Which of the assets does not match with the correct contra account? Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? 1) In which of the following situations would the largest amount be recorded as an expense of the current year? Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. Which of the following is not an adjusting entry? The customer is unemployed and homeless. Which of the following accounts normally has a debit balance? Revenues and expenses B. Which is an example of asset overstatement fraud? A) Whenever revenue is not received in cash. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? c. used The adjusting entry on December 31 is b) An expense. Where are the highest populations in Europe? Which of the following is not a characteristic of the accrual basis of accounting? 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? Unlike entries made . The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. Change in amortization period for an intangible asset. C) Accumulated depreciation a. The practice's bank statement shows canceled checks. (a) Asset impairment charges can be used to raise future reported income. 59) Which of the following is not a characteristic of trend projections? b. accrual a. debit Salaries Payable; credit Cash The adjusting entry required on December 31 is 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 A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: b. purchased 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, 28. C. Assets - Liabilities - Dividends, Identify the type of account for the following: Equipment a. a. earned and the cash has been received d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) b) Generally fall into one of two categories. It therefore provides a plausible reason as to why human trafficking charges are often dropped or why traffickers are often charged under related crimes, such as forcible confinement, extortion, etc. d) Balance sheet items are presented before income statement items. a) Assets 1) Unearned revenue appears: b) Only an estimate. d. matching, The entry to adjust the accounts for salaries accrued at the end of the accounting period is Which of the following is not accomplished by an adjusting entry? C. Assigning expenses to the periods in which they are incurred. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? No adjusting entry should consist of: A debit to an expense and a credit to revenue. What category does capital belong to? (a) A power generation plant that normally takes two years to construct. (3) On December 1, rent on the office building had been paid for three months. This payment included interest charges of $6,300, $2,100 of which were applicable to the period from January 1 through January 10. -Rental income accrued during March, tenant to pay in April: $900. The financial statements will be accurate since the $500 does not have to be paid yet. All other trademarks and copyrights are the property of their respective owners. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. Legislative reform is needed, to remove or widen the . Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. A change from expensing certain costs to capitalizing these costs du. 33. Fair value adjustment-trading a. B) An entry to accrue unpaid expenses. Hardship circumstances c. accrual basis of accounting supports the matching concept Fiscal Technician I . (1). b. debit Cash; credit Salaries Payable c) $235,600. For example: making changes to the workplace. d) Only if the accounting periods are equal in length. - Net income increases. a. b) Only an estimate. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. c. Revenue minus expenses. If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n), When recording an adjusting entry for unearned revenue, a(n). b. contra asset c) An asset. The 6% rate is appropriate in this situation. Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. c) $1,200 cash dividends are declared and paid. c) Results in financial statements that are less useful to decision makers because many details have been omitted. 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: Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. a) $110,800. Briefly summarize the meaning of this term and how it relates to an entity's financial statements. Question 5 options: FromBalanceSheetsDec. c. expenses in the period when they are paid d) $42,000. Cash will be overstated at January 31. 1 answer below . a. c) In the period in which they are paid. a. c. Intangibles; Accumulated Amortization. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 d) Net income. e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . b) The entry to pay salaries. The pet died and the family has complained about the effect of the treatment. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. d) Ordered. Note that the product can be found mentally, without the use of a calculator or pencil-and-paper calculations. c) Income Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. c) Depreciation d) Crediting Wage Expense for $4,480 and debiting Wages Payable for $4,480. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues c. Assets - Liabilities - Divide, Which of the following would be caused by recording an adjusting journal entry to recognize depreciation? Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $27,804 million and Accumulated Depreciation of $14,793 million. Not adjusting for shock in multivariate models that analyze the effect of empirical antibiotic therapy on mortality may lead to incorrect conclusions, and the importance of definin when shock is or is not an intermediate variable is clearer. Under which circumstance would the veterinarian not adjust or cancel a fee for services? Demand a reason for nonpayment. $13,011 (property, plant, equip - accumulated depreciation). d) Assets = Liabilities + Paid-in Capital + Reven. This answer has been confirmed as correct and helpful. 1) Depreciation expense is: \text{Sales}&\text{700,000}\\ The note is to be repaid, with interest, in six months. 1. d. account basis, The cash basis of accounting records revenues and expenses when the cash is exchanged while the accrual basis of accounting Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. d) The entry to convert liabilities to revenue. 31,2017AccountsReceivable$85,000$105,000FromIncomeStatement:2018Sales700,000\begin{array}{lrr} d) Net income for Perfect Painting for 2018 is overstated. increases the balance of an expense account, Prior to the adjusting process, accrued expenses have, been incurred but not paid and not recorded, not yet been recorded as expenses but have been paid, not earned but the cash has been received, income statement account and one balance sheet 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. d) $34,240. 