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ConceptsCoach, Certified Public Accountant (CPA)
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Can I post my accounting questions now and I would need them

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Can I post my accounting questions now and I would need them back or as many as you can do in two hours I have limited internet access
Submitted: 4 years ago.
Category: Finance
Expert:  ConceptsCoach replied 4 years ago.
Yes pls post it.

Edited by ConceptsCoach on 7/11/2010 at 12:07 AM EST
Customer: replied 4 years ago.

1. Chapter 1-Introduction to Accounting and Business Question MC #25

(Points: 2)
Which of the following are guidelines for behaving ethically?
I.Identify the consequences of a decision and its effect on others.
II.Consider your obligations and responsibilities to those affected by the decision.
III.Identify your decision based on personal standards of honesty and fairness.




1. I and III.

2. II and III.

3. I, II, and III.

4. I and II.

Save Answer

2. Chapter 1-Introduction to Accounting and Business Question MC #30

(Points: 2)
For accounting purposes, the business entity should be considered separate from its owners if the entity is



1. a corporation

2. a partnership

3. all of the above

4. a proprietorship

Save Answer

3. Chapter 1-Introduction to Accounting and Business Question MC #18

(Points: 2)
The following are examples of external users of accounting information except:



1. creditors

2. all of the above

3. government

4. customers

Save Answer

4. Chapter 1-Introduction to Accounting and Business Question MC #17

(Points: 2)
Which of the following groups are considered to be internal users of accounting information?



1. Employees and managers

2. Customers and vendors

3. Government and banks

4. Employees and customers

Save Answer

5. Chapter 2-Analyzing Transactions Question MC #37

(Points: 2)
The process of initially recording a business transaction is called



1. trial balancing

2. posting

3. journalizing

4. balancing

Save Answer

6. Chapter 2-Analyzing Transactions Question MC #20

(Points: 2)
The classification and normal balance of the accounts payable account is



1. a liability with a credit balance

2. an asset with a credit balance

3. owner's equity with a credit balance

4. revenue with a credit balance

Save Answer

7. Chapter 2-Analyzing Transactions Question MC #47

(Points: 2)
Which of the following is true about a T-Account?



1. Left hand side of the T-Account is called a debit.

2. Right hand side of the T-Account is called a debit

3. None are true.

4. Left hand side of the T-Accounts is called a credit

Save Answer

8. Chapter 3-The Adjusting Process Question MC #38

(Points: 2)
The entry to adjust the accounts for wages accrued at the end of the accounting period is



1. Wages Payable, debit; Wages Income, credit

2. Wages Income, debit; Wages Payable, credit

3. Wages Payable, debit; Wages Expense, credit

4. Wages Expense, debit; Wages Payable, credit

Save Answer

9. Chapter 3-The Adjusting Process Question MC #60

(Points: 2)
The unearned rent account has a balance of $36,000. If $4,000 of the $36,000 is unearned at the end of the accounting period, the amount of the adjusting entry is



1. $32,000

2. $40,000

3. $36,000

4. $4,000

Save Answer

10. Chapter 3-The Adjusting Process Question MC #2

(Points: 2)
The matching concept



1. requires that the dollar amount of debits equal the dollar amount of credits on a trial balance

2. determines that expenses related to revenue be reported at the same time the revenue is reported

3. addresses the relationship between the journal and the balance sheet

4. determines whether the normal balance of an account is a debit or credit

Save Answer

11. Chapter 3-The Adjusting Process Question MC #49

(Points: 2)
The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n)



1. contra asset

2. capital

3. asset

4. liability

Save Answer

12. Chapter 4-Completing the Accounting Cycle Question MC #11

(Points: 2)
The income statement is prepared from:



1. both the adjusted trial balance and the income statement columns of the work sheet.

2. the adjusted trial balance.

3. either the adjusted trial balance or the income statement columns of the work sheet.

4. the income statement columns of the work sheet.

Save Answer

13. Chapter 4-Completing the Accounting Cycle Question MC #35

(Points: 2)
There are four closing entries. The first one is to close ____, the second one is to close ____, the third one is to close ____, and the last one is to close ____.



1. Revenues, expenses, income summary, drawing account

2. Capital account, drawing account, income summary, assets

3. Expenses, assets, income summary, capital account

4. Drawing account, income summary, expenses, revenues

Save Answer

14. Chapter 4-Completing the Accounting Cycle Question MC #41

(Points: 2)
Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?



