Accounting - Preparing An 8-Column Work Sheet For A Merchandising Business - Part 2: Question Preview (ID: 1914)


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Preparing a work sheet at the end of each fiscal period is an application of the accounting concept
a) Accounting Period Cycle b) Adequate Disclosure c) Matching Expenses with Revenue d) Historical Cost
The book value of accounts receivable
a) is equal to the balance in the Accounts Receivable controlling account. b) reflects the amount the business expects to collect in the future. c) is calculated as Accounts Receivable less Uncollectible Accounts Expense. d) can be obtained from a single general ledger account.
The entry to journalize the adjustment for merchandise inventory when beginning Merchandise Inventory is $130,000.00 and ending Merchandise Inventory is $140,000.00 is
a) debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00. b) debit Income Summary, $10,000.00; credit Merchandise Inventory, $10,000.00. c) debit Merchandise Inventory, $140,000.00; credit Income Summary, $140,000.00. d) debit Income Summary, $140,000.00; credit Merchandise Inventory, $140,000.00.
Recording expenses in the fiscal period in which the expenses contribute to earning revenue is an application of the accounting concept
a) Accounting Period Cycle b) Adequate Disclosure c) Matching Expenses with Revenue d) Historical Cost
Depreciation expense is calculated using all of the following amounts except
a) fair market value b) estimated salvage value c) estimated useful life d) original cost
The total amount of depreciation expense that has been recorded since the purchase of a plant asset is called
a) book value b) accumulated depreciation c) salvage value d) net realizable value
The adjustment for federal income tax includes
a) an expense and a liability account b) an expense account only c) an expense account and a temporary equity account d) a liability account only
When a work sheet is completed, a net loss will appear in the
a) Income Statement Debit and Balance Sheet Credit columns. b) Income Statement Credit and Balance Sheet Debit columns. c) Income Statement Debit and Income Statement Credit columns. d) Balance Sheet Debit and Balance Sheet Credit columns.
Generally accepted accounting principles require that corporations charge 1% of credit sales as an adjustment for uncollectible accounts.
a) True b) False c) d)
Annual straight-line depreciation expense of a plant asset is calculated as the original cost of the plant asset divided by the years of estimated useful life.
a) True b) False c) d)
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