External link to Question : 36.On October 1, 2016, Jay Walker Company purchased a one-year : 1169366

Question : 36.On October 1, 2016, Jay Walker Company purchased a one-year : 1169366

    36.On October 1, 2016, Jay Walker Company purchased a one-year insurance policy for $660. The correct adjusting entry on December 31, 2016, is    A. debit Insurance Expense $660; credit Prepaid Insurance $660   B. debit Insurance Expense $495; credit Prepaid Insurance $495   C. debit Prepaid Insurance $55; credit Insurance Expense $55   D. debit Insurance Expense $165; credit Prepaid Insurance $165 $660/12 months = $55 per […]

External link to Question : 113.Which of the following accounts showing a balance the post-closing : 1258756

Question : 113.Which of the following accounts showing a balance the post-closing : 1258756

    113.Which of the following accounts showing a balance on the post-closing trial balance indicate an error?    A.Office Equipment.   B.Accumulated Depreciation-Office Equipment.   Depreciation Expense-Office Equipment.   D.Retained Earnings.   E.Salaries Payable.         114.Which of the following accounts showing a balance on the post-closing trial balance indicate an error?    A.Land.   Dividends.   C.Accounts Payable.   D.Unearned Revenue.   E.Prepaid […]

External link to Question : 71. A current liability a debt that can reasonably be expected : 1233982

Question : 71. A current liability a debt that can reasonably be expected : 1233982

  71. A current liability is a debt that can reasonably be expected to be paid  A. between 6 months and 18 months. B. out of currently recognized revenues. C. within one year. D. out of cash currently on hand. 72. Current liabilities are due  A. and receivable within one year. B. but not receivable for more than one year. C. but not payable for more than one year. D. and payable within one year. […]

External link to Question : 74) Gilley, Inc., sells a single product. The company’s most recent : 1196228

Question : 74) Gilley, Inc., sells a single product. The company’s most recent : 1196228

  74) Gilley, Inc., sells a single product. The company’s most recent income statement is given below.     Sales (4,000 units)              $120,000 Less variable expenses              (68,000) Contribution margin              52,000 Less fixed expenses              (40,000) Net income              $ 12,000   Required:   a.Contribution margin per unit is$ ________ per unit   b.If sales are doubled to $240,000, total variable costs will equal$ ________   c.If sales […]

External link to Question : 101. If the rate of return assets for the year 15%, : 1230588

Question : 101. If the rate of return assets for the year 15%, : 1230588

    101. If the rate of return on assets for the year is 15%, a general interpretation of the ratio would be A. the assets generated $0.15 cash per dollar of cash investedB. 15% of the assets produced income while the remainder were at break-even for the yearC. before payment for use of capital, $0.15 was earned for each dollar of assets used by the company D. dividends of $0.15 […]

External link to Question : 61. Manufacturing companies use standard costs for the following except: A. Variable costsB. Direct : 1233891

Question : 61. Manufacturing companies use standard costs for the following except: A. Variable costsB. Direct : 1233891

  61. Manufacturing companies use standard costs for the following except:  A. Variable costs B. Direct Materials C. Direct Labor D. Factory Overhead 62. Standard costs are used in companies for a variety of reasons. Which of the following is not one of the benefits for using standard costs?  A. Used to indicate where changes in technology and machinery need to be made. B. Used to value inventory C. Used to plan direct materials, […]

External link to Question : 158.Compare the list of accounts below and choose the list : 1258614

Question : 158.Compare the list of accounts below and choose the list : 1258614

    158.Compare the list of accounts below and choose the list that contains only accounts that would be classified as asset accounts on the Chart of Accounts.     A. Accounts Payable; Cash; Supplies.   B. Unearned Revenue; Accounts Payable; Dividends.   C. Building; Prepaid Insurance; Supplies Expense.   D. Cash; Prepaid Insurance; Equipment.   E. Notes Payable; Cash; Dividends.         159.Which financial statement reports an organization’s […]

External link to Question : 61. One of the weaknesses of the direct write-off method that : 1234161

Question : 61. One of the weaknesses of the direct write-off method that : 1234161

  61. One of the weaknesses of the direct write-off method is that it  A. understates accounts receivable on the balance sheet B. violates the matching principle C. is too difficult to use for many companies D. is based on estimates 62. The LMN Co. uses the direct write-off method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would […]

External link to Question : 46.A check issued for $1,980 to pay a vendor account : 1169434

Question : 46.A check issued for $1,980 to pay a vendor account : 1169434

    46.A check issued for $1,980 to pay a vendor on account was recorded in the firm’s records as $1,890; the canceled check was properly listed on the bank statement at $1,980. To arrive at an accurate balance on a bank reconciliation statement, the error should be    A. added to the bank statement balance.   B. added to the book balance.   C. deducted from the bank […]

External link to Question : Multiple Choice Questions 49.Which of the following statements not correct? A. Each general : 1169066

Question : Multiple Choice Questions 49.Which of the following statements not correct? A. Each general : 1169066

  Multiple Choice Questions  49.Which of the following statements is not correct?    A. Each general partner has unlimited liability for the debts of a partnership.   B. Federal income tax is levied on the net income of a partnership and on the earnings of the individual partners when the net income is distributed to them.   C. Any general partner can make valid contracts for a partnership and […]

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