Duration Open ended subject to satisfactory performance and the availability of funds. Which of the following is not a characteristic of the accrual basis of accounting? When an automobile is being driven at vvv miles per hour, the average driver requires DDD feet of visibility to stop safely, where D=0.065v2+0.148vD=0.065 v^2+0.148 vD=0.065v2+0.148v. (a) A power. a. Account Adjustments: Types, Purpose & Their Link to Financial c) $38,000. A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? The account was debited for $32,500 for premiums on policies purchased during the year. 3. The entry to record bad debts expense for the period. Decrease in an asset and decrease in a liability. A) Revenues and Liabilities B) Owners' Equity and Assets C) Liabilities and Expenses D) Assets and Expenses, Which of the following is not a correct expression of the accounting equation? Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. Which of the following is an example of accrued revenue? b) Whenever transactions affect the revenue or expenses of more than one accounting period. The adjustment for depreciation of $3,545 was journalized as debit to Depreciation Expense for $3,454 and a credit to Accumulated Depreciation of $3,545. Change in accounts payable. Test Prep. Liabilities and Revenues c. Expenses and Assets d. Liabilities and Retained Earnings, What type of account is Cash? c. not earned and the cash has not been received Sketch the graph of D(v)D(v)D(v). $700 a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, D. Geologists. She has also heard that certain terms have special meanings in accounting relative to everyday use. A. In ICD-10, adjustment disorder is classified under 'Neurotic, stress-related and somatoform disorders' (code F43.2), unlike DSM-IV-TR where is it is not classified under any particular group. e. None of these. On January 31, Ramona's Nursery paid the interest owed on a note payable for January. D) Use the following account types to form the expanded accounting equation. 1) In which of the following situations would the largest amount be recorded as an expense of the current year? b. deferral basis 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? b) An entry to convert an asset to a liability. d) The entry to record accrued wages payable. Learn the definition of adjusting entries in accounting, and find examples. a. January 31 falls on a Tuesday; salaries are paid on Friday of each week. Contributed capital, retained earnings, and revenues. B) adaptive smoothing. UNOPS Jobs | Vacancy - Finance Manager C) An entry to convert an asset to an expense. Economic Sanctions and Anti-Money Laundering Developments: 2022 Year in Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies Choose from the following terms: | Throughout time (manufacturing cycle) | Sunk Cost | Differential Costs | Residual Income | Payback Method | Proje, Which of the following accounting elements does the matching principle help to match? Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. As with the other things we are calling a mental illness this problem needs to interfere with your ability to work or go to school . A. d) $42,000. Participants for the study were those who used a popular Web site for engaged couples. d. revenue and one stockholders' equity account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is c. Prepaid expenses, land, and accounts receivable. b. purchased b) Deferred revenue. Expert Answer. c. asset and one stockholders' equity account d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. Which of the following is not considered a basic type of adjusting b) $41,160. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. 1) Which of the following is not a purpose of adjusting entries? The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. Patient Billing and Collections-Chapter 18 Flashcards | Quizlet - Total assets decrease. "The first examination will be $40 or $50, depending on how long the visit is. (a) Asset impairment charges can be used to raise future reported income. WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. The monthly rent is $7,000. a. deferral Question 4 options: c) $112,400. Question : 52) Which of the following not considered to be one - ScholarOn a) In the period in which they are earned. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 The above entry is not a basic type of adjusting entry. A debit to a liability and a credit to cash. c) Prepaid expenses become expenses only as goods or services are used up. a) $1,800 is paid in January for a two-year fire insurance policy. Current assets b. Which one of the following is not considered a basic type of adjusting [1562][1001]. Collection. Change in amortization period for an intangible asset. However, it does not protect against aspiration. The company should make an adjusting entry: d. revenue, The unexpired insurance at the end of the fiscal period represents What category does capital belong to? d) Expenses are a negative factor in the computation of net income. Answered: Which of the following is most likely | bartleby Cash, contributed capital, and retained earnings. A) Capitalized means that an asset account is debited (increased) for the cost of an asset.B) Capitalized means that a liability account is credited (increased) for the cost of an asset.C) Capitalized mea, Entry to recognize depreciation expense incurred on equipment is recorded as: a. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance Legislative reform is needed, to remove or widen the . b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 The first payment is to be received on February 15. a) It increases expenses and does not affect assets. d) The entry to convert liabilities to revenue. answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. The following information has been assembled in order to prepare the required adjusting entries at December 31: .c) A credit to Child Care Fees Earned of $4,500. a) As a reduction to retained earnings. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. b) Accumulated depreciation should equal depreciation expense. