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horngrens financial and managerial accounting

Questions and Answers of Horngrens Financial And Managerial Accounting

Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service’s accounting equation?a.
The balance sheet reports thea. financial position on a specific date.b. results of operations on a specific date.c. financial position for a specific period.d. results of operations for a specific
Assume Global Cleaning Service had net income of $570 for the year. Global Cleaning Service’s beginning and ending total assets were $4,520 and $4,180, respectively.Calculate Global Cleaning
What are various certifications available for accountants? Briefly explain each certification.
Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions:a.
Identify the accounting terms, definitions, assumptions, and principles that best apply to each of the following situations:a. An independent federal agency protecting the interests of investors,
Consider the following accounting terms and definitions and match each term to the definition: 1. Accounting equation 2. Asset 3. Balance sheet 4. Expense 5. Income statement 6. Liability 7. Net
On February 1, 2021, Jessica Campbell begins her own business - Jessica’s Healthy Bites. During February, Jessica recorded the following business transactions. Indicate the effects of the following
Vivian’s Online Video currently has a return on assets of 10%. Indicate the effects of the following business transactions on the Vivian’s Online Video return on assets.Consider each transaction
Conner Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December:Analyze the effects of the transactions on the accounting equation of Thomas
Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December:Analyze the effects of the transactions on the accounting equation of Thomas
The detailed record of the changes in a particular asset, liability, or stockholders’equity is calleda. an account.b. a journal.c. a ledger.d. a trial balance.
Which of the following accounts is a liability?a. Accounts Receivableb. Service Revenuec. Unearned Revenued. Prepaid Rent Expense
The left side of an account is used to record which of the following?a. Debit or credit, depending on the type of accountb. Increasesc. Creditsd. Debits
Which of the following statements is correct?a. Prepaid Expenses are decreased with a debit.b. Unearned Revenue is increased with a debit.c. Rent Expense is increased with a credit.d. Accounts
Your business purchased office supplies of $2,500 on account. The journal entry to record this transaction is as follows: Date a. b. C. d. Office Supplies Office Supplies Accounts and Explanation
Sedlor Properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies? Date a. b. C. d. Accounts Payable Accounts and
Posting a $2,500 purchase of office supplies on account appears as follows: a. b. C. d. Cash 2,500 Office Supplies 2,500 Office Supplies 2,500 Office Supplies 2,500 Office Supplies 2,500 Accounts
Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error?a. Cash is overstated.b. Liabilities are
Which sequence correctly summarizes the accounting process?a. Journalize transactions, post to the accounts, prepare a trial balance.b. Journalize transactions, prepare a trial balance, post to the
Match the accounting terms with the corresponding definitions. 1. Posting 2. Account 3. Debit 4. Journal 5. Chart of accounts 6. Trial balance 7. Normal balance 8. Ledger 9. Credit 10. Compound
The following transactions occurred for Lawrence Engineering:Requirements 1. Open the following T-accounts for Lawrence Engineering: Cash; Accounts Receivable;Office Supplies; Equipment; Accounts
The following transactions occurred for Wilke Technology Solutions:Journalize the transactions of Wilke Technology Solutions. Include an explanation with each journal entry. Use the following
The following transactions occurred for Wilke Technology Solutions:Requirements 1. Open four-column accounts using the following account numbers: Cash, 110; Accounts Receivable, 120; Office
Which of the following is true of accrual basis accounting and cash basis accounting?a. Accrual accounting records revenue only when it is earned.b. Accrual accounting is not allowed under GAAP.c.
Get Fit Now gains a client who prepays $540 for a package of six physical training sessions. Get Fit Now collects the $540 in advance and will provide the training later.After four training sessions,
The revenue recognition principle requiresa. time to be divided into annual periods to measure revenue properly.b. revenue to be recorded only after the business has satisfied its performance
Adjusting the accounts is the process ofa. subtracting expenses from revenues to measure net income.b. recording transactions as they occur during the period.c. updating the accounts at the end of
Which of the following is an example of a deferral (or prepaid) adjusting entry?a. Recording the usage of office supplies during the period.b. Recording salaries expense for employees not yet paid.c.