1. Unearned Rent

2. Salaries Expense

3. Fees Earned

4. Depreciation Expense

Save Answer

15. Chapter 4-Completing the Accounting Cycle Question MC #14

(Points: 2)
The income statement should be prepared



1. after the balance sheet and before the statement of owner's equity

2. after the statement of owner's equity and before the balance sheet

3. after the statement of owner's equity and balance sheet

4. before the statement of owner's equity and balance sheet

Save Answer

16. Chapter 5-Accounting Systems Question MC #60

(Points: 2)
Beachside Coffee Shop, in an effort to stream line its accounting system, has decided to utilize a Cash Receipts Journal in its operation. What would be recorded as the Post Ref for the total Cash column, and where on the journal would it appear?
Cash Receipts Journal
DateAccount
Credited
Post RefCash
Dr
Bev
Revenue
Cr
Food
Revenue
Cr
Sales Tax Pay.
Cr
Other
Cr
3/31/09 5,4443,0891,90755393

General Ledger Acct:Customer Acct
Cash 10CCC 345
Acct Receivable 12FFF 367
Retail Supplies 15
Sales Tax Payable 23
Beverage Revenue 41
Food Revenue 42
Retail Revenue 43




1. (10) under the amount on the cash column

2. (Ö), Post Ref for the total of the Cash column

3. (Ö) under the amount on the cash column

4. (10), on the Post Ref. Column

Save Answer

17. Chapter 5-Accounting Systems Question MC #46

(Points: 2)
The owner transfers a personal automobile to the company with a fair market value of $12,000. The entry will be made in the



1. cash payments journal

2. purchases journal

3. general journal

4. cash receipts journal

Save Answer

18. Chapter 5-Accounting Systems Question MC #14

(Points: 2)
The controlling account in the general ledger that summarizes the debits and credits to the individual customers accounts in the subsidiary ledger is entitled



1. Fees Earned

2. Accounts Receivable

3. Purchases

4. Accounts Payable

Save Answer

19. Chapter 6-Accounting for Merchandising Businesses Question MC #2

(Points: 2)
Net income plus operating expenses is equal to



1. cost of merchandise sold

2. gross profit

3. net sales

4. cost of merchandise available for sale

Save Answer

20. Chapter 6-Accounting for Merchandising Businesses Question MC #38

(Points: 2)
The entry to record the return of merchandise from a customer would include a



1. debit to Sales Returns and Allowances

2. debit to Sales

3. credit to Sales returns and Allowances

4. credit to Sales

Save Answer

21. Chapter 6-Accounting for Merchandising Businesses Question MC #76

(Points: 2)
If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are



1. FOB destination

2. FOB shipping point

3. n/30

4. consigned

Save Answer

22. Chapter 6-Accounting for Merchandising Businesses Question MC #14

(Points: 2)
Merchandise inventory is classified on the balance sheet as a



1. Current Asset

2. Long-Term Asset

3. Long-Term Liability

4. Current Liability

Save Answer

23. Chapter 7-Inventories Question MC #55

(Points: 2)
Inventory turnover



1. measures the relationship between the volume of goods sold and amount of inventory carried

2. increases the risk of loss from damaged merchandise

3. is computed by dividing average inventory by cost of merchandise sold

4. is computed by dividing the beginning inventory plus the ending inventory by two

Save Answer

24. Chapter 7-Inventories Question MC #13

(Points: 2)
Inventory costing methods place primary emphasis on assumptions about



1. flow of costs

2. flow of values

3. flow of goods or costs depending on the method

4. flow of goods

Save Answer

25. Chapter 7-Inventories Question MC #5

(Points: 2)
Which of the following is not true about taking physical inventories?



