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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
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
The adjustment for federal income tax includes
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
Generally accepted accounting principles require that corporations charge 1% of credit sales as an adjustment for uncollectible accounts.
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
The total amount of depreciation expense that has been recorded since the purchase of a plant asset is called
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
Recording expenses in the fiscal period in which the expenses contribute to earning revenue is an application of the accounting concept
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
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.
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
Depreciation expense is calculated using all of the following amounts except
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
The book value of accounts receivable
Matching Expenses with Revenue
an expense and a liability account
fair market value
False
debit Merchandise Inventory, $10,000.00; credit Income Summary, $10,000.00.
False
accumulated depreciation
reflects the amount the business expects to collect in the future.
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