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FiveStarLaw
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i have time assignment for accounting can help me with it.

Resolved Question:

i have time assignment for accounting can help me with it. there twenty questions in total
Submitted: 2 years ago.
Category: Homework
Customer: replied 2 years ago.
Relist: Other.
expert was not there
Expert:  FiveStarLaw replied 2 years ago.
Hi,

I may be able to assist you. What type of accounting questions and what is the time limit?
Customer: replied 2 years ago.

the time limit is 20 mins


 


and questions are


 


 























1. The primary objective of financial accounting is: (Points : 5)



To serve the decision-making needs of internal users
To provide financial statements to help external users analyze an organization's activities
To monitor and control company activities
To provide information on both the costs and benefits of looking after products and services



 
















2. A credit is used to record: (Points : 5)



A decrease in an asset account
A decrease in an unearned revenue account
A decrease in a revenue account
An increase in an expense account



 
















3. Net Income (Points : 5)



is debit equity
equals assets minus liabilities
is the excess of revenues over expenses
represents owner's claims against assets



 
















4. An adjusting entry could be made for each of the following EXCEPT: (Points : 5)



Prepaid expenses
Depreciation
Owner withdrawals
Unearned revenues



 
















5. The accounting equation is: (Points : 5)



Assets = Liabilities + Equity
Revenue - Expenses = Net Income
Debits = Credits
Revenue = Equity



 
















6. A subsidiary ledger (Points : 5)



Includes transactions not covered by special journals
Is a listing of all the accounts of a business
Is a listing of individual accounts and amounts with a common characteristic
Is also called a special journal



 
















7. When posting, you transfer information from a(n) to a(n) . (Points : 5)



Balance sheet, income statement
Journal, ledger
Journal, income statement
Income statement, ledger



 
















8. The closing process is necessary in order to: (Points : 5)



Calculate net income or net loss for an accounting period.
Ensure that all permanent accounts are closed to zero at the end of each accounting period.
Ensure that the company complies with state laws.
Ensure that net income or net loss and owner withdrawals for the period are closed into the owner's capital account.



 
















9. Accrued revenues: (Points : 5)



at the end of one accounting period often result in cash receipts from customers in the next period.
at the end of one accounting period often result in cash payments in the next period.
are also called unearned revenues.
are listed on the balance sheet as liabilities



 
















10. The company paid $1,600 cash for rent of office space for the month. The journal entry is: (Points : 5)



Debit cash $1,600 and credit office space $1,600
Debit rent expense $1,600 and credit cash $1,600
Debit office space $1,600 and credit cash $1,600
Debit cash $1,600 and credit rent expense $1,600



 
















11. The accounts receivable ledger: (Points : 5)



is for storing transaction data for customers
is for storing transaction data for individual customers
is for storing transaction data for individual creditors
is for storing transaction data for creditors



 
















12. When the cost of an item is increasing, which method of inventory valuation will cause the highest net income? (Points : 5)



Specific identification
Weighted average
LIFO
FIFO



 
















13. A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO perpetual inventory method, what is the cost of the 12 units that were sold? (Points : 5)



$128
$124
$120
$130



 
















14. Currently in the US accounting standards for private-sector companies are set by: (Points : 5)



Historical cost
FASB
SEC
GAAP



 
















15. Which of the following is responsible for the internal controls and ethics policies of a company: (Points : 5)



Internal Auditors
External Auditors
Management
Employees that have been with the company for over 10 years



 
















16. On a bank reconciliation, the amount of an unrecorded bank service charge should be: (Points : 5)



Added to the book balance of cash
Deducted from the book balance of cash
Added to the bank balance of cash
Deducted from the bank balance of cash



 
















17. A properly designed internal control system: (Points : 5)



Lowers the company's risk of loss
Insures profitable operations
Eliminates the need for an audit
Requires the use of non-computerized systems



 
















18. Adjusting entries (Points : 5)



Affect only income statement accounts
Affect only balance sheet accounts
Affect both income statement and balance sheet accounts
Affect only cash flow statement accounts



 
















19. Prepaid expenses, accumulated depreciation, and unearned revenues would all be reported on the: (Points : 5)



Income statement
Statement of cash flows
Balance sheet
Statement of owner's equity



 
















20. The accounting concept that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is: (Points : 5)



Monetary unit assumption
Going-concern assumption
Time-period assumption
Objectivity



Expert:  FiveStarLaw replied 2 years ago.


I am working on your answer. One moment please.
Expert:  FiveStarLaw replied 2 years ago.
Due to your extreme time constraints I am posting the first few answers while I continue to work on the balance of the answers:

1 to monitor and control company activities
2. Decrease in an asset account
3 is the excess of revenues over expenses
4 owner withdrawals
5 Assets = Liabilities + Equity
6 Is a listing of individual accounts and amounts with a common characteristic
7 Journal, ledger
8
Expert:  FiveStarLaw replied 2 years ago.
8 Calculate net income or net loss for an accounting period.
9 at the end of one accounting period often result in cash receipts from customers in the next period.
10 Debit rent expense $1,600 and credit cash $1,600
11 is for storing transaction data for customers
12 FIFO
Expert:  FiveStarLaw replied 2 years ago.
13 $124
14 FASB
15 Management
16
Expert:  FiveStarLaw replied 2 years ago.
16 deducted from the balance of cash
17 Lowers the company's risk of loss
18
Expert:  FiveStarLaw replied 2 years ago.
18 Affect both income statement and balance sheet accounts
19 Balance sheet
20 objectivity

Please let me know how we do


If you have any further questions, I am happy to assist you. You can start your new question with "for FiveStarLaw" and send it to the appropriate legal, tax or homework category so that the question is directed to me and I can give your question my immediate attention

Thank you very much,
FiveStarLaw
Customer: replied 2 years ago.






Which of the following is responsible for the internal controls and ethics policies of a company: (Points : 5)

Internal Auditors
External Auditors
Management
Employees that have been with the company for over 10 years


 


this one was not answer :)


can you please help with this one

Expert:  FiveStarLaw replied 2 years ago.
THIS ANSWER IS LOCKED!

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