Which of the following may not be considered a "qualifying asset" under IAS 23? b. theater tickets sold yesterday on credit for yesterday's performance 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 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. a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? 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. Fiscal Technician I . -Depreciation for the month of March: $4,300. b) The entry to record depreciation expense. a. records revenues when they are earned and expenses when they are paid 1) The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. Change in amortization period for an intangible asset. School Columbia College; Course Title ACCT 280; Type. (1). 1) Which of the following is considered an adjusting entry? b) $113,620. B. providing equipment, services or support. The adjusting entry to record interest that has accrued on a note payable to the bank will cause an immediate: $3,500. d) $42,000. a. prepaid For the most part, is XOM's P/E ratio above or below that of its peers? c. debit Unearned Gym Memberships; credit Prepaid Gym Memberships Level ICS-10. Identify where the following item would be reported in the financial statements. Legislative reform is needed, to remove or widen the . This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Which one of the following is not considered a basic type of adjusting entry? d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) A GPA adjustment may occur under one of the following conditions: How to Calculate Your . d. records revenues and expenses when the company needs to apply for a loan, By matching revenue earned during the accounting period to related incurred expenses If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? The entry to record this event is an example of an adjusting entry: the amount originally paid. Which of the following accounts would likely be included in an accrual adjusting entry? Vacancy code VA/2023/B5303/25590. d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? d) The entry to pay outstanding bills. An adjusted trial balance is prepared based on the adjusting entries. d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. a. 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? Income statement B. $2,100 Adjusting entries that convert assets to expenses: Some cash expenditures are made to obtain benefits for more than one accounting period. Do nothing yet; Mr. Brown's account is current. a) It increases expenses and does not affect assets. (4) Depreciation of office equipment is based on an estimated useful life of six years. Which of the following is not considered a basic type of adjusting entry? a) The entry to record depreciation. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is Liability, Asset b. d) As an expense on the income statement. An entry to convert an asset to an expense. The Web site's directory was searched for those with "average" American names (e.g., "John Smith," "Sara Jones"). Stock is exchanged with shareholders. Employees earn a total of $12,800 per week. c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 (2) The company pays all employees up to date each Friday. a. stockholders' equity b. debit Cash; credit Salaries Payable c. $6,800 c. debit Salaries Payable; credit Salaries Expense Duty station Nairobi, Kenya. Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? Can any of these factors explain why XOM's P/E ratio differs from its peers? c) Assign revenues to the period in which they are received. Job categories Finance. The adjusting entry does not record entry for converting an asset to a liability. a. b) The entry to record depreciation expense. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. c. a computer technician has just signed an agreement with you regarding pricing for future work b. it has During the month, Farad sold 50 trucks at an average price of $9,000 each. Test Prep. b. revenues are reported on the income statement in the period in which they are earned Once a patient's account is in the hands of a_____agency, most offices will terminate the physician-patient relationship. a. Current liabilities c. Investments d. Long-term liabilities e. Property, pla. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. Please state where each account should be placed? d. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000, The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. Assets = Revenue + Expenses - Liabilities. d. Inventory; Provision for Obsolescence. B. What are the variables of interest? Cash, contributed capital, and retained earnings. c. accrual basis of accounting supports the matching concept 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. 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, a. revenues and expenses are reported in the period in which cash is received or paid d. Expenses are a negative factor in the computation of net income. 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. c) Paid for. Description This is an X-Axis gantry bed leveler, the first of its kind. A debit to a liability and a credit to cash. The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. d) A liability. b. debit Gym Memberships Revenue; credit Unearned Gym Memberships d) Materiality. b) $36,000. Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. 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. The 6% rate is appropriate in this situation. a. 20/3 a. equipment allocation A. Updating liability and asset accounts to their proper balances. After adjusting entries are made for the items listed above, Russell Company's net income would be: January 31 falls on a Tuesday; salaries are paid on Friday of each week. c) An asset. d. rarely needed in large companies, Adjusting entries affect at least one c) $112,400. 1) Which statement is true about an adjusted trial balance? Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) 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. d) To record unearned revenue. c. contra asset, credit b. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: Department/office AFR, KEMCO, Kenya MCO. CINCINNATI, Feb. 23, 2023 (GLOBE NEWSWIRE) -- () (the "Company" or "Hillman"), a leading provider of hardware products and merchandising solutions, reported financial resu Net income for January will be overstated. Increase an asset; increase revenue. a) To record unrecorded expenses. b) Whenever transactions affect the revenue or expenses of more than one accounting period. c. $2,800 The pet died and the family has complained about the effect of the treatment. 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 1) Omega Company adjusts its accounts at the end of each month. The company's monthly rent is $700. Which fraction has self adjusting force? The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. Where are the highest populations in Europe? The budget for the month was to sell 45 trucks at an average price of$9,500 each. Echo Lake Resort has not yet received payment from the local business. Which of the following should be disclosed in the Summary of Significant Accounting Policies? Current assets b. b) Decrease by $9,800. A) c) In the period in which they are paid. 1) Unearned revenue is: c. Unearned Subscriptions Additional materials will not be considered or returned. The appropriate adjusting entry at the end of the period would be: The cash account will always be affected by adjusting journal entries. c. debit Accumulated Depreciation; credit Depreciation Expense. 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. Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. b. c) Only if each accounting period covered is a full year. a. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. b) Treats as material only those items that are greater than 2% or 3% of net income. On January 10, the mortgage payment was made. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. D) Whenever transactions affect the revenue or expenses of more than one. . What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? Asset b. 1) Recently, Bon Appetite Caf contracted and paid for a relatively expensive advertisement in Haute Cuisine magazine. a. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. b) As a liability on the balance sheet. b) Generally fall into one of two categories. The monthly rent is $6,000. d) Only if the accounting periods are equal in length. The three most common types of adjusting journal entries are accruals . \text{From Balance Sheets}&\textbf{Dec. 31, 2018}&\textbf{Dec. 31, 2017}\\[2pt] a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 d. debit Building; credit Depreciation Expense. Interest Revenue A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. c. an accrued expense Identify where the following item would be reported in the financial statements. D. Revenue, liabilities, and capital. CPA wishes to use a representation letter as a substitute for performing other audit procedures. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? d. revenue, The unexpired insurance at the end of the fiscal period represents d) Expenses. a) $1,800 is paid in January for a two-year fire insurance policy. C) Reasonable adjustments are changes an employer makes to remove or reduce a disadvantage related to someone's disability. Payment at the time of service b. B) 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. 45, 2009). c. asset and one stockholders' equity account Identify the type of account for the following: Unearned Revenue a. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? d. recording of accrued revenue. Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. Sketch the graph of D(v)D(v)D(v). To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called No more trying to get the same "feel" from a piece of paper or feeler gauge. A. asset B. contra asset C. liability D. stockholder's equity E. contra stockholder's equity F. revenue, or expense, Which of the following is also referred to as debt? Find the matrix products. Which of the assets does not match with the correct contra account? A. changing someone's working arrangements. 35. c) Net income will be understated and total assets will be overstated. b) As an asset on the balance sheet. These items are not included as Itemized Deductions and can be entered independently. The entry to record bad debts expense for the period. d. at least one income statement account and one balance sheet account, Prepaid expenses are eventually expected to become WINDOWPANE is the live-streaming app for sharing your life as it happens, without filters, editing, or anything fake. b) Net income will be understated and total assets will be understated. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? In fact, limiter faux pas are one of the easiest ways to undo a hard-earned mix. c. Intangibles; Accumulated Amortization. c. Accumulated Depreciation c) Matching finding a different way to do something. A. b) The entry to record uncollected revenues. b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Credit Interest Payable $2,500 Indicate also the type of financial statement. Borrowed $40,000 from First National Bank. 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. Which of the following is not a type of adjusting entry? The accrual of an electricity bill for electricity used but not yet paid b. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses b. a. deferral Prepaid expenses. a. b) Prepaid expenses represent assets. Hardship circumstances 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. b. Underrecording debt. 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. Assets, liabilities, and owner's equity. Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. 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? Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. a. Suppose Dr. Milton's checking account has a balance of $3,458.92. 1) Which of the following is not considered a basic type of adjusting entry? 1) Shop supplies are expensed when: To ensure consistency and fairness to all applicants, please do not submit materials in addition to those requested. C. Liabilities that are assumed when cash is also, Multiple Choice 1. Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . On a given Friday, the probability that Flight 277 to Chicago is on time is 23.7%. a) Assets 1) On June 1, Norma Company signed a 12-month lease for warehouse space. Professional discounts Internal auditors. Using accrual accounting, revenue is recorded and reported only, Using accrual accounting, expenses are recorded and reported only, The accounting principle upon which deferrals and accruals are based is. b) Liabilities a. snow removal services that have been paid for three months in advance A) C. Assets, expenses, and withdrawals. d. $8,000, Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,000 and unexpired insurance of $3,000, for the fiscal year ending on April 30? As time passes, fixed assets other than land lose their capacity to provide useful services. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: When recording this mortgage payment, the accountant should: a) The entry to record depreciation. d) Prepaid expenses are shown in a special section of the income statement. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. Decrease in an asset and decrease in a liability. a) Expenses increase stockholders' equity. B. All other trademarks and copyrights are the property of their respective owners. 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 Go to the FASB website and access the FASB Concepts Statements and respond to the following items. a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. The fee for delivery is $500. a. income statement account and one balance sheet account b) Midwood Consultants made payment in January for office rent for the first three months of the year. Your chance of going to Disney World next year is 10%. b. (a) A power. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? An example of a contra-asset account is: Our LIMITER plug-in takes all the uncertainty out of limiting by analyzing your audio and making intelligent suggestions as to the best settings for your master. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, The adjusting entry to record an accrued expense is: a. a. a computer technician has installed the latest software updates and was paid on the same day Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? Liabilities assumed by a corporation on section 351 t. Which of the following groups of accounts have a normal credit balance? 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? Revenues, liabilities, capital b. b) Depreciation a) Assets = Equities. a. The prepaid insurance account had a balance of $3,000 at the beginning of the year. 1) Prepaid expenses are: d) Ordered. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues.