11. Unearned revenues are: (Points : 2)Revenues that have been earned and received in cashRevenues that have been earned...

Get help with any kind of assignment - from a high school essay to a PhD dissertation

  1. Order Custom Essay, Course Work, Research and Term Papers

Unearned revenues are

April 14, 2018

11. Unearned revenues are: (Points : 2)
Revenues that have been earned and received in cash
Revenues that have been earned but not yet collected in cash
Liabilities created when a customer pays in advance for products or services before the revenue is earned
Recorded as an asset in the accounting records





12. Which of the following accounting principles dictates when expenses are recognized? (Points : 2)
Revenue recognition principle
Monetary unit principle
Business entity principle
Matching principle
Full disclosure principle





13. If Beginning Retained Earnings was $184,300, the company distributed $46,000 in dividends and Ending Retained Earnings was $345,000, what was the net income for the period? (Points : 2)
$154,700
$206,700
$114,700
$575,300
$160,700





14. The primary objective of financial accounting is: (Points : 2)
To serve the decision-making needs of internal users
To provide financial statements to help external users analyze and interpret an organization's activities
To monitor and control company activities
To provide information on both the costs and benefits of managing products and services
To know what, when and how much to produce





15. An example of a financing activity is: (Points : 2)
Buying office supplies
Obtaining a long-term loan
Buying office equipment
Selling inventory
Buying land





16. On April 1, 2011, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2011? (Points : 2)
$1,350
$450
$1,012.50
$337.50
$37.50





17. Based on the following information, what would be the beginning balance in the Retained Earnings Account, assuming all accounts have a normal balance?

Cash

$ 6,754

Dividends

$ 2,000


Accounts receivable

$ 13,733

Consulting fees earned

$ 13,718


Office supplies

$ 2,625

Rent expense

$ 3,673


Land

$ 37,153

Salaries expense

$ 6,642


Office equipment

$ 14,535

Telephone expense

$ 560


Accounts payable

$ 6,463

Miscellaneous expense

$ 280


Common stock

$ 54,490

Retained Earnings

?

(Points : 2)
$0
$13,718
$13,155
$13,284





18. Which of the following identifies the proper order of the accounting cycle? (Points : 2)
Analyze, Journalize, Unadjusted Trial Balance
Analyze, Post, Unadjusted Trial Balance
Journalize, Post, Adjusted Trial Balance
Unadjusted Trial Balance, Adjusted Trial Balance, Close
Adjusted Trial Balance, Adjustments, Financial Statements





19. Which of the following accounts would not be on the post closing trial balance? (Points : 2)
Accounts Payable
Accounts Receivable
Common Stock
Dividends





20. A trial balance prepared after the closing entries have been journalized and posted is the: (Points : 2)
Unadjusted trial balance
Post-closing trial balance
General ledger
Adjusted trial balance
Work sheet





21. A 10-column spreadsheet used to draft a company's unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements and which is an optional tool in the accounting process is a(n): (Points : 2)
Adjusted trial balance
Work sheet
Post-closing trial balance
Unadjusted trial balance
General ledger





22. A company purchased a new truck at a cost of $42,000 on July 1, 2011. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. How much depreciation expense will be recorded for the truck for the year ended December 31, 2011? (Points : 2)
$3,250
$3,500
$4,000
$6,500
$7,000





23. On January 1 a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: (Points : 2)
Debit Prepaid Insurance, $1,800; credit Cash, $1,800
Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440
Debit Prepaid Insurance, $360; credit Insurance Expense, $360
Debit Insurance Expense, $360; credit Prepaid Insurance, $360
Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440





24. On January 1, Able Company purchased equipment costing $135,000 with an estimated salvage value of $10,500, and an estimated useful life of five years. What is the amount that should be recorded as depreciation on December 31? (Points : 2)
$27,000
$24,900
$29,100
$135,000





25. The adjusted trial balance contains information pertaining to: (Points : 2)
Asset accounts only
Balance sheet accounts only
Income statement accounts only
All general ledger accounts
Revenue accounts only










OUR SERVICE CHARTER






  • Money Back Guarantee

    If any of our writers deliver an incomplete or ambiguous paper that is off the topic, our clients can claim for a refund in regard to the oversight. We do not compromise our service delivery through submission of a paper that does not follow our clients’ instructions. We also mind about the interest of our customers, and we always give them value for their money. However, our clients have a choice to request for a free revision within 14-30 days, or depending on the length of the submitted paper. A client who needs a refund should send a request for it within 14 days after receiving the completed paper. If a client decides not to download the paper, then they can request for 100% refund. Any refunded amount usually goes to the client’s Bonus Balance as store credit. There is always extra compensation when the refund takes the form of store credit. Alternatively, the refunded amount can also go the client’s credit card.

  • Professional Academic Writers

    An academic degree is one of the qualifications that our writers hold. This is only a minimum requirement that we ask from our writers, but the team also has writers who possess higher educational credentials. It means that the team comprises of competent writers who have gone through institutions of higher learning and passed their exams. Subsequently, the writers have a good grasp of what our clients require. It is notable that our writers not only want to apply their acquired knowledge, but they are also willing to help our clients to outperform them. This is a clear indication of a team that is willing to walk an extra mile. We uphold professionalism in our operations, and our clients should look forward to receive services from a team of experts. It is the spirit of value addition that makes us to scale any heights in order to deliver and outperform our clients’ expectations.

  • Free Revisions

    The papers that we deliver usually reflect a high quality level. However, there is always a room for any additional fine-tuning touch in line with a client’s preference without any additional charges. To begin with, a client has discretion to make a choice on their preferred top writer from our team. Such a writer could have handled past work for the client and received a positive review from the same. It means that the client has confidence of the quality of service that the writer delivers. Secondly, a client has an option of making use of our editing services. Our editors are always on standby to revise the paper and ensure that it matches with the expectations of a client that the instruction brief had detailed. The revision covers content adjustment that removes off-topic details, addition of sources, removal of language style errors, and assessment of the referencing style in order to enhance compliance.

  • Excellent Quality Work

    Grammar is one of the elements that we take seriously in our service delivery. Beside the use of spell checkers, we progressively take our writers through the essentials of a quality paper that features information clarity. Importantly, we encourage our writers to avoid coming up with a paper that deviates from the elements that appear on the client’s instruction brief. It means that the papers that we deliver denote well researched information that is rich in details. Additionally, the papers usually contain exhaustive details on any instruction that a client submitted. It is the tireless application of our writers’ efforts that makes us stand out when it comes to the delivery of excellent quality work. Notably, our writers use quality resources when digging up information that a paper requires. They are usually aware of the sources that contain rich information. Our past clients have proved that we give nothing short of quality work through giving us a positive feedback.




Related Questions