1. Physical inventories deter employee thefts and inventory misuses.

2. Large variances may require investigations and implementation of corrective actions.

3. Physical inventories are taken when inventory levels are at their highest.

4. Physical inventories are taken when inventory levels are at their lowest.

Save Answer

26. Chapter 7-Inventories Question MC #15

(Points: 2)
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is



1. First in first out

2. Last in first out

3. Average cost

4. Specific identification

Save Answer

27. Chapter 8-Sarbanes-Oxley, Internal Control, and Cash Question MC #36

(Points: 2)
The bank reconciliation



1. is for information purposes only

2. is sent to the bank for verification

3. is part of the internal control system

4. should be prepared by an employee who records cash transactions

Save Answer

28. Chapter 8-Sarbanes-Oxley, Internal Control, and Cash Question MC #29

(Points: 2)
There are three parties to a check. The drawer is



1. a written document signed by the company

2. the bank on which the check is drawn

3. is the one who signs the check ordering payment by the bank

4. the party to whom payment is to be made

Save Answer

29. Chapter 8-Sarbanes-Oxley, Internal Control, and Cash Question MC #34

(Points: 2)
A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. What entry is required in the company's accounts?



1. debit Accounts Receivable; credit Cash

2. debit Cash; credit Accounts Payable

3. debit Accounts Payable; credit Cash

4. debit Cash; credit Accounts Receivable

Save Answer

30. Chapter 9-Receivables Question MC #4

(Points: 2)
Notes or accounts receivables that result from sales transactions are often called



1. merchandise receivables.

2. trade receivables.

3. sales receivables.

4. non-trade receivables.

Save Answer

31. Chapter 9-Receivables Question MC #12

(Points: 2)
If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer's account as uncollectible?



1. Accounts Receivable

2. Uncollectible Accounts Payable

3. Bad Debt Expense

4. Allowance for Doubtful Accounts

Save Answer

32. Chapter 9-Receivables Question MC #39

(Points: 2)
When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when



1. a sale is made.

2. a customer's account becomes past due.

3. management estimates the amount of uncollectibles.

4. an account becomes bad and is written off.

Save Answer

33. Chapter 9-Receivables Question MC #43

(Points: 2)
An aging of a company's accounts receivable indicates that $2,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $200 credit balance, the adjustment to record bad debts for the period will require a



1. debit to Bad Debt Expense for $2,200.

2. debit to Bad Debts Expense for $1,800.

3. credit to Allowance for Doubtful Accounts for $3,000.

4. debit to Bad Debts Expense for $2,000.

Save Answer

34. Chapter 10-Fixed Assets and Intangible Assets Question MC #29

(Points: 2)
The proper journal entry to purchase a computer on account to be utilized within the business would be:



1. Jan 2 Office Supplies 1,350
Accounts Payable 1,350

2. Jan 2 Office Supplies 1,350
Accounts Receivable 1,350

3. Jan 2 Office Equipment 1,350
Accounts Receivable 1,350

4. Jan 2 Office Equipment 1,350
Accounts Payable 1,350

Save Answer

35. Chapter 10-Fixed Assets and Intangible Assets Question MC #14

(Points: 2)
All leases are classified as either



1. operating leases or current leases

2. capital leases or operating leases

3. capital leases or long-term leases

4. long-term leases or current leases

Save Answer

36. Chapter 10-Fixed Assets and Intangible Assets Question MC #20

(Points: 2)
The method of determining depreciation that yields successive reductions in the periodic depreciation charge over the estimated life of the asset is



1. time-valuation

2. units-of-production

3. straight-line

4. declining-balance

Save Answer

37. Chapter 10-Fixed Assets and Intangible Assets Question TF #12

(Points: 2)
The cost of new equipment is called a revenue expenditure because it will help generate revenues in the future.



1. True

2. False

Save Answer

38. Chapter 11-Current Liabilities and Payroll Question MC #6

(Points: 2)
On June 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using the 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year?



1. $1,208.89

2. $1,600.00

3. $1,306.67

4. $1,200.00

Save Answer

39. Chapter 11-Current Liabilities and Payroll Question MC #32

(Points: 2)
On January 5, 2009, Garrett Company, a calendar-year company, issued $500,000 of notes payable, of which $100,000 is due on January 1 for each of the next five years. The proper balance sheet presentation on December 31, 2009, is



1. Current Liabilities, $500,000.

2. Current Liabilities, $400,000; Long-term Debt, $100,000.

3. Long-term Debt, $500,000

4. Current Liabilities, $100,000; Long-term Debt, $400,000.

Save Answer

40. Chapter 11-Current Liabilities and Payroll Question MC #10

(Points: 2)
The interest charged by the bank, at the rate of 9%, on a 90-day, discounted note payable for $100,000 is



