When considered, this factor makes the offence of human trafficking difficult to prove. d. debit Building; credit Depreciation Expense. Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher Question 1 Which of the following are considered the original "chronic eight" conditions from the 2008 Risk Adjustment Data Technical Assistance for Medicare Advantage Organizations Participation Guide? a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 1) Unearned revenue is: 57. Change in accounts payable. d. matched, Which of the following is not a characteristic of the accrual basis of accounting? d) Equal $9,800. 5. ra - A kzs nyelvvltozattal kapcsolatos, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. Stock is exchanged between the shareholders of at least two corporations. Which of the following is not an adjusting entry? $3,600 a. debit Supplies Expense; credit Supplies 1) Omega Company adjusts its accounts at the end of each month. Learn the definition of adjusting entries in accounting, and find examples. Which of the following is NOT considered an epidermal appendage? b. Underrecording debt. Proof of Bachelor's Degree in Counseling, Psychology, or related field. c) Matching d. debit Prepaid Rent, $8,000; credit Rent Expense, $8,000, The balance in the office supplies account on January 1 was $7,000, supplies purchased during January were $3,000, and the supplies on hand at January 31 were $2,000. b) The entry to pay salaries. A) An entry to convert a liability to a revenue. b) The entry to record depreciation expense. Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. Vacancy code VA/2023/B5303/25590. Under which circumstance would the veterinarian not adjust or cancel a fee for services? c. Prepaid expenses, land, and accounts receivable. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? (4) Depreciation of office equipment is based on an estimated useful life of five years. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is Current assets b. C) An entry to convert an asset to an expense. Test Prep. Psychosocial adjustment in siblings of children with autism whose families were using a home-based, applied behavior analysis (ABA) program was compared to that of siblings in families who were not using any intensive autism intervention. Send Mr. Brown a friendly written reminder. b. d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? The accrual of an electricity bill for electricity used but not yet paid b. Please state where each account should be placed? Employees earn a total of $12,800 per week. The entry to record revenue earned but not yet received c. The entry to record the earned portion of rent recei. D) decreases owner's equity and assets. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. b) Correct errors made during the accounting period. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. A. expenses and assets B. assets, liabilities, and stockholders' equity C. liabilities and stockholders' equity D. assets and revenue, For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) 1) Adjusting entries: c. Underrecording depreciation expense. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? d. Accounts Receivable, If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) Accumulated depreciation a. c. common stock B. (2) The company's pays all employees up-to-date each Friday. B. The note is to be repaid, with interest, in six months. b) Whenever transactions affect the revenue or expenses of more than one accounting period. Which of the following may not be considered a "qualifying asset" under IAS 23? [ If you would like to come in, I would be happy to talk over the details and help with a payment plan that suits your budget." - is the best response. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Legal Expense a. Indicate also the type of financial statement. snow removal services that have been provided but have not been billed or paid. During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. = 15 * 3/20 January 31 falls on a Tuesday; salaries are paid on Friday of each week. Change in inventory. Debit Automobile $578 and credit Depreciation Expense $578. Compute the dealerships sales price variance and sales volume variance for the month and classify each as favorable or unfavorable. c) Depreciation C) Only to correct errors in the initial recording of business transactions. a. an accrued asset b. (If you click "Add or remove columns," you will find that you can obtain comparisons of a number of key statistics for either the most recent year or quarter.) This answer has been confirmed as correct and helpful. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. (1). d) Justifies ignoring the matching principle or the realization principle in certain circumstances. b) Expenses have normal debit balances. D) An entry to convert an asset to a liability. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, a. a) Assets of Perfect Painting are overstated at December 31, 2018. Unearned Rent 1,900 Which of the following will occur if an adjusting entry to record an unrecorded receivable is NOT made? Each book contained a certain number of coupons for video rentals. These items are not included as Itemized Deductions and can be entered independently. Job categories Finance. a. 1) An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations? Identify where the following item would be reported in the financial statements. (b) The entry to record the portion of fees received in advance, which have now been earned: $3,000. -Supplies used in March: $300. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . 1) Which of the following would not be a proper application of the concept of materiality by Millridge Corporation? b) Depreciation a. a computer technician has installed the latest software updates and was paid on the same day Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. a. an agreement that has been signed for snow removal services for the next three months 29. a. Which of the following is not true regarding the asset-liability approach to defining accounting elements? Which of the following is not considered a basic type of adjusting entry? a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, What categories does commissions fall in: A. 2. Which of the following is an example of accrued revenue? CPA wishes to use a representation letter as a substitute for performing other audit procedures. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Land a. a) $24,000. Professional discounts b. deferral a) Debit Interest Expense $6,300. Createyouraccount. d) Are generally made daily. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: c. accumulation c) Income a) The entry to record depreciation. b. c) $235,600. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: Which of the following statements is not true? A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? a) Liabilities and expenses increase; stockholders' equity decrease b) Assets and stockholde, Indicate the type of Deferred Tax account created by Accrued Expenses and Prepaid Expenses, respectively: a. d. revenues when the liability is no longer owed, Which of the following is considered to be unearned revenue? Go to the FASB website and access the FASB Concepts Statements and respond to the following items. it has c. Interest Expense b. debit to Wages Payable and a credit to Wages Expense Write offs - is not considered an adjustment. b) Only an estimate. c. contra asset, credit c. Expenses decrease stockholders' equity. a. d. contra asset, debit, Data for an adjusting entry described as "accrued wages, $2,020" requires a answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. Owners' equity will be understated. Hardship circumstances Assets = Revenue + Expenses - Liabilities. a. Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. -Rental income accrued during March, tenant to pay in April: $800. The cash payment for accrued expenses occurs __________ the adjusting entry to record the accrued expenses. 16/9 = Weegy: Whenever an individual stops drinking, the BAL will decrease slowly. 1) Which statement is true about an adjusted trial balance? d) Expenses are a negative factor in the computation of net income. b) As an asset on the balance sheet. Question 5 options: Become a Study.com member to unlock this answer! a. b. accrual c. optional under generally accepted accounting principles b. debit Gym Memberships Revenue; credit Unearned Gym Memberships Question 14 options: b. Revenues and expenses B. The accrual of an electricity bill for electricity used but not yet paid b. Asset b. User: She worked really hard on the project. 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. c) Be unaffected. Not recording contingent liabilities. If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? The following information has been assembled in order to prepare the required adjusting entries at December 31: Adjusting entries, also known as adjusting journal entries (AJE), are the entries made in a business firm's accounting journals to adapt or update the revenues and expenses accounts according to the accrual principle and the matching concept of accounting. a. 1) In which of the following situations would the largest amount be recorded as an expense of the current year? increases the balance of an expense account, Prior to the adjusting process, accrued expenses have, been incurred but not paid and not recorded, not yet been recorded as expenses but have been paid, not earned but the cash has been received, income statement account and one balance sheet account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is. study, we stated that the presence of shock was evaluated " when the blood samples were obtained for culture (early shock) " [2, p. 194], which means . d) A debit to Fees Receivable of $9,000. Asset b. 1) Which of the following statements is not true regarding prepaid expenses? a. equipment allocation On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. or in longer cases. Unlike entries made . b. deferred b. (3) On December 1, rent on the office building had been paid for four months. The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. For the most part, is XOM's P/E ratio above or below that of its peers? b) Net income will be understated and total assets will be understated. b. purchased Stock is exchanged with shareholders. b) Liabilities of Perfect Painting are understated at December 31, 2018. b. debit Depreciation Expense; credit Accumulated Depreciation. a) Affects only items reported in the income statement. 1) Videobusters, Inc. offered books of video rental coupons to its patrons at $40 per book. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. c. Unearned Subscriptions Assets, liabilities, and owner's equity. The following information has been assembled in order to prepare the required adjusting entries at December 31: 1) The concept of materiality: D. Revenue, liabilities, and capital. (Provide paragraph citations.) d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? a) Revenues, Expenses, and Capital b) Revenues, Expenses, and Withdrawals c) Assets, Liabilities, and Capital d) Assets, Liabilities, and Withdrawals. c. net income or loss will be properly reported on the income statement a. 1) On June 1, Norma Company signed a 12-month lease for warehouse space. c) Debit Accrued Interest Payable $6,300. It therefore provides a plausible reason as to why human trafficking charges are often dropped or why traffickers are often charged under related crimes, such as forcible confinement, extortion, etc. What action should the veterinary office assistant take upon aging accounts receivable on March 1 of the same year? b. revenues are reported on the income statement in the period in which they are earned First created in 1917 when the U.S. was entering World War I, the debt ceiling has been raised by Congress (and occasionally the president, when authorized to do so by Congress) dozens of times since then. c. Salaries Payable b) $12,800 c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection. C) A) b. asset, contra liability Define debit and credit and explain how assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends are affected (increased or decreased) by debits and credits. (a) Contracts resulting from sealed bidding shall be firm-fixed-price contracts or fixed-price contracts with economic price adjustment. A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? Collection. b) Assets = Liabilities - Owners' Equity. c) In the period in which they are paid. b) To apportion unearned revenue. a. Which is the best response? c) Prepaid expenses become expenses only as goods or services are used up. FromBalanceSheetsDec. Adjusting journal entries are a feature of accrual accounting as a result of revenue recognition and matching principles. to identify the kind of entry that would increase th, Which of the following types of accounts have a normal debit balance? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. d. inventory, Which account would normally not require an adjusting entry? .c) A credit to Child Care Fees Earned of $4,500. b) An entry to convert an asset to a liability. Change in amortization period for an intangible asset. The adjusting entry required on December 31 is Briefly summarize the meaning of this term and how it relates to an entity's financial statements. a. deferral Adjustments are certain expenses which can directly reduce your total taxable income. 1) Great Kids Co. began providing day care for the children of employees of a large corporation on January 15 for an agreed monthly fee of $9,000. b. a computer technician has been paid in advance to install software updates as they become available A GPA adjustment may occur under one of the following conditions: How to Calculate Your . d) $117,000. The entry to record bad debts expense for the period. d. the future value of cash flows. 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018: Change in accounts receivable. Which of the assets does not match with the correct contra account? a. the same as correcting entries Supplies Identify at least two of these examples. providing equipment, services or support. Our experts can answer your tough homework and study questions. As a result of these two omissions: c. debit Accumulated Depreciation; credit Depreciation Expense. B) a) Assets, expenses, and withdraws b) Assets, liabilities, and revenues c) Expense, assets, and capital d) Withdrawals, liabilities, and capital, Which one of the following represents the expanded basic accounting equation? a) $5,120 However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? Which of the following is not considered a basic type. An entry to accrue unpaid expenses An entry to convert an asset to an expense. She has also heard that certain terms have special meanings in accounting relative to everyday use. Find the matrix products. Increase in an asset and increase in a liability. Rent Revenue 1,900. c) As a liability on the balance sheet. d) Prepaid expenses are shown in a special section of the income statement. a) Before financial statements and after a trial balance has been prepared. d) To record unearned revenue. B. Following the counterculture movement of the 1960s, misleading marketing campaigns promoting "alternative medicine" as being an effective "alternative" to biomedicine, and with changing social attitudes about not using chemicals, challenging the establishment and authority of any kind, sensitivity to giving equal measure to values and beliefs . Asset b. A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? d) Net income will be overstated and total assets will be overstated. The power of the exchange rate policy under the structural Adjustment programme are to discourage imports and promote agric a. unearned revenue b. stock dividend distributable c. the currently maturing proportion of long-term debt d. trade accounts payable, What types of account balances are increased by debits? The entry to record this event is an example of an adjusting entry: b. contra asset $13,011 (property, plant, equip - accumulated depreciation). The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 changing someone's working arrangements. a) In the period in which they are earned. b) Prepaid expenses represent assets. Increase in liabilities and reduction in net income. 1) The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers. D) trend smoothing. c) It increases, Unearned revenue is what type of an account? If United Shipping makes monthly adjusting entries, which of the following is included as part of the March 31 adjusting entry? the amount on hand. Duty station Nairobi, Kenya. ($4,800 / 12 = $400 * 1 / 2 = $200). c. used E) running sum of forecast errors (RFSE). the amount expired. Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? Accounts Receivable Assets, capital, and withdrawals. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. Adjusting entries are needed: A. c. The adjustment for prepaid insurance was omitted. These adjustments are discussed below. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. What is the term for the basic tool of accounting, stated as Assets = Liabilities + Equity? a. 31,2018$85,0002018700,000Dec. b. accounting income. Level ICS-10. The report notes that the statements have been prepared in accordance with "generally accepted accounting principles." Using accrual accounting, revenue is recorded and reported only, Using accrual accounting, expenses are recorded and reported only, The accounting principle upon which deferrals and accruals are based is. d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. = 15 ? Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. As time passes, fixed assets other than land lose their capacity to provide useful services. c) The entry to declare a dividend distribution. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is The three most common types of adjusting journal entries are accruals . Cash will be overstated at January 31. The appropriate adjusting entry at the end of the period would be: b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 Borrowed $40,000 from First National Bank. Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. a) $227,700. d) Only if the accounting periods are equal in length. (a) The entry to record depreciation: $3,000. d) $222,900. Your aunt recently received the annual report for a company in which she has invested. \text{Accounts Receivable}&\text{\$\hspace{5pt}85,000}&\text{\$\hspace{5pt}105,000}\\[20pt] c) Unexpired revenue. d) Prepaid expenses are shown in a special section of the income statement. Changes to previously recorded entries of journal are referred to as adjusting entries.
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