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. a. earned and the cash has been received b) An entry to convert an asset to a liability. Current assets b. -Depreciation for the month of March: $2,300. d. debit to Dividends and a credit to Wages Payable, Supplies are recorded as assets when purchased. b. records revenues and expenses when they are incurred 1) Which of the following is considered an adjusting entry? Part 16 - Types of Contracts | Acquisition.GOV d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting If the beginning balance of the Accumulated DepreciationEquipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be, If an entry to adjust depreciation is not recorded at the end of the period, Depreciation Expense on the income statement will be, If the following adjusting entry is omitted, what effect will it have on the financial statements? 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as These are Can any of these factors explain why XOM's P/E ratio differs from its peers? Revenues B. a) $110,800. b. Prepaid Rent Which is an example of asset overstatement fraud? Accumulated Depreciation. c) $1,200 cash dividends are declared and paid. Go to the FASB website and access the FASB Concepts Statements and respond to the following items. a) Affects only items reported in the income statement. a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? b. debit to Wages Payable and a credit to Wages Expense (c) The entry to record the earned portion of rent received in. e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? $2,000 Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . b. debit Depreciation Expense; credit Accumulated Depreciation. Adjusting entries can be divided into the following four types. d. liability, Which of the following is an example of a prepaid expense? Increase in liabilities and reduction in net income. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. 6 2/3 Adjusting entries are needed: A. A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? A_____is a collection problem that requires immediate action because this individual has a balance due and has moved without leaving a forwarding address. c. used c. a computer technician has just signed an agreement with you regarding pricing for future work A. A) Both revenues and assets will be understated. Reasonable adjustments are changes an employer makes to remove or reduce a disadvantage related to someone's disability. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? B. Adjustments are certain expenses which can directly reduce your total taxable income. User: 3/4 16/9 Weegy: 3/4 ? 1) The accrual of interest on a note payable will: 1) Regal Real Estate, which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. a. the required rate of return. a. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Which type of probability (empirical, classical, subjective) is each of the following? Duty station Nairobi, Kenya. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? b) The entry to pay salaries. In previous chapter, we discussed the various factors that may influence P/E ratios. Which of the following frictional force is self adjusting? the amount of the trial balance. c) Assign revenues to the period in which they are received. D. Revenue, liabilities, and capital. c. $2,800 Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. Which of the following situations is not considered an adjustment a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? d) Realization principle and matching principle. . d . b) The entry to record uncollected revenues. a) An overstatement of assets and of net income offset by an understatement of owners' equity. If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. b) $4,000 is paid in January for equipment with a useful life of four years. The entry to record this event is an example of an adjusting entry: a. Asset b. Which of the following is most likely not considered an adjusting entry? b. net income or loss will always be overestimated b. asset Considered in the past as being solely a rational being, nowadays, following specialist researches, man is also perceived as an emotional being, triggering emotions which, if appropriately . d. Inventory; Provision for Obsolescence. B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? d. a deferred expense, The general term used to indicate delaying the recognition of an expense already paid or of a revenue already received is The cash account will always be affected by adjusting journal entries. 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. A. c. contra asset, credit How is "materiality" defined in the conceptual framework? Dentsply Sirona Reports Fourth Quarter and Full Year 2022 Results a) The entry to record depreciation. To put the firm's current P/E\mathrm{P} / \mathrm{E}P/E ratio in perspective, it is useful to compare this ratio with that of other companies in the same industry. a. depreciation expense for each major class of asset b. balances of major classes of depreciable assets, by nature or function c. accumulated depreciation on, Which of the following is not acceptable treatment for the presentation of current liabilities? C) An entry to convert. The lease requires monthly rent of $550, with 4 months paid in advance. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? When preparing the financial statements for the year ended October 31, accrued salaries owed to employees for October 30 and 31 were omitted. Why or why not? a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. 1) Which statement is true about an adjusted trial balance? c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 Which of the following groups are not considered a specialist by AICPA Professional Standards: A. Appraisers. b. accounting income. a. On February 3, Ron Brown was billed for an office visit. Income statement B. a. only income statement accounts 1. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. Answered: Which of the following is most likely | bartleby REGISTER TO BID: Registration at the auction finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and any Addenda which are incorporated D) trend smoothing. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; All rights reserved. Increase in assets and increase in net income. c. The chance of rolling a 3 on two dice is 1/18. theater tickets sold for next month's performance. b) Only an estimate. Fiscal Technician I at Mount San Antonio College | EDJOIN Asset b. (5) Fees of $9,800 were earned during the month for clients who had paid in advance. b) $113,620. If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry? Increase in an asset and increase in a liability. January 31 falls on a Tuesday; salaries are paid on Friday of each week. c. Interest Expense Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. b) Prepaid expenses represent assets. d. the future value of cash flows. D. Adjusting entries are necessary for the following items: Solved Which of the following would not be considered an - Chegg = 2 1/4. Owners' equity will be understated. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: YES Accumulated depreciation, salaries payable supplies and unearned rent NO frank kent, drawing land At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Changes to previously recorded entries of journal are referred to as adjusting entries. Then, identify whether the item increases, '+', or decr, An unearned revenue account is usually considered to be a(n) A) Liability B) Asset C) Revenue D) Expense. b) Decrease by $9,800. Debit Interest Payable $250. The following information has been assembled in order to prepare the required adjusting entries at December 31: d) Equal $9,800. 1) The concept of materiality: The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000, The entry to adjust for the cost of supplies used during the accounting period is a) Assets of Perfect Painting are overstated at December 31, 2018. In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? 58) The computer monitoring of tracking signals and self-adjustment is referred to as. Whenever an individual stops drinking, the BAL will ________________. c) Net income will be understated and total assets will be overstated. C) Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. $13,011 (property, plant, equip - accumulated depreciation). Advanced Limiting Techniques - Mastering The Mix a. unearned revenue b. stock dividend distributable c. the currently maturing proportion of long-term debt d. trade accounts payable, What types of account balances are increased by debits? b. d. liability, If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n) 21. Liability c. Equity d. Revenue e. Expense, Which of the following entries causes an immediate decrease in assets and stockholders' equity? A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? $4,300 The accrued salaries were included in the first salary payment in November. Identify at least two of these examples. 57. b. earned but the cash has not been received These items are not included as Itemized Deductions and can be entered independently. C. Liabilities, Identify the type of account for the following: Prepaid Insurance a. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. d) Matching. 1) We can compare income of the current period with income of a previous period to determine whether the operating results are improving or declining: d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. b. needed to bring accounts up to date and match revenue and expense a . Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? c. $6,800 Echo Lake Resort has not yet received payment from the local business. Which of the following situations is not considered an adjustment? She seems nervous about it. d. debit Supplies; credit Stockholders' Equity, Buster Industries pays weekly salaries of $30,000 on Friday for a five-day week ending on that day. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. On January 10, the mortgage payment was made. (1). C) What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? a. asset, credit Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. The appropriate adjusting entry at the end of the period would be: Following the counterculture movement of the 1960s, misleading marketing campaigns promoting "alternative medicine" as being an effective "alternative" to biomedicine, and with changing social attitudes about not using chemicals, challenging the establishment and authority of any kind, sensitivity to giving equal measure to values and beliefs . What are accrual adjusting entries? | AccountingCoach Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. 28. A change from expensing certain costs to capitalizing these costs du. b) In the period with the higher earnings. Toe researchers examined the link between engagement ring price (dollars) and level of appreciation of the recipient (measured on a 7-point scale where 1 = "not at all" and 7 = "to a great extent"). Which of the following is considered to be unearned revenue? c) $60,000. (2) The company's pays all employees up to date each Friday. c. correction of an error in the general journal. c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. Assets are transferred from one corporation to another. Which of the following is not part of the balance sheet? Indicate also the type of financial statement. a. Your brickwall limiter settings will make or break your master. c. Unearned Subscriptions a) $24,000. Beginning capital, capital contribution and withdrawals, and net income. a) To record unrecorded expenses. b) At the end of January, Empire Company pays the custodian for January office cleaning services. Identify where the following item would be reported in the financial statements. B) This month, the last day of the month falls on a Thursday. C. Received $3,800 for fees earned. d) Balance sheet items are presented before income statement items. Which of the following is not true regarding the asset-liability approach to defining accounting elements? b) Realization principle Answered: Which of the following is incorrect | bartleby List of Disabilities Covered Under ADA | UpCounsel 2023 c. The concepts statements discuss the concept of "articulation" between financial statement elements. Which of the following is not considered a basic type. Which ONE of the following items is NOT a type of stockholders' equity? Vacancy code VA/2023/B5303/25590. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000