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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither.A. Provided legal services to client, who paid at the time of
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither.A. Sold goods to customers on creditB. Collected cash from customer
Describe the revenue recognition principle. Give specifics.
Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can encompass monthly, quarterly, or half-year statements?A. Fiscal yearB. Interim periodC. Calendar
Which of the following financial statements should be prepared first?A. Balance SheetB. Income StatementC. Retained Earnings StatementD. Statement of Cash Flows
Which of the following accounting records is the main source of information used to prepare the financial statements?A. Journal entriesB. T-accountsC. Trial balanceD. Chart of accounts
Which of these accounts commonly requires both debit and credit entries?A. Sales RevenueB. Utilities ExpenseC. Accounts ReceivableD. Common Stock
Which of these transactions requires a credit entry to Revenue?A. Received cash from services performed this monthB. Collected balance due from customersC. Received cash from bank loanD. Refunded a
Which of these transactions requires a debit entry to Cash?A. Paid balance due to suppliersB. Sold merchandise on accountC. Collected balance due from customersD. Purchased supplies for cash
Which set of accounts has the same type of normal balance?A. Cash, accounts payableB. Prepaid rent, unearned service revenueC. Dividends, common stockD. Accounts payable, retained earnings
Unearned service revenue occurs when which of the following occurs?A. Company receives cash from a customer before performing the serviceB. Company pays cash before receiving a service from a
What type of account is prepaid insurance?A. Stockholders’ EquityB. ExpenseC. LiabilityD. Asset
Which of the following accounts will normally have a debit balance?A. Common StockB. Fees EarnedC. SuppliesD. Accounts Payable
A business has the following transactions:A. The business is started by receiving cash from an investor in exchange for common stock $10,000.B. Rent of $1,250 is paid for the first month.C. Office
One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to as which of the following?A. PeriodB. RoundC. TallyD. Mark
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume accounts have normal balances. Accounts payable Accounts receivable Cash Common
Prepare an unadjusted trial balance, in correct format, from the alphabetized account information as follows. Assume all accounts have normal balances. Accounts payable Accounts
Which of the following pairs of accounts are impacted the same with debits and credits?A. Cash and Unearned Service RevenueB. Electricity Expense and Office SuppliesC. Accounts Receivable and
Which of the following accounts does not increase with a debit entry?A. Retained EarningsB. BuildingsC. Prepaid RentD. Electricity Expense
Answer the following questions about the trial balance: What is the purpose of it? What is the primary usefulness of it?
Does the order in which financial statements are prepared matter?
Prepare an unadjusted trial balance, in correct format, from the alphabetized account information as follows. Assume all accounts have normal balances. Accounts payable Accounts
What is the impact on the accounting equation when stock is issued, in exchange for assets?A. Both sides increaseB. Both sides decreaseC. Only the Asset side changesD. Neither side changes
What does an account’s “normal balance” indicate?
What is the impact on the accounting equation when a sale occurs?A. Both sides increaseB. Both sides decreaseC. Only the Asset side changesD. Neither side changes
What types of accounts are increased with a credit?
What is the impact on the accounting equation when an accounts receivable is collected?A. Both sides increaseB. Both sides decreaseC. Only the Asset side changesD. The total of neither side changes
What types of accounts are increased with a debit?
What is the impact on the accounting equation when a payment of account payable is made?A. Both sides increaseB. Both sides decreaseC. Only the Asset side changesD. Neither side changes
Post the following July transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts):A. Sold products to customers for
Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts).A. Purchased merchandise
Can a credit entry be described as a generally positive or negative transaction? Explain.
What is the impact on the accounting equation when a current month’s utility expense is paid?A. Both sides increaseB. Both sides decreaseC. Only the Asset side changesD. Neither side changes
Post the following August transactions to T-accounts for Accounts Payable and Supplies, indicating the ending balance (assume no beginning balances in these accounts):A. Purchased supplies on
Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts).A. Provided legal services to
Explain what a T-account is and what purpose it serves.
A company purchased a building twenty years ago for $150,000. The building currently has an appraised market value of $235,000. The company reports the building on its balance sheet at $235,000. What
Prepare journal entries to record the following transactions:A. October 9, issued common stock in exchange for building, $40,000B. October 12, purchased supplies on account, $3,600C. October 24, paid
Prepare journal entries to record the following transactions.A. March 1, purchased land for cash, $20,000B. March 11, purchased merchandise inventory, on account, $18,500C. March 15, Sold merchandise
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume all the accounts have normal balances. Accounts payable Accounts
What is an unearned account? What type of account is it?
Which of these events will not be recognized?A. A service is performed, but the payment is not collected on the same day.B. Supplies are purchased. They are not paid for; the company will be
Prepare journal entries to record the following transactions:A. December 1, collected balance due from customer account, $5,500B. December 12, paid creditors for supplies purchased last month,
Prepare journal entries to record the following transactions.A. July 1, issued common stock for cash, $15,000B. July 15, purchased supplies, on account, $1,800C. July 25, billed customer for
What is a prepaid account? What type of account is it?
