Normal expenditures for repairs and maintenance to plant and equipment are accounted for by a.debiting Cash and Supplies Inventory and crediting Equipment. b.debiting Cash and Supplies Inventory and crediting Repairs Expense. c.debiting Repairs Expense and crediting Cash and Supplies Inventory. d.debiting Equipment and crediting Cash and Supplies Inventory.

Normal expenditures for repairs and maintenance to plant and equipment are accounted for by a.debiting Cash and Supplies Inventory and crediting Equipment. b.debiting Cash and Supplies Inventory and crediting Repairs Expense. c.debiting Repairs Expense and crediting Cash and Supplies Inventory. d.debiting Equipment and crediting Cash and Supplies Inventory.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 11MCQ

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Identify which of the following is classified as a revenue expenditure a. Cost of purchase of Machine b. Expense incurred for repairing the machine c. Installation expense paid for fixing the machine d. Import duty paid for importing the machine
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The ending inventories for materials, work in process, and finished goods are reported on the a.balance sheet. b.statement of cash flows. c.cost of production report. d.income statement.
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The current assets are? ending raw materials inventory. account receivable. notes receivable bank. cash. all of them
The current assets are :- a - ending raw materials inventory. b - account receivable. c - notes receivable d - bank. e - cash. f - all of them.
Revenue Cycle is:Select one:a. None of the aboveb. A recurring set of business activities and related to the process starting from finalizing product design and finishing off at cost accounting.c. A recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services.d. A recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales.
the purchases and disbursements cycle usually begins when a. a user department request for acquisition of goods or services and submits purchase requisition to the purchasing department b. a check is issued to the vendor or supplier c. the warehouse is received the goods from the vendor or supplier d. the accounting posts the purchase transaction in the accounts payable ledger
The subsidiary ledger that includes customer account activity is called the a. asset ledger b. accounts payable ledger c. expense ledger d. accounts receivable ledger
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The document authorizing the issuance of materials from the storeroom is the O A. Receiving report B. Materials requisition O C. Purchase requisition O D. Purchase order
The purchase of equipment for cash would be recorded in which special journal?