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Question : 61. Rice Corporation’s attorney has provided the following summaries of three : 1228553

Accounting

 

61. Rice Corporation’s attorney has provided the following summaries of three lawsuits against Rice:
? Lawsuit A: The loss is probable, but the loss can’t be reasonably estimated.
? Lawsuit B: The loss is reasonably possible, but the loss can’t be reasonably estimated.
? Lawsuit C: The loss is reasonably possible and can be reasonably estimated.
Which of the following statements is correct? 
A. A disclosure note is required for each of the three lawsuits.
B. A disclosure note is required only for lawsuits A & C.
C. A disclosure note is required only for lawsuit A.
D. A disclosure note is required only for lawsuits B & C.

62. Rice Corporation’s attorney has provided the following summaries of three lawsuits against Rice:
? lawsuit A: The loss is probable, but the loss can’t be reasonably estimated.
? lawsuit B: The loss is reasonably possible, but the loss can’t be reasonably estimated.
? lawsuit C: The loss is reasonably possible and can be reasonably estimated.
Which of the following statements is incorrect? 
A. A disclosure note is required for Lawsuit A.
B. A disclosure note is required for lawsuit B.
C. A disclosure note is required for lawsuit C.
D. Lawsuit A is reported on the balance sheet as a liability.

63. Darwin Corporation’s attorney has provided the following summaries of three lawsuits against Darwin:
? lawsuit A: The loss is probable and the loss can be reasonably estimated.
? lawsuit B: The loss is reasonably possible and the loss can’t be reasonably estimated.
? lawsuit C: The loss is reasonably possible and the loss can be reasonably estimated.
Which of the following statements is incorrect? 
A. A disclosure note is required for lawsuit A.
B. A disclosure note is required for lawsuit C.
C. A disclosure note is not required for lawsuit B.
D. Lawsuit A is reported on the balance sheet as a liability.

64. Smith Corporation entered into the following transactions:
? Purchased inventory on account.
? Collected an account receivable.
? Purchased equipment using cash.
Which of the following statements is correct? 
A. The inventory purchase on account increased working capital.
B. Collecting an account receivable increases working capital.
C. The equipment purchase decreases working capital.
D. The inventory purchase on account increased the quick ratio.

65. Smith Corporation entered into the following transactions:
? Purchased inventory on account.
? Collected an account receivable.
? Purchased equipment using cash.
Which of the above transactions resulted in an increase in working capital? 
A. The inventory purchase on account.
B. Collecting an account receivable.
C. The purchase of equipment using cash.
D. None of the transactions resulted in an increase in working capital.

66. SRJ Corporation entered into the following transactions:
? The accrual of interest expense on a six-month note payable.
? Collected cash for services to be provided within the next six months.
? The accrual of revenue.
Which of the above transactions resulted in a decrease in working capital? 
A. The accrual of interest expense.
B. Collecting cash for services to be provided in the future.
C. The accrual of revenue.
D. Both the accrual of interest expense and the accrual of revenue.

67. SRJ Corporation entered into the following transactions:
? The accrual of interest expense on a six-month note payable.
? Collected cash for services to be provided within the next six months.
? The accrual of revenue.
Which of the above transactions resulted in an increase in working capital? 
A. The accrual of interest expense.
B. Collecting cash for services to be provided in the future.
C. The accrual of revenue.
D. Both the accrual of revenue and the collection of cash for future services.

68. SRJ Corporation entered into the following transactions:
? The accrual of interest expense on a six-month note payable.
? Collected cash for services to be provided within the next six months.
? The accrual of revenue.
Which of the following statements is correct with respect to determining the net cash flow from operating activities on a statement of cash flows? 
A. The accrual of interest expense is added to net income.
B. Collecting cash for services to be provided in the future is deducted from net income.
C. The accrual of revenue is added to net income.
D. Collecting cash for services to be provided in the future doesn’t require an adjustment to net income.

69. Rocket Corporation entered into the following transactions:
? The accrual of wages and salaries expense.
? The cash payment of a six-month note payable.
? The cash payment in advance for a one-year insurance policy.
Which of the following statements is correct with respect to determining Rocket’s working capital? Assume that Rocket’s operating cycle is four months. 
A. The accrual of wages and salaries expense decreases working capital.
B. The cash payment of the note payable decreases working capital.
C. The purchase of the insurance policy increases working capital.
D. The cash payments for the note and insurance both decrease working capital.

70. Rocket Corporation entered into the following transactions:
? The accrual of wages and salaries expense.
? The cash sale of equipment for a loss.
? The cash payment in advance for a one-year insurance policy.
Which of the following statements is correct with respect to determining Rocket’s cash flows from operating activities on the statement of cash flows? 
A. The accrual of wages and salaries expense is deducted from net income.
B. The loss on the equipment sale is deducted from net income.
C. The cash payment to purchase the insurance policy is deducted from net income.
D. The accrual of wages and the equipment loss are both deducted from net income.

 

 

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July 1, 2023
    

 

41.The adjusting entry required when amounts previously recorded as unearned revenues are earned includes:
A.A debit to a liability.
B.A debit to an asset.
C.A credit to a liability.
D.A credit to an asset.

42.Adjusting entries:
A.Often include the Cash account.
B.Usually are recorded at the beginning of the accounting period.
C.Always involve at least one income statement account and one balance sheet account.
D.Adjust the balance of revenue and expense accounts to zero.

43.The adjusting entry required to record accrued expenses includes:
A.A credit to Cash.
B.A debit to an asset.
C.A credit to an asset.
D.A credit to liability.

44.Yummy Foods purchased a one-year hazard insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries?
A.
B.
C.
D.

