Problem 1MC: Which of the following is any reporting period shorter than a full year (fiscal or calendar) and can... Problem 2MC: Which of the following is the federal, independent agency that provides oversight of public... Problem 3MC: Revenues and expenses must be recorded in the accounting period in which they were earned or... Problem 4MC: Which of the following breaks down company financial information into specific time spans, and can... Problem 5MC: Which of the following is a twelve-month reporting cycle that can begin in any month, except January... Problem 6MC: Which type of adjustment occurs when cash is either collected or paid, but the related income or... Problem 7MC: Which type of adjustment occurs when cash is not collected or paid, but the related income or... Problem 8MC: If an adjustment includes an entry to a payable or receivable account, which type of adjustment is... Problem 9MC: If an adjustment includes an entry to Accumulated Depreciation, which type of adjustment is it? A.... Problem 10MC: Rent collected in advance is an example of which of the following? A. accrued expense B. accrued... Problem 11MC: Rent paid in advance is an example of which of the following? A. accrued expense B. accrued revenue... Problem 12MC: Salaries owed but not yet paid is an example of which of the following? A. accrued expense B.... Problem 13MC: Revenue earned but not yet collected is an example of which of the following? A. accrued expense B.... Problem 14MC: What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to... Problem 15MC: Which of these transactions requires an adjusting entry (debit) to Unearned Revenue? A. revenue... Problem 16MC: What critical purpose does the adjusted trial balance serve? A. It proves that transactions have... Problem 17MC: Which of the following accounts balance would be a different number on the Balance Sheet than it is... Problem 18MC: On which financial statement would the Supplies account appear? A. Balance Sheet B. Income Statement... Problem 19MC: On which financial statement would the Dividends account appear? A. Balance Sheet B. Income... Problem 20MC: On which financial statement would the Accumulