Which of the following statements is correct? 1) Prepaid expenses, depreciation, and unearned revenues involve previously...
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Which of the following statements is correct? 1) Prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities. 2) Accrued expenses and accrued revenues involve assets and liabilities that have not yet been recorded. 3) Adjusting entries are used to record both accrued expenses and accrued revenues 4) Prepaid expenses, depreciation, and unearned revenues require adjusting entries to record the effects of the passage of time. (5) All of these The financial statement that shows the beginning balance of equity, the changes in equity that resulted from new investments by the owner, Profit (or net loss), withdrawals, and the ending balance of equity is the 1) statement of financial position 2) statement of cash flows 3) balance sheet O4) income statement 5) statement of changes in equity Which of the following statements is true? 1) Journalizing consists of analyzing and recording transactions in T-accounts. 2) Preparing a post-closing trial balance helps to prove the accuracy of the adjusting and closing procedures. 3) The information on the work sheet can be used in place of preparing financial statements. 4) By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts. 5) All of these statements are true. The timeliness principle assumes that an organization's activities can be divided into specific time periods including 1) One month 2) Quarters 3) Fiscal year O4) Calendar year 5) All of these After all appropriate closing entries to the following accounts have been made, what will be the balance in the Jeff Corvette, Capital account? Service fees revenue Various expenses Jeff Corvette, capital Jeff Corvette, withdrawals 1) $65,000 2) $80,000 3) $130,000 4) $145,000 5) $280,000 $140,000 60,000 80,000 15,000 papu If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Services Revenue, the end- of-period adjusting entry to record the portion of these fees that has been earned is 1) Debit Cash and credit Legal Service Revenue 2) Debit Cash and credit Unearned Legal Service Revenue O3) Debit Unearned Legal Service Revenue and credit Legal Service Revenue 4) Debit Legal Service Revenue and credit Unearned Legal Service Revenue 5) Some other entry Question 17 (1 point) -: Attempt 1 Which of the following statements is correct? 1) Prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities. 2) Accrued expenses and accrued revenues involve assets and liabilities that have not yet been recorded. 3) Adjusting entries are used to record both accrued expenses and accrued revenues 4) Prepaid expenses, depreciation, and unearned revenues require adjusting entries to record the effects of the passage of time. (5) All of these The financial statement that shows the beginning balance of equity, the changes in equity that resulted from new investments by the owner, Profit (or net loss), withdrawals, and the ending balance of equity is the 1) statement of financial position 2) statement of cash flows 3) balance sheet O4) income statement 5) statement of changes in equity Which of the following statements is true? 1) Journalizing consists of analyzing and recording transactions in T-accounts. 2) Preparing a post-closing trial balance helps to prove the accuracy of the adjusting and closing procedures. 3) The information on the work sheet can be used in place of preparing financial statements. 4) By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts. 5) All of these statements are true. The timeliness principle assumes that an organization's activities can be divided into specific time periods including 1) One month 2) Quarters 3) Fiscal year O4) Calendar year 5) All of these After all appropriate closing entries to the following accounts have been made, what will be the balance in the Jeff Corvette, Capital account? Service fees revenue Various expenses Jeff Corvette, capital Jeff Corvette, withdrawals 1) $65,000 2) $80,000 3) $130,000 4) $145,000 5) $280,000 $140,000 60,000 80,000 15,000 papu If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Services Revenue, the end- of-period adjusting entry to record the portion of these fees that has been earned is 1) Debit Cash and credit Legal Service Revenue 2) Debit Cash and credit Unearned Legal Service Revenue O3) Debit Unearned Legal Service Revenue and credit Legal Service Revenue 4) Debit Legal Service Revenue and credit Unearned Legal Service Revenue 5) Some other entry Question 17 (1 point) -: Attempt 1
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
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