available but am not always at my computer. Please post question in a new post. Thanks.
Customer: replied 9 months ago.

hey are u able to help me ?

Expert:  Bizhelp replied 9 months ago.
It depends. What is your question?
Customer: replied 9 months ago.

is about true table math

Expert:  Bizhelp replied 9 months ago.

I'm sorry but I am not a math expert and not familiar with that subject. If you post your question in the math category, a qualified expert should be able to assist you.

Customer: replied 9 months ago.

are you able to help me now?

Customer: replied 6 months ago.

i want to know if u are able to help me

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • linda_us

    Master's Degree

    Satisfied Customers:

    801
    A tutor for Business, Finance, Accounts and other related topics.
< Last | Next >
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg linda_us's Avatar

    linda_us

    Master's Degree

    Satisfied Customers:

    801
    A tutor for Business, Finance, Accounts and other related topics.
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Bachelor's Degree

    Satisfied Customers:

    351
    Have completed B.COM and CA Finalist
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    Accountant

    Satisfied Customers:

    256
    BA degree and Certified Public Accountant
  • http://ww2.justanswer.com/uploads/ED/educatortech/2012-6-7_1256_williams4.64x64.jpg Mr. Gregory White's Avatar

    Mr. Gregory White

    Master's Degree

    Satisfied Customers:

    197
    M.A., M.S. Education / Educational Administration
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Lawyer, Accountant & Researcher

    Satisfied Customers:

    158
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/BF/bfc77usa/2011-5-11_42346_face.64x64.jpg Alex's Avatar

    Alex

    Bachelor's Degree

    Satisfied Customers:

    144
    BS in Business Administration with honors. Able to assist in many business related courses.
  • http://ww2.justanswer.com/uploads/BR/brittanyshock1/2012-6-16_174743_JAphoto.64x64.jpg Brittany's Avatar

    Brittany

    Professional

    Satisfied Customers:

    26
    AA/Accounting BS/Business
 
 
 

Related Business and Finance Homework Questions