1. $1,000

2. $750

3. $9,000

4. $2,250

Save Answer

41. Chapter 11-Current Liabilities and Payroll Question MC #35

(Points: 2)
The amount of federal income taxes withheld from an employee's gross pay is recorded as a(n)



1. asset

2. liability

3. contra account

4. payroll expense

Save Answer

42. Chapter 13-Corporations: Organization, Stock Transactions, and Dividends Question MC #29

(Points: 2)
If Everly Company issues 1,000 shares of $5 par value common stock for $75,000, the account



1. Common Stock will be credited for $75,000.

2. Paid-in Capital in excess of Par Value will be credited for $5,000.

3. Cash will be debited for $70,000.

4. Paid-in Capital in excess of Par Value will be credited for $70,000.

Save Answer

43. Chapter 13-Corporations: Organization, Stock Transactions, and Dividends Question MC #49

(Points: 2)
Cash dividends are usually not paid on which of the following?



1. preferred stock

2. class B common stock

3. treasury stock

4. class A common stock

Save Answer

44. Chapter 13-Corporations: Organization, Stock Transactions, and Dividends Question MC #39

(Points: 2)
The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 60,000 shares were originally issued and 5,000 were subsequently reacquired. What is the amount of cash dividends to be paid if a $1 per share dividend is declared?



1. $55,000

2. $100,000

3. $5,000

4. $60,000

Save Answer

45. Chapter 13-Corporations: Organization, Stock Transactions, and Dividends Question MC #15

(Points: 2)
Which of the following is not a right possessed by common stockholders of a corporation?



1. the right to vote in the election of the board of directors

2. the right to sell their stock to anyone they choose

3. the right to receive a minimum amount of dividends

4. the right to share in assets upon liquidation

46. Chapter 14-Long-Term Liabilities: Bonds and Notes Question MC #23

(Points: 2)
A corporation issues for cash $1,000,000 of 10%, 20-year bonds, interest payable annually, at a time when the market rate of interest is 12%. The straight-line method is adopted for the amortization of bond discount or premium. Which of the following statements is true?



1. The amount of unamortized premium decreases from its balance at issuance date to a zero balance at maturity.

2. The amount of the annual interest expense gradually decreases over the life of the bonds.

3. The amount of the annual interest expense is computed at 10% of the bond carrying amount at the beginning of the year.

4. The amount of unamortized discount decreases from its balance at issuance date to a zero balance at maturity.

47. Chapter 14-Long-Term Liabilities: Bonds and Notes Question MC #30

(Points: 2)
When the market rate of interest was 11%, Munson Corporation issued $1,000,000, 12%, 8-year bonds that pay interest semiannually. The selling price of this bond issue was



1. $1,154387

2. $1,000,000

3. $1,052,310

4. $ 720,495

48. Chapter 14-Long-Term Liabilities: Bonds and Notes Question MC #3

(Points: 2)
One potential advantage of financing corporations through the use of bonds rather than common stock is



1. the corporation must pay the bonds at maturity

2. the interest on bonds must be paid when due

3. a higher earnings per share is guaranteed for existing common shareholders

4. the interest expense is deductible for tax purposes by the corporation

49. Chapter 16-Statement of Cash Flows Question MC #4

(Points: 2)
On the statement of cash flows, the cash flows from operating activities section would include



1. cash receipts from sales activities

2. receipts from the issuance of capital stock

3. payments for the acquisition of investments

4. receipts from the sale of investments

50. Chapter 16-Statement of Cash Flows Question MC #25

(Points: 2)
Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method?



1. an increase in inventory

2. preferred dividends declared and paid

3. a decrease in accounts receivable

4. a decrease in accounts payable

51. Chapter 16-Statement of Cash Flows Question MC #3

(Points: 2)
The statement of cash flows reports



1. total assets

2. cash flows from operating activities

3. changes in retained earnings

4. total changes in stockholders' equity

52. Chapter 16-Statement of Cash Flows Question MC #27

(Points: 2)
Which of the following below increases cash?



1. the declaration of a cash dividend

2. acquisition of treasury stock

3. borrowing money by issuing a six-month note

4. depreciation expense

Expert:  ConceptsCoach replied 4 years ago.
Give me some time. Thanks
Expert:  ConceptsCoach replied 4 years ago.

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ConceptsCoach, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 437
Experience: Chartered Accountant and MBA
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