MCA TEST
"Accumulated depreciation" have to be proven on the economic assertion as _______ - ANS-A
contra-asset (deduction)
A $40 Invoice to an agent for copies must be recorded inside the ___________ - ANS-Accounts
Receivable Journal
A check deposited to the financial institution for price of an agent's invoice (from the market
middle) is a _____ to "Accounts Receivable- Agents" - ANS-Credit (CR)
A check deposited to the financial institution for price of an agent's bill (from the market middle)
is a _____ to "coins- operating account" - ANS-Debit (DR)
A refund take a look at issued to an agent for the amount he overpaid for his office hire is a
______ to "different profits- hire" and a _______ to "coins- working" account - ANS-Debit
Credit
Accounts Receivable Journal - ANS-Invoice created for agent
Accumulated Interest - ANS-goes up annually till you sell it
An agent prepaid their prices for $200 on January 1. The agent then gathered $20 in copier
charges during the month. This need to be recorded as: - ANS-DR Prepaid Expense Liability
CR Other Income- Copier
financial institution reconciliation need to be carried out ________ - ANS-Monthly
Bank statements have to be reconciled via someone who does NOT do the ________ -
ANS-deposits
Cash drift statment - ANS-a monetary file showing the corporation's ingoing and outgoing cash
Cash Receipts Journal - ANS-no cash- just an bill
For the yr, depreciation has been gathered for a complete of $20,000. It is decided at year-give
up that the depreciation price is without a doubt $18,000. The adjusting entry to correct the
accrual might be _____ - ANS-DR Accumulated Depreciation $2,000
"Accumulated depreciation" have to be proven on the economic assertion as _______ - ANS-A
contra-asset (deduction)
A $40 Invoice to an agent for copies must be recorded inside the ___________ - ANS-Accounts
Receivable Journal
A check deposited to the financial institution for price of an agent's invoice (from the market
middle) is a _____ to "Accounts Receivable- Agents" - ANS-Credit (CR)
A check deposited to the financial institution for price of an agent's bill (from the market middle)
is a _____ to "coins- operating account" - ANS-Debit (DR)
A refund take a look at issued to an agent for the amount he overpaid for his office hire is a
______ to "different profits- hire" and a _______ to "coins- working" account - ANS-Debit
Credit
Accounts Receivable Journal - ANS-Invoice created for agent
Accumulated Interest - ANS-goes up annually till you sell it
An agent prepaid their prices for $200 on January 1. The agent then gathered $20 in copier
charges during the month. This need to be recorded as: - ANS-DR Prepaid Expense Liability
CR Other Income- Copier
financial institution reconciliation need to be carried out ________ - ANS-Monthly
Bank statements have to be reconciled via someone who does NOT do the ________ -
ANS-deposits
Cash drift statment - ANS-a monetary file showing the corporation's ingoing and outgoing cash
Cash Receipts Journal - ANS-no cash- just an bill
For the yr, depreciation has been gathered for a complete of $20,000. It is decided at year-give
up that the depreciation price is without a doubt $18,000. The adjusting entry to correct the
accrual might be _____ - ANS-DR Accumulated Depreciation $2,000
