Question : 21.The going concern assumption not applied to a. companies about to file : 1244516

21.The going concern assumption is not applied to

 

a.

companies about to file for bankruptcy.

b.

companies that have been in existence for more than one year.

c.

companies that have sustained losses for the previous two years.

d.

companies that have been in existence for less than a year.

 

 

 

22.The going concern assumption helps solve the

 

a.

continuity issue.

b.

matching issue.

c.

accounting period issue.

d.

revenue recognition issue.

 

 

 

23.Equipment might be depreciated over 20 years because

 

a.

it will be paid for in 20 years.

b.

income tax provisions require depreciation over 20 years.

c.

it will help to generate revenue for the company over 20 years.

d.

it will lose most of its market value in 20 years.

 

 

 

24.When a direct cause-and-effect relationship cannot be established between revenues and costs, the costs are

 

a.

expensed equally each year.

b.

not expensed and remain as assets on the balance sheet.

c.

expensed in a systematic and rational (logical) manner.

d.

expensed immediately in their entirety.

 

 

 

25.The matching rule relates the least to

 

a.

systematic and rational allocation.

b.

revenues and expenses.

c.

cause-and-effect relationships.

d.

the cash basis of accounting.

 

 

 

26.The matching rule is applied

 

a.

to help produce an accurate measurement of a company’s performance.

b.

because it is required by the Internal Revenue Code.

c.

by expensing certain items immediately and in their entirety.

d.

to help make the bookkeeper’s job easier.

 

 

 

27.Which of the following accounts probably would need to be adjusted at year end?

 

a.

Land

b.

Notes Payable

c.

Dividends

d.

Supplies

 

 

 

28.Which of the following is not an application of accrual accounting?

 

a.

Applying the matching rule

b.

Recognizing revenues when earned and expenses when incurred

c.

Adjusting the accounts

d.

Applying the cash basis of accounting

 

 

 

29.Which of the following is not an application of accrual accounting?

 

a.

Recording telephone expense in the accounting period covered by the monthly bill

b.

Recording advertising fees earned at the time the cash payment is received

c.

Recording advertising fees earned at the time the work is done

d.

Adjusting unearned advertising fees to the proper balance at the end of the month

 

 

 

30.Which of the following transactions is most likely not to result in an adjusting entry at the end of the period?

 

a.

Payment of this month’s rent

b.

Performance of a service for which payment was received in advance

c.

Purchase of office equipment

d.

Purchase of a two-year insurance policy

 

 

 

 

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