Factory overhead is an inventory cost.

Select one:

True

False

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Accounting concepts related to time-period concept are revenue-recognition and __________principles.

Select one:

a. Asset

b. Matching

c. Expense

d. Adjusting

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Direct labor and factory overhead are categorized as ______- costs.

Select one:

a. Selling expenses or distribution expenses

b. Goods in Process or Work in Process

c. Conversion costs

d. Direct materials

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Estimated uncollectibles is recorded in this journal.

Select one:

a. Accounts Payable Subsidiary Ledger

b. Accounts Receivable Subsidiary ledger

c. Sales Journal

d. General Journal

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Reversing accrued income needs a credit to an _______ account.

Select one:

a. Asset or Accrued Income

b. Income

c. Accounts Payable

d. Purchases

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Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Proceeds of bank loan deposited in the account of the depositor

b. Notes Receivable collected by banks in behalf of the depositor

c. Interest Income

d. NSF check

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The right side of a T-account is used to record

Select one:

a. Increase in Asset

b. Decrease in revenue

c. Increase in Liability

d. Decrease in liability

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Revenues, Expenses.

Select one:

a. Accrued Expenses

b. Nominal accounts

c. Closing the accounts.

d. Statement of Changes in Owner's Equity

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The following selected accounts are taken from the books of RST Trading on April 30 before adjustment. RST has a monthly accounting period:

Accounts ReceivableP5,000BuildingP50,000

Sales75,000Service Income10,000

Prepaid Rent6,000Salaries Expense20,000

Adjustment data on April 30:

a)2 % of sales is estimated to be uncollectible.

b)Rent expired, P2,000.

c)Salaries unpaid, P 1,500.

d)Building will be depreciated at 20% per annum, with useful lie of 10 years.

e)Income unearned , P10,000.

Adjusting entry for letter(c) is

Select one:

a. Salaries ExpenseP18,500

CashP18,500

b. Salaries ExpenseP 18,500

Salaries PayableP 18,500

c. Prepaid RentP 2,000

CashP2,000

d. Salaries PayableP 1,500

CashP1,500

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The entries of which are posted individually in the Accounts Receivable Subsidiary Ledger.

Select one:

a. Purchases Journal

b. Cash Receipts Journal

c. Cash Payments Journal

d. Sales Journal