Accounting

Question: The time of period assumption states that:
A
revenue should be recognized in the accounting period in which it is earned.

B
expenses should be matched with revenues.

C
the economic life of a business can be divided into artificial time periods.

D
the fiscal year should correspond with the calendar year.

Note: Not available
1. Report
Question: The principle dictating that efforts (expenses) be matched with accomplishments (revenues) is the:
A
matching principle

B
cost principle

C
periodicity principle

D
revenue recognition principle

Note: Not available
1. Report
Question: One of the following statements about the accrual basis of accounting is false. That statement is:
A
Events that change a company's financial statements are recorded in the periods in which the events occur.

B
Revenue is recognized in the period in which it is earned.

C
This basis is in accord with generally accepted accounting principles.

D
Revenue is recorded only when cash is received and expense is recorded when cash is paid.

Note: Not available
1. Report
Question: Adjusting entries are make to ensure that:
A
expense are recognized in the period in which thay are incurred

B
revenues are recoreded in the period in which they are earned

C
balance sheet and income statement accounts have correct balances at the end of an accounting period.

D
all

Note: reference - kieso 6th edition
1. Report
Question: Each of the following is a major type ( or category ) of adjusting entries except:
A
perpaid expenses

B
accrued revenues

C
accrued expenses

D
earned revenues

Note: Not available
1. Report
Question: The trial balance shows Supplies $1,350 and Supplies Expense $0. If $600 of supplies are on hand at the end of the periaod, the adjusting entry is:
A

Title Dr Cr
Supplies $600 ---
Supplies Expense --- $600

B

Title Dr Cr
Supplies $750 ---
Supplies Expense --- $750

C

Title Dr Cr
Supplies Expense $750 ---
Supplies --- $750

D

Title Dr Cr
Supplies Expense $600 ---
Supplies --- $600

Note: Not available
1. Report
Question: Adjusting for unearned revenues:
A
decrease liabilities and increase revenues.

B
have an assets and revenues account relationship.

C
increase assets and increase revenues.

D
decrease revenues and decrease assets.

Note: Not available
1. Report
Question: Adjustments for accrued revenues:
A
have a liabilities and revenues account relationahsip

B
have an assets and revenues account relationahsip

C
decrease assets and revenues

D
decrease liabilities and increase revenues

Note: Not available
1. Report
Question: Kathy Siska earned a salary of $400 for the last week of September. She will be paid on October 1. The adjusting entry for Kathy's employer at September 30 is:
A
No entry is required

B

Title Dr Cr
Salaries Expense $400 ---
Salaries Payable --- $400

C

Title Dr Cr
Salaries Expense $400 ---
Cash --- $400

D

Title Dr Cr
Salaries Payable $400 ---
Cash --- $400

Note: Not available
1. Report
Question: Which of the following statements is incorrect concerning the adjusted trial balance?
A
An adjusted trial balance proves the equality of the total debit balances and credit balances in the ledger after all adjustments are made.

B
The adjusted trial balance provides the primary basis for the preparation of financial statements.

C
The adjusted trial balance lists the account balances segregated by assets and liabilities.

D
The adjusted trial balance is prepared after the adjusting entries have been journalized and posted.

Note: Not available
1. Report

Title	Dr	Cr
Supplies	$600	---
Supplies Expense	---	$600

Title	Dr	Cr
Supplies	$750	---
Supplies Expense	---	$750

Title	Dr	Cr
Supplies Expense	$750	---
Supplies	---	$750

Title	Dr	Cr
Supplies Expense	$600	---
Supplies	---	$600

Title	Dr	Cr
Salaries Expense	$400	---
Salaries Payable	---	$400

Title	Dr	Cr
Salaries Expense	$400	---
Cash	---	$400

Title	Dr	Cr
Salaries Payable	$400	---
Cash	---	$400

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Question: The time of period assumption states that:

Question: The principle dictating that efforts (expenses) be matched with accomplishments (revenues) is the:

Question: One of the following statements about the accrual basis of accounting is false. That statement is:

Question: Adjusting entries are make to ensure that:

Question: Each of the following is a major type ( or category ) of adjusting entries except:

Question: The trial balance shows Supplies $1,350 and Supplies Expense $0. If $600 of supplies are on hand at the end of the periaod, the adjusting entry is:

Question: Adjusting for unearned revenues:

Question: Adjustments for accrued revenues:

Question: Kathy Siska earned a salary of $400 for the last week of September. She will be paid on October 1. The adjusting entry for Kathy's employer at September 30 is:

Question: Which of the following statements is incorrect concerning the adjusted trial balance?