GB 518 GB/518 GB518 Unit 2 Practice Quiz (Kaplan)
- Financial statements are typically prepared in the following order:
- 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):
- The Retained Earnings account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800 and dividends are $9,000, what is the ending balance in the Retained Earnings account after all closing entries are made?
- A company earned $2,000 in net income for October. Its net sales for October were $10,000. Its profit margin is:
- A company pays each of its two office employees each Friday at the rate of $100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:
- A company’s Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense for the year is $3,100, what amount of office supplies was purchased during the period?
- A company had no office supplies available at the beginning of the year. During the year, the company purchased $250 worth of office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year?
- An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n):
- The Income Summary account is used:
- The accrual basis of accounting:
- 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?
- The main purpose of adjusting entries is to:
- Unearned revenue is reported on the financial statements as:
- The length of time covered by a set of periodic financial statements is referred to as the:
- On April 30, 2011, a three-year insurance policy was purchased for $18,000 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company’s income statement for the year ended December 31, 2011?
- Based on the following information, what would be the beginning balance in the Retained Earnings Account, assuming all accounts have a normal balance?
- Which of the following statements is incorrect?
- 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?
- A classified balance sheet:
- The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:
- The difference between the cost of an asset and the accumulated depreciation for that asset is called
- The difference between the cost of an asset and the accumulated depreciation for that asset is called
- On June 30, 2011, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment.
The adjusting entry on December 31, 2011 for Apricot would include: - 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:
- The adjusted trial balance contains information pertaining to:
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