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1、1、which is the following statements is false A.the partnership form of business organization protects the personal assents of the owners form creditor of the business A.Increases in assets and Increases in revenues are recorded with a debit ledger is a chronological listing of all transactions 2、The
2、 primary objective of financial reporting is.C.To provide information useful for investment and lending decisions 3、The principle or concept that holds an entity will remain in operation for the foreeable future is the.A.Goning-concern concept 4、which is the following statements is true B.Assets are
3、 economic resources that are expect to benefit future periods 5、Aftin services on account.When Aftin collects the account receivable.B.Assets do not change 6、which is the following transaction would not affect owners equity A.Payment of an account payable 7、An income statement reports.D.The differen
4、ce between revenues and expense during the period 8、If assents increase$80000 during the period and owners equity decreases$16000during the period,liabilities must have.B.increased$96000 9、if net income was$1500 and there no withdrawals,how much did the owner in vest A.$4500 10、The amount of net inc
5、ome shown on the income statement also appears on.C.Statement of owners equity 11、which of these is an example of an asset account C.Supplies 12、Traylor company paid$2850 on account.The effect of this transaction accounting equation is to.assets and decrease liabilities 13、note payable has a normal
6、beginning balance of$30000.During the period,new borrowing total$63000 and the balance in note payable is$41000.Determine the on loans during the period.B.$5200 14、which of these accounts has a normal debit balance A and B have a normal debit balance 15、The journal entry to record the collection of$
7、890 form a customer on account is.B.cash 890 Accounts receivable 890 18、the ending cash account balance is$57600.During the period,cash receipts equal$the cash payments during the period total$135100,then the beginning cash amount must have.A.$68400+57600 19、Use the following selected information fo
8、r the Alecia Company the correct cresit column total for a trial balance.C.$265000 20、which of these statements is correct D.Both B and C are correct 21、When should revenue be recorded under the accrual-basis and cash-basis of.D.accrual-basiswhen the service is performed cash-basis when received 22、
9、During 204,Bustamante Co,incurred salary expense of$240000,beginning and ending salary Payable was$4000 and$8000,204,bustamante paid salaries of.C.$236000 20、During 204,Bustamante received$600000 for service has not received$30000 for services already performed in 20 also invested$20000 into the sho
10、uld report service revenue for 204 of.D.$630000 21、Recording an expense when it is paid instead of when incurred is a violation of.A.The matching principle 22、On july31,$3600 is paid for a one-year insurance policy.On December31,the adjusting entry for prepaid insurance would include.C.a debit to In
11、surance Expense,$1500 23、Failure to record an adjusting entry for an accrued expense,will result in the following.B.Liabilities-understate,net income-overstate 24、An adjusting entry could contain all of the following except.B.a credit of cash 25、which is the following statements best describes the p
12、urpose of internal control A.To provide assurance that the entire business operates in accordance with managementa plans and policies 26、Note and interest collected by the bank for the company,$500 plus$25 interest.A.Add to the book balance 27、Deposit in transit,$400.B.Add to the book balance 28、Che
13、ck for which should have been written for$730 was incorrectly receiable by the bank as$370.C.deduct from the book balance 29、If a bank reconciliation includes an NSF check for$45,the journal entry to this reconciling item would include.A.Credit to cash 30、All of the following are controls over cash
14、received in a store except.A.The clerk should have access to the cash register tape to make corrections when.31、which is the following statements related to receivable.C.When a notes receivable is not paid at maturity,the principal plus any into should be charged back to the customers accounts recei
15、vable.32、Refer to Exhibit4-1.Compute dayssales in receivable365/net sale counts receivable.D.37days 33、The weighted average for the year inventory cost flow method is applicable to the following inventory system B.Periodic-Yes,perpetual-No.34、The LIFO inventory cost flow method may be applied to whi
16、ch of the following inventory systems C.Periodic-Yes,perpetual-Yes.35、The company use a periodic inventory system and the ending inventory consists of 60pnits,20 from each of the last three purchases.Determine the ending inventory assuming costs are assigned on a weighted-average basis.D.$1022.36、A
17、company use a inventory system and made an error at the end of year caused its year I ending inventory to be understated by$effect does this have on the companys financial statements A.Net income is understated;assets are understated.37、The estimate of the cost of the inventory on June 30 would be.C
18、.$89500 38、Which of the following factors would not be considered in the selecting of LIFO as ventory costing method.C.Physical flow 39、Which of the following methods of inventory valuation is allowable at interim date not at year-end B.Estimated gross profit rates 40、A physical inventory taken on D
19、ecember31,202,resulted in an ending inventory$s gross profit on sales has remained constant at 25%in recent year suspects some inventory may have been taken by a new December 31 what is the estimated cost of missing inventory A.$25000 41、Which of the following is not affected by the inventory valuat
20、ion method user.C.Amounts paid to acquire merchandise.42、Under the retail inventory method,freight-in would be include the goods available for sale for which of the following C.Cost-Yes,Retail-No.43、Charging the cost of ordinary repairs to the machinery and equipment asset account during the current
21、 year would.D.Not affect the total liabilities at the end of the current year 44、M S CO.Exchanged nonmonetary exchange did not culminate an earning process for either M or paid cash to S in connection with the the extent that the amount of cash exceeds a proportionate share of the carrying amount of
22、 the asset surrendered,a realized gain on the exchange should be recognized by.If the transaction lacks commercial substance.D.NO-M,NO-S 45、Depreciation of a plant asset is the process of.B.Allocating the cost of the asset to the periods of use 46、Which of the following statements is true regarding
23、capitalization of interest B.The amount of interest cost capitalized during the period should not exceed the interest cost incurred 47、ABC is considering acquiring Z following information relates to Z company.B.$450 000 48、The Ray Company exchanged its used bottle-capping machine for a new old machine cost$14000,and the new one had a cash price of$had taken gain or loss should be recorded on the exchange A.$1500 loss 49、Accelerated depreciation methods are used primarily in.A.Income tax returns