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. (More) b. debit to Wages Payable and a credit to Wages Expense $3,200 c. net income or loss will be properly reported on the income statement The three most common types of adjusting journal entries are accruals . D) Adjusting entry for accrued Q: Adjusting entries that need to be made in order to comply with accrual accounting concepts normally A: Adjusting entries are made by the management to maintain the accrual basis accounting system. c) Assets = Liabilities + Paid-in Capital + Retained Earnings. Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. A) An entry to convert a liability to a revenue. Income statement B. Debit Interest Expense $250. Which of the following would not cause the adjusted trial balance totals to be unequal? B) 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? (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. c. dividend d. rarely needed in large companies, Adjusting entries affect at least one 1) Which of the following is not considered a basic type of adjusting entry? a. d . Which of the following accounts would likely be included in an accrual adjusting entry? FromBalanceSheetsAccountsReceivableFromIncomeStatement:SalesDec. Identify at least two of these examples. When considered, this factor makes the offence of human trafficking difficult to prove. An adjusting entry to convert an asset to expense consists of: Indicate also the type of financial statement. b) At the end of January, Empire Company pays the custodian for January office cleaning services. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 The Americans with Disabilities Act of 1990, a civil rights law, prohibits employers from discriminating against employees with disabilities. B. b. asset, debit Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? Question 14 options: Suppose Dr. Milton's checking account has a balance of $3,458.92. b) $36,000. Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? B) Whenever expenses are not paid in cash. b. snow removal services that have been provided but have not been billed or paid a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 d) Are generally made daily. b. needed to bring accounts up to date and match revenue and expense a) In April, Daystar Company received payment from a customer for services that are performed in May. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 35. Vacancy code VA/2023/B5303/25590. 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. the amount originally paid. What type of account is Notes Payable? d. $6,400, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. d) A liability. Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Increase in liabilities and reduction in net income. snow removal services that have been provided but have not been billed or paid. $400 2. Which of the following is not considered a basic type. c. accumulation c. Decrease a liability; increase revenue. Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. What is the balance to be carried forward in the checkbook? 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. Internal auditors. Assets + liabilities = stockholders' equity b. -Supplies used in March: $300. c. not earned and the cash has not been received Revenues, liabilities, capital b. c) Prepaid expenses become expenses only as goods or services are used up. a. When recording this mortgage payment, the accountant should: Which of the following is a typical example of a current liability? Gamma Company adjusts its accounts at the end of each month. Which of the following is NOT considered to be a symptom of reverse culture shock? Is the gift you purchased for that special someone really appreciated? a. d) An entry to convert a liability to a revenue. January 31 falls on a Tuesday; salaries are paid on Friday of each week. or in longer cases. c) To prepare the revenue and expense accounts for recording transactions of the following period. c. debit Accounts Payable; credit Supplies Not recording contingent liabilities. Capital, assets c. Liability, expenses d. Assets, expenses e. Common stock, dividends, Which of the following are all temporary accounts? providing equipment, services or support. -Fees earned in March that had been collected in advance: $2,600. A) An entry to convert a liability to a revenue. Debit Accumulated Depreciation $578 and credit Depreciation Expense $578. B) Since LMA does not enter the trachea, it is less stimulating. The lease requires monthly rent of $550, with 4 months paid in advance. 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? (3) On December 1, rent on the office building had been paid for three months. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. a. a computer technician has installed the latest software updates and was paid on the same day Current assets b. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. Basic type of adjusting entry includes recording entry to convert a liability to a revenue, to convert an asset to an expense, and in order to record accrued unpaid expenses. Maturity dates of long-term debt c. Methods of amortizing intangibles d. Composition of plant assets, Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawals; revenues; expenses). She seems nervous about it. b. a computer technician has been paid in advance to install software updates as they become available D. Geologists. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, What categories does commissions fall in: A. \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] b) An entry to convert an asset to a liability. a) The entry to record depreciation. b. only balance sheet accounts These adjustments are discussed below. c. accrual a) $1,800 is paid in January for a two-year fire insurance policy. $4,300 Identify whether the following item would be classified on a balance sheet as a current liability, a long term-liability or something else: Salaries payable. . Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? b) Deferred revenue. b. accrual a) As income on the income statement. Contract level IICA-2. What is considered an adjustment to income? changing someone's working arrangements. c) A credit to Child Care Fees Earned of $4,500. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: a. The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Supplies 1) On the adjusted trial balance, retained earnings is: 1) The purpose of adjusting entries is to: If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: a. failure to adjust Unearned Revenue to recognize revenue earned b. failure to record depreciation for the year c. failure to accrue interest payable d, Which of the following statements best describes tax results to a shareholder in a section 351 transaction when liabilities on property transferred to the corporation are assumed by the corporation? d) The entry to record accrued wages payable. Assets, liabilities, and owner's equity. b. earned but the cash has not been received c. The adjustment for prepaid insurance was omitted. finding a different way to do something. e. None of the above. b) An entry to convert an asset to a liability. C) decreases assets and increases liabilities. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. 2.4 - Life Insurance Policy Options and Riders, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Principles of Managerial Finance, Global Edition, 1st Semester Final Review- Principles of Busi. b) It decreases net income and decreases assets. Why or why not? The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. 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. a) Realization principle Increase in assets and increase in net income. Each book contained a certain number of coupons for video rentals. d. Improperly expensing costs that should be capitalized. (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) d) Realization principle and matching principle. d) Matching. c. $2,800 = 45/20 a. The adjusting entry required at June 30 is: b) A debit to Management Fees Receivable for $200 and a credit to a revenue account for $200. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. D. An entry to convert an asset to a liability. Duration Open ended subject to satisfactory performance and the availability of funds. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. b) Correct errors made during the accounting period. Over the phone, a new customer thinks her dog is pregnant and asks the veterinary receptionist what the total fee will be for obstetric care. Skip. C) Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? a. asset, credit c) $0 a. Static friction is considered a self adjusting force because it wants to the objects to remain at rest and not move. The first payment is to be received on February 15. Increase an asset; increase revenue. 1) Which of the following is the accounting principle that governs the timing of revenue recognition? "The first examination will be $40 or $50, depending on how long the visit is. c. Increase in an asset and increase in, The recognition of an expense may be accompanied by which of the following? a. net income or loss will always be underestimated Collection. -Depreciation for the month of March: $4,300. Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . (4) Depreciation of office equipment is based on an estimated useful life of six years. Identify the type of account for the following: Unearned Revenue a. What are the variables of interest? Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? 1) Omega Company adjusts its accounts at the end of each month. In order to be considered for the position, please attach the following: 1. [ If you would like to come in, I would be happy to talk over the details and help with a payment plan that suits your budget." - is the best response. (2) The company's pays all employees up to date each Friday. B. c. common stock theater tickets sold for next month's performance. A debit to an expense and a credit to cash. Which of the following is considered to be an accrued expense? Unearned Rent 1,900 Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. (2) The company pays all employees up to date each Friday. d. a computer technician has installed the latest software updates, but you have not received an invoice or made payment, Which one of the accounts below would likely be included in an accrual adjusting entry? d) Daystar Company receives payment in May for work to be performed in June and July. Which of the following is not true regarding the asset-liability approach to defining accounting elements? Treasury stock b. Paid-in capital c. Retained earnings d. Accumulated other comprehensive income e. Accrued issuances, What will be the effect on the accounting equation, when payment is made to the creditor of the business? 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? 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. Payment at the time of service b. b. theater tickets sold yesterday on credit for yesterday's performance 1) Prepaid expenses appear: a. assets b. Asset b. b. asset, contra liability Academic Standings and CGPAs from previous terms will not be considered or adjusted. (5) Fees of $9,800 were earned during the month for clients who had paid in advance. b) $231,900. D) trend smoothing. Write offs. a. accounts receivable b. land c. plant and equipment d. natural resources, Which of the following group of accounts are increased with a debit? Change from straight-line to sum-of-the-years'-digits method of depreciation. Owners' Equity, Assets c. Liability, Expenses d. Assets, Expenses, Which of the following is a definition of expenses that clearly represents an asset-liability approach? (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. b. Farad, Inc., specializes in selling used trucks. c. $6,800 c) Be unaffected. a) Assets of Perfect Painting are overstated at December 31, 2018. An entry to accrue unpaid expenses B. Are they quantitative or qualitative in nature? A) exponential smoothing. CHAPTER ONE. b) $113,620. 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? b. revenue and the dividends account C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? This month, the last day of the month falls on a Thursday. A debit to an asset account and a credit to an expense account. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . Doing so: A. Violates professional standards. If no adjustment is made for this item at January 31, how will Princess's financial statements be affected? c) Not to be calculated unless the exact life of an asset can be determined. a. debit to Wages Expense and a credit to Wages Payable d. expenses are reported in the same period as the revenues to which they relate, Generally accepted accounting principles require that companies use the ____ of accounting. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? (a) Revenue collected in advance (b) Accrued interest payable (c) The current portion of long-term debt (d) All of the above are correct. The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable Expert Solution 3321 (a) and 41 U.S.C.3901 ). (pdf) Introduction Congress is fast approaching the need to take action on the nation's statutory debt limit, often referred to as the debt ceiling. c. theater tickets that were not sold for the current performance a. b. Which of the following situations is not considered an adjustment? d) Expenses are a negative factor in the computation of net income. c) The entry to pay outstanding bills. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue Assets = Revenue + Expenses - Liabilities. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. c) The entry to record revenue earned but not yet received. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. a) Debit Interest Expense $6,300. Change in inventory. (Provide paragraph citations.) b. b. revenues when services are performed 1) Which of the following entries causes an immediate decrease in assets and in net income?

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