Assume that the weekly payroll of In the Woods Camping Supplies is $300.December 31, end of the year, falls on Tuesday, and In the Woods will pay its employee on Friday for the full week. What
The adjusted trial balance showsa. amounts that may be out of balance.b. account balances after adjustments.c. assets and liabilities only.d. revenues and expenses only.
A & D Window Cleaning performed $450 of services but has not yet billed customers for the month. If A & D fails to record the adjusting entry, what is the impact on the financial statements?a.
A worksheeta. is a journal used to record transactions.b. is a financial statement that reports net income during the period.c. is an internal document that helps summarize data for the preparation
On February 1, Clovis Wilson Law Firm contracted to provide $3,000 of legal services for the next three months and received $3,000 cash from the client.Assuming Wilson records deferred revenues using
Movies Online sells subscriptions for $36 for 18 months. The company collects cash in advance and then subscribers have access to unlimited movies each month.Apply the revenue recognition principle
A select list of transactions for Anuradha’s Goals follows:For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries:
Assets are listed on the balance sheet in the order of theira. purchase date.b. adjustments.c. liquidity.d. balance.
Which of the following accounts would be included in the property, plant, and equipment category of the classified balance sheet?a. Land (held for investment purposes)b. Accumulated Depreciationc.
Which situation indicates a net loss within the Income Statement section of the worksheet?a. Total credits exceed total debitsb. Total debits exceed total creditsc. Total debits equal total creditsd.
Which of the following accounts is not closed?a. Depreciation Expenseb. Dividendsc. Service Revenued. Accumulated Depreciation
What do closing entries accomplish?a. Zero out the revenues, expenses, and dividendsb. Transfer revenues, expenses, and dividends to the Retained Earnings accountc. Bring the Retained Earnings
Which of the following is not a closing entry? Date a. Retained Earnings Accounts and Explanation Dividends b. Service Revenue C. d. Income Summary Salaries Payable Income Summary Income Summary Rent
Which of the following accounts may appear on a post-closing trial balance?a. Cash, Salaries Payable, and Retained Earningsb. Cash, Salaries Payable, and Service Revenuec. Cash, Service Revenue, and
Which of the following steps of the accounting cycle is not completed at the end of the period?a. Journalize transactions as they occur.b. Journalize and post the closing entries.c. Prepare the
Clean Water Softener Systems has Cash of $600, Accounts Receivable of $900, and Office Supplies of $400. Clean owes $500 on Accounts Payable and has Salaries Payable of $200. Clean’s current ratio
Which of the following statements concerning reversing entries is true?a. Reversing entries are required by Generally Accepted Accounting Principles(GAAP).b. Reversing entries are most often used
Which account does a merchandiser use that a service company does not use?a. Cost of Goods Soldb. Merchandise Inventoryc. Sales Revenued. All of the above
The two main inventory accounting systems are thea. perpetual and periodic.b. purchase and sale.c. returns and allowances.d. cash and accrual.
The journal entry for the purchase of inventory on account using the perpetual inventory system is Date a. Merchandise Inventory Accounts Receivable Accounts and Explanation b. Accounts Payable C.
JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC
Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How much sales revenue will Austin Sound report from the
Suppose Dave’s Discount’s Merchandise Inventory account showed a balance of $8,000 before the year-end adjustments. The physical count of goods on hand totaled $7,400. Dave uses a perpetual
Which of the following accounts would be closed at the end of the year using the perpetual inventory system?a. Cost of Goods Soldb. Merchandise Inventoryc. Accounts Receivabled. Accounts Payable
What is the order of the subtotals that appear on a multi-step income statement?a. Gross Profit, Operating Income, Net Income, Total Other Income and Expensesb. Operating Income, Gross Profit, Net
Assume Juniper Natural Dyes made Net Sales Revenue of $90,000 and Cost of Goods Sold totaled $58,000. What was Juniper Natural Dyes’ gross profit percentage for this period? (Round your answer to
League Automobiles sold an automobile for $24,000 on account. The cost of the automobile was $13,440. The sale of the automobile came with one year of free oil changes valued at $360. What would be
The journal entry for the purchase of inventory on account using the periodic inventory system is Date a. Purchases b. Accounts and Explanation d. Accounts Receivable Accounts Payable Merchandise

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