Finance And Accounting

Question: Using the following information, compute total liabilities. Notes Receivable $30,000, Accounts Payable $20,000, Wages Payable $8,000 and Rent Expenses $40,000.
A
$20,000

B
$28,000

C
$68,000

D
$98,000

Note: Not available
1. Report
Question: How are prepaid expenses typically tracked?
A
In an excel spreadsheet, with a monthly journal entry made to reflect the current month expenses

B
The procedure is fully automated in the accounting system; no one needs to do anything from month to month

C
The CFO will tell the accountant what needs to be booked

D
The auditors of the company do it

Note: Not available
1. Report
Question: What is the Journal Entry for "The Company purchased $6,000 worth of merchandise on credit"?
A
Dr Accounts Payable and Cr Merchandise

B
Dr Merchandise and Cr Accounts Payable

C
Dr Bank and Cr Accounts Payable

D
None of these

Note: Not available
1. Report
Question: An open credit is __________.
A
money owed to the company

B
money owed by the company

C
money owed to the investors

D
None of these

Note: Not available
1. Report
Question: Accounts payable refer to the current _________.
A
income of a business or an organization

B
assets of a business or an organization

C
expenses of a business or an organization

D
liabilities of a business or an organization

Note: Not available
1. Report
Question: When an employer makes an end-of-period adjusting entry with a debit to the Supplies Expense, the credit entry is made to:
A
Accounts Payable.

B
Supplies.

C
Cash.

D
Retained Earnings.

Note: Not available
1. Report
Question: Can you collect and remit tax for a state even if not required to do so?
A
No

B
Yes, the State Government will send you the amount without your getting registered with the state prior to collecting the tax.

C
Yes, you can voluntarily register to collect and remit tax. But, you must register with the state prior to collecting the tax.

Note: Not available
1. Report
Question: What is the last date for filing claims for VAT refunds in all countries?
A
December 31st of every year

B
January 31st of every year

C
There is no deadline for filing claims for VAT refunds

D
June 30th of every year

Note: Not available
1. Report
Question: How are the A/P journal entries typically created?
A
Hand written by the A/P staff and entered into the system by the accountant

B
The A/P staff is responsible for making journal entries

C
Entries are created and entered by a CPA

D
A/P software will generate journal entries based on preset coding

Note: Not available
1. Report
Question: Buck & Co. receives deposits from its customers to protect itself against non-payments for future services. These deposits should be classified by the company as
A
a liability

B
revenue

C
a deferred credit deducted from Accounts Receivable.

D
a contra account.

Note: Not available
1. Report

First Prev 10 11 12 13 14 Next Last

Question: Using the following information, compute total liabilities. Notes Receivable $30,000, Accounts Payable $20,000, Wages Payable $8,000 and Rent Expenses $40,000.

Question: How are prepaid expenses typically tracked?

Question: What is the Journal Entry for "The Company purchased $6,000 worth of merchandise on credit"?

Question: An open credit is __________.

Question: Accounts payable refer to the current _________.

Question: When an employer makes an end-of-period adjusting entry with a debit to the Supplies Expense, the credit entry is made to:

Question: Can you collect and remit tax for a state even if not required to do so?

Question: What is the last date for filing claims for VAT refunds in all countries?

Question: How are the A/P journal entries typically created?

Question: Buck & Co. receives deposits from its customers to protect itself against non-payments for future services. These deposits should be classified by the company as