MULTIPLE CHOICE
1. The balance sheet reports
a.
assets.
b.
revenue.
c.
expenses.
d.
net income.
ANS: A DIF: Easy OBJ: LO 5-1 MSC: AACSB Communication
2. The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be the
a.
Income Statement columns.
b.
Adjustments columns.
c.
Balance Sheet columns.
d.
Adjusted Trial Balance columns.
ANS: A DIF: Easy OBJ: LO 5-2 MSC: AACSB Communication
3. The third pair of columns on a 10-column work sheet prepared at the end of the period would be the
a.
Income Statement columns.
b.
Adjustments columns.
c.
Balance Sheet columns.
d.
Adjusted Trial Balance columns.
ANS: D DIF: Easy OBJ: LO 5-2 MSC: AACSB Communication
4. The second pair of columns on a
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the amount of depreciation taken in the current year
ANS: B DIF: Easy OBJ: LO 5-1 MSC: AACSB Communication
17. The adjusting entry for the depreciation of office equipment for the period includes
a.
debiting Depreciation Expense--Office Equipment and crediting Office Equipment.
b.
debiting Office Equipment and crediting Accumulated Depreciation--Office Equipment.
c.
debiting Depreciation Expense--Office Equipment and crediting Accumulated Depreciation--Office Equipment.
d.
debiting Office Equipment and crediting Depreciation Expense--Office Equipment.
ANS: C DIF: Easy OBJ: LO 5-1 MSC: AACSB Communication
18. The first pair of columns on a 10-column work sheet would be the
a.
Income Statement columns.
b.
Balance Sheet columns.
c.
Adjusted Trial Balance columns.
d.
Trial Balance columns.
ANS: D DIF: Easy OBJ: LO 5-2 MSC: AACSB Communication
19. A typical number for a contra-account would be
a.
185.
b.
185.c.
c.
185.1.
d.
185.contra.
ANS: C DIF: Easy OBJ: LO 5-1 MSC: AACSB Communication
20. When assets are recorded at original value, they are recorded under the
a.
historical cost principle.
b.
original principle.
c.
current principle.
d.
value principle.
ANS: A DIF: Easy OBJ: LO 5-1 MSC: AACSB Communication
21. The matching principle in accounting requires the matching of
a.
revenue earned with the expenses incurred to produce the revenue.
b.
revenue earned with the assets used to produce the revenue.
c.
revenue earned with the
A bond with an annual coupon of $70 and originally sold at par for $1,000. The current market interest rate (yield to maturity) is 8%. This bond will sell at _______. Assuming no change in market interest rates, the bond will present the holder with capital ________ as it matures.
When a new row is added, it is added _____ the selected row. (Unit 5)
a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above?
B) a transaction in which the third party does not know the identity of the agent
3. On the basis of the responses to Question 1 and 2, what are the units of accounting in this arrangement?
5. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These must be hand written.
1. Using the historical data as a guide (Exhibit 6.1), construct a pro forma (forecasted) profit and loss statement for the clinic's average month for all of 2010 assuming the status quo. With no change in volume (utilization), is the clinic projected to make a profit?
Suppose that P.V. Ltd. paid a dividend of $10 at the end of year 1 (any portion of
Harvard professor Chris Argyris promoted the concepts of espoused theories of action and theories-of-use. Espoused theories of actions reflect what people say governs their behavior, while theories-of-use reflects how they actually behave.
1. Which of the following statements about heat is false? A) If heat flows into a system, the extra energy of the system appears in the form of internal energy. B) A hot object possesses more heat than a cold object. C) If the system and surroundings are in thermal equilibrium, there is no heat flow between them. D) A process in which heat flows out of a system is said to be exothermic. E) Heat is a form of energy flow.
The “financial statements are formal reports providing information on a company's financial position, cash inflows and outflows, and the results of operations” (Hermanson, p.22). There are four main components that make up a financial statement. The four parts are, balance sheet, income statements, cash flow and, statement of owner’s equity. The balance sheets role is to define the company’s assets liabilities and revenue of the business. The income statement shows the income within the company. Cash flow reviews the position of the company by cash payments and receipts. Lastly, the statement of owner’s equity shows the amount of earnings, stock and other capitals of people in the company. (Hermanson, p.34-35).
Calculations to estimate the following years 5 and 6 are done in the excel tab called ‘Estimation Years 5 and 6’. Taking into account that the predicted remaining
The following sections will discuss the specific production schedule, the ranges in which the results apply, and how results may
There are a lot of types of assessment in medical education that students can be evaluated in different ways such as written assessments, oral examination, performances or workplace assessment and evaluation of attitudes. However, this assignment will focus on long essay questions and multiple choice questions (MCQs) in written assessments and oral examination only. Therefore, the purpose of this assignment can be divided into three parts. Firstly, the use of long essay format and MCQs in the specific conditions including the benefits and drawbacks of each will be discussed. Secondly, validity and reliability of MCQ exam will be tested. Finally, a case for using the oral examination will be presented in term of how to guarantee that the scoring is reliable.