________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger).A. HitchingB. PostingC. VettingD. Laxing
Prepare journal entries to record the following transactions.A. November 19, purchased merchandise inventory, on account, $12,000B. November 29, paid creditor for part of November 19 purchase, $10,000
Prepare journal entries to record the following transactions.A. January 22, purchased, an asset, merchandise inventoryB. on account for $2,800.C. February 10, paid creditor for part of January 22
Explain normal balances. Give three examples of accounts that will normally have a debit balance and three accounts that will normally have a credit balance.
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume all accounts have normal balances. Accounts payable Accounts
What is a T-account? When would we use T-accounts?
The step-by-step process to record business activities and events to keep financial records up to date is ________.A. Day-to-day cycleB. Accounting cycleC. General ledgerD. Journal
Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a
Krespy Corp. has a cash balance of $7,500 before the following transactions occur:A. Received customer payments of $965B. Supplies purchased on account $435C. Services worth $850 performed, 25% is
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume all accounts have normal balances. Accounts payable Accounts
Indicate whether each account that follows has a normal debit or credit balance.A. Unearned RevenueB. Office MachinesC. Prepaid RentD. CashE. Legal Fees EarnedF. Salaries PayableG. DividendsH.
Explain the steps in posting.
Which process of the accounting cycle often requires the most analytical thought?A. Making a journal entryB. Posting transactions to accountsC. Summarizing the trial balanceD. Preparing the financial
Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts.A. On first day of
Indicate whether each of the following accounts has a normal debit or credit balance.A. Prepaid landscaping expenseB. Common stockC. Delivery vansD. Maintenance expenseE. Retained earningsF. Office
For each item that follows, indicate whether a debit or a credit applies.A. Increase in prepaid insuranceB. Increase in utilities expenseC. Increase in commissions earnedD. Increase in suppliesE.
What is the general ledger?
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume all accounts have normal balances. Accounts payable Accounts
If equity equals $100,000, which of the following is true?A. Assets exceed liabilities by $100,000.B. Liabilities exceed equity by $100,000.C. Assets + liabilities equal $100,000.D. None of the above
Prepare journal entries to record the following transactions for the month of November:A. On first day of the month, issued common stock for cash, $20,000B. On third day of month, purchased equipment
For each of the following items, indicate whether a debit or a credit applies.A. Increase in retained earningsB. Decrease in prepaid rentC. Increase in dividendsD. Decrease in salaries payableE.
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume all accounts have normal balances. Accounts payable Accounts
Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance.A.
What are the rules you should follow when recording journal entries?
Which of these accounts is a liability?A. Accounts ReceivableB. SuppliesC. Salaries ExpenseD. Accounts Payable
Prepare journal entries to record the following transactions for the month of July:A. On first day of the month, paid rent for current month, $2,000B. On tenth day of month, paid prior month balance
Discuss how each of the following transactions will affect assets, liabilities, and stockholders’ equity, and prove the company’s accounts will still be in balance.A. A company purchased $450
Journalize for Harper and Co. each of the following transactions or state no entry required and explain why. Be sure to follow proper journal writing rules.A. A corporation is started with an
What does the term recognize mean?
Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both).
Which of these accounts is an asset?A. Common StockB. SuppliesC. Accounts PayableD. Fees Earned
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an
Journalize each of the following transactions or state no entry required and explain why. Be sure to follow proper journal writing rules.A. A company is started with an investment of a machine worth
Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts.A. Sold products to
Determine whether the balance in each of the following accounts increases with a debit or a credit.A. CashB. Common StockC. EquipmentD. Accounts PayableE. Fees EarnedF. Electricity Expense
Which of these statements is false?A. Assets = Liabilities + EquityB. Assets – Liabilities = EquityC. Liabilities – Equity = AssetsD. Liabilities = Assets – Equity
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash
West End Inc., an auto mechanic shop, has the following account balances, given in no certain order, for the quarter ended March 31, 2019. Based on the information provided, prepare West End’s
State whether the balance in each of the following accounts increases with a debit or a credit.A. Office SuppliesB. Retained EarningsC. Salaries ExpenseD. Accounts ReceivableE. Service Revenue
Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. A. B. C. D. E. F. Equipment decrease Common Stock Sold increase Gas and Oil Expense
Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a
Which of the following does not accurately represent the accounting equation?A. Assets – Liabilities = Stockholders’ EquityB. Assets – Stockholders’ Equity = LiabilitiesC. Assets =
George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks:A. George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the
Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both).
Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. A. B. C. D. E. F. Cash increase Supplies decrease Accounts Payable increase Common Stock
What types of accounts will increase with a credit?
Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated?A. Revenue recognition principleB. Expense recognition (matching)
Sewn for You had the following transactions in its first week of business.A. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange.B.
Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. A. B. C. D. E. F. Equipment increase Dividends Paid increase Repairs Expense
Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. A. B. C. D. E. F. Transaction Equipment
Prepare journal entries to record the following transactions that occurred in April:A. On first day of the month, issued common stock for cash, $15,000B. On eighth day of month, purchased supplies,
Identify the normal balance for each of the following accounts. Choose Dr for Debit; Cr for Credit. A. B. C. D. E. F. Utilities Expense Cash Equipment Rent Revenue Preferred Stock Interest
Will an accounts receivable balance increase with a debit or a credit entry? How do you know?
Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition.A. Revenue recognition
The following information is provided for the first month of operations for Legal Services Inc.:A. The business was started by selling $100,000 worth of common stock.B. Six months’ rent was paid in

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