45.The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?
A.
B.
C.
D.

46.On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance. At the end of the year, the financial statements would report:
A.Insurance Expense, $4,800; Prepaid Insurance $0.
B.Insurance Expense, $3,600; Prepaid Insurance $1,200.
C.Insurance Expense, $3,650; Prepaid Insurance $4,800.
D.Insurance Expense, $1,200; Prepaid Insurance $3,600.

47.On September 1, 2012, Gold Magazine sold 400 one-year subscriptions for $90 each. The total amount received was credited to Unearned Revenue. What would be the required adjusting entry at December 31, 2012?
A.
B.
C.
D.

48.During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following?
A.Debit to Salaries Expense for $32,000.
B.Credit to Salaries Expense of $8,000.
C.Debit to Salaries Payable for $24,000.
D.Credit to Salaries Payable for $8,000.

49.At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
A.Debit Cash $4,200, credit Supplies $4,200.
B.Debit Supplies $4,200, credit Supplies Expense $4,200.
C.Debit Supplies Expense $4,200, credit Supplies $4,200.
D.Debit Cash $800, credit Supplies $800.

50.Eve's Apples opened for business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2012?
A.$9,000.
B.$18,000.
C.$30,000.
D.$48,000.

 

 

default image
July 1, 2023
    

 

41.The adjusting entry required when amounts previously recorded as unearned revenues are earned includes:
A.A debit to a liability.
B.A debit to an asset.
C.A credit to a liability.
D.A credit to an asset.

42.Adjusting entries:
A.Often include the Cash account.
B.Usually are recorded at the beginning of the accounting period.
C.Always involve at least one income statement account and one balance sheet account.
D.Adjust the balance of revenue and expense accounts to zero.

43.The adjusting entry required to record accrued expenses includes:
A.A credit to Cash.
B.A debit to an asset.
C.A credit to an asset.
D.A credit to liability.

44.Yummy Foods purchased a one-year hazard insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries?
A.
B.
C.
D.

45.The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?
A.
B.
C.
D.

46.On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance. At the end of the year, the financial statements would report:
A.Insurance Expense, $4,800; Prepaid Insurance $0.
B.Insurance Expense, $3,600; Prepaid Insurance $1,200.
C.Insurance Expense, $3,650; Prepaid Insurance $4,800.
D.Insurance Expense, $1,200; Prepaid Insurance $3,600.

47.On September 1, 2012, Gold Magazine sold 400 one-year subscriptions for $90 each. The total amount received was credited to Unearned Revenue. What would be the required adjusting entry at December 31, 2012?
A.
B.
C.
D.

48.During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following?
A.Debit to Salaries Expense for $32,000.
B.Credit to Salaries Expense of $8,000.
C.Debit to Salaries Payable for $24,000.
D.Credit to Salaries Payable for $8,000.

49.At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
A.Debit Cash $4,200, credit Supplies $4,200.
B.Debit Supplies $4,200, credit Supplies Expense $4,200.
C.Debit Supplies Expense $4,200, credit Supplies $4,200.
D.Debit Cash $800, credit Supplies $800.

50.Eve's Apples opened for business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2012?
A.$9,000.
B.$18,000.
C.$30,000.
D.$48,000.

 

 

default image
July 1, 2023
    

 

41.The adjusting entry required when amounts previously recorded as unearned revenues are earned includes:
A.A debit to a liability.
B.A debit to an asset.
C.A credit to a liability.
D.A credit to an asset.

42.Adjusting entries:
A.Often include the Cash account.
B.Usually are recorded at the beginning of the accounting period.
C.Always involve at least one income statement account and one balance sheet account.
D.Adjust the balance of revenue and expense accounts to zero.

43.The adjusting entry required to record accrued expenses includes:
A.A credit to Cash.
B.A debit to an asset.
C.A credit to an asset.
D.A credit to liability.

44.Yummy Foods purchased a one-year hazard insurance policy on August 1 and recorded the $4,200 premium to prepaid insurance. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries?
A.
B.
C.
D.

45.The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $32,000. The current pay period ends on Friday, January 3. Neat Clothes is now preparing financial statements for the year ended December 31. What is the adjusting entry to record accrued salaries at the end of the year?
A.
B.
C.
D.

46.On April 1, a $4,800 premium on a one-year insurance policy on equipment was paid and charged to Prepaid Insurance. At the end of the year, the financial statements would report:
A.Insurance Expense, $4,800; Prepaid Insurance $0.
B.Insurance Expense, $3,600; Prepaid Insurance $1,200.
C.Insurance Expense, $3,650; Prepaid Insurance $4,800.
D.Insurance Expense, $1,200; Prepaid Insurance $3,600.

47.On September 1, 2012, Gold Magazine sold 400 one-year subscriptions for $90 each. The total amount received was credited to Unearned Revenue. What would be the required adjusting entry at December 31, 2012?
A.
B.
C.
D.

48.During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following?
A.Debit to Salaries Expense for $32,000.
B.Credit to Salaries Expense of $8,000.
C.Debit to Salaries Payable for $24,000.
D.Credit to Salaries Payable for $8,000.

49.At the beginning of December, Global Corporation had $2,000 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $800. What is the appropriate month-end adjusting entry?
A.Debit Cash $4,200, credit Supplies $4,200.
B.Debit Supplies $4,200, credit Supplies Expense $4,200.
C.Debit Supplies Expense $4,200, credit Supplies $4,200.
D.Debit Cash $800, credit Supplies $800.

50.Eve's Apples opened for business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2012?
A.$9,000.
B.$18,000.
C.$30,000.
D.$48,000.

 

 

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