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ACCT 5312 Exam 1 ||Verified Exam!!||Questions and
Answers Practice Questions with Solutions Newest |
Already Graded A+||Newest Exam!!!
To accrue $7100 of employee salaries for the last week of
February, the employer's journal entry is - Answer-Debit
Salaries expense 7,100
Credit Salaries Payable 7,100
In the sellers records, the sake of merchandise on account
would - Answer-increase assets and increase expenses
The balance of the Wages Payable account was $20,000
at the beginning of the month, Wages accrued during the
month totaled $38,000. Wages paid during the month were
$43000
Wages expense for the month totaled $58,000
The balance of Wages Payable account at the end of the
month was $15,000
The balance of the Wages Payable at the end of the
month was $38,000
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Wages expense for the month totaled $43,000 - Answer-
the balance of the Wages Payable account at the end of
the month was $15,000
a Debit entry will: - Answer-Increase the balance of an
expense account
The accountant at WooSah! USA made an adjusting entry
at the end of February to accrue interest on a note
receivable from a customer. The effect of this entry is to: -
Answer-Increase ROI for February
A credit entry will: - Answer-increase the balance of a
revenue account.
HammerNail Woodworks agreed to make a short-term
loan to a component parts supplier. A note for $40,000
was issued by HammerNail on November 1, 2022 at 6%
interest with both principal and interest due on Oct 31
2023. Which of the following Journal entries should
HammerNail use to accrue Interest at end of each month -
Answer-Debit interest receivable
Credit Interest revenue
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The time frame associated with an income statement is: -
Answer-A past period time
Which of the following is not a transaction to be recorded
in the accounting records of a company - Answer-receiving
a plaque recognizing employee participation in a charity
event
Paid-in Capital represents: - Answer-the amount invested
in the company by the stockholders.
Current U.S. Generally Accepted Accounting Principles
and auditing standards require the financial statements of
an entity for the reporting period to include: - Answer-
financial position at the end of the period.
Expenses are: - Answer-decreases in net assets resulting
from usual operating activities.
The balance sheet shows the following accounts and
amounts:
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Cash $13,000; Short-term Debt $21,000; Buildings and
Equipment $420,000; Inventory, $44,000; Notes Payable
$60,000; Accumulated Depreciation $110,000; Common
Stock $80,000; Accounts Receivable $38,000; Retained
Earnings $237,000; Accounts Payable $17,000.
Total assets on the balance sheet are - Answer-$405,000.
Stockholders' equity refers to which of the following? -
Answer-The ownership rights of the stockholders of the
company
Which of the following accounting methods accomplishes
much of the matching of revenues and expenses? -
Answer-Accrual accounting
he balance sheet shows the following accounts and
amounts:
Cash $13,000; Short-term Debt $21,000; Buildings and
Equipment $420,000; Inventory, $44,000; Notes Payable
$60,000; Accumulated Depreciation $110,000; Common
Stock $80,000; Accounts Receivable $38,000; Retained
Earnings $237,000; Accounts Payable $17,000.
Total liabilities on the balance sheet are: - Answer-
$98,000.
ACCT 5312 Exam 1 ||Verified Exam!!||Questions and
Answers Practice Questions with Solutions Newest |
Already Graded A+||Newest Exam!!!
To accrue $7100 of employee salaries for the last week of
February, the employer's journal entry is - Answer-Debit
Salaries expense 7,100
Credit Salaries Payable 7,100
In the sellers records, the sake of merchandise on account
would - Answer-increase assets and increase expenses
The balance of the Wages Payable account was $20,000
at the beginning of the month, Wages accrued during the
month totaled $38,000. Wages paid during the month were
$43000
Wages expense for the month totaled $58,000
The balance of Wages Payable account at the end of the
month was $15,000
The balance of the Wages Payable at the end of the
month was $38,000
,2|Page
Wages expense for the month totaled $43,000 - Answer-
the balance of the Wages Payable account at the end of
the month was $15,000
a Debit entry will: - Answer-Increase the balance of an
expense account
The accountant at WooSah! USA made an adjusting entry
at the end of February to accrue interest on a note
receivable from a customer. The effect of this entry is to: -
Answer-Increase ROI for February
A credit entry will: - Answer-increase the balance of a
revenue account.
HammerNail Woodworks agreed to make a short-term
loan to a component parts supplier. A note for $40,000
was issued by HammerNail on November 1, 2022 at 6%
interest with both principal and interest due on Oct 31
2023. Which of the following Journal entries should
HammerNail use to accrue Interest at end of each month -
Answer-Debit interest receivable
Credit Interest revenue
,3|Page
The time frame associated with an income statement is: -
Answer-A past period time
Which of the following is not a transaction to be recorded
in the accounting records of a company - Answer-receiving
a plaque recognizing employee participation in a charity
event
Paid-in Capital represents: - Answer-the amount invested
in the company by the stockholders.
Current U.S. Generally Accepted Accounting Principles
and auditing standards require the financial statements of
an entity for the reporting period to include: - Answer-
financial position at the end of the period.
Expenses are: - Answer-decreases in net assets resulting
from usual operating activities.
The balance sheet shows the following accounts and
amounts:
, 4|Page
Cash $13,000; Short-term Debt $21,000; Buildings and
Equipment $420,000; Inventory, $44,000; Notes Payable
$60,000; Accumulated Depreciation $110,000; Common
Stock $80,000; Accounts Receivable $38,000; Retained
Earnings $237,000; Accounts Payable $17,000.
Total assets on the balance sheet are - Answer-$405,000.
Stockholders' equity refers to which of the following? -
Answer-The ownership rights of the stockholders of the
company
Which of the following accounting methods accomplishes
much of the matching of revenues and expenses? -
Answer-Accrual accounting
he balance sheet shows the following accounts and
amounts:
Cash $13,000; Short-term Debt $21,000; Buildings and
Equipment $420,000; Inventory, $44,000; Notes Payable
$60,000; Accumulated Depreciation $110,000; Common
Stock $80,000; Accounts Receivable $38,000; Retained
Earnings $237,000; Accounts Payable $17,000.
Total liabilities on the balance sheet are: - Answer-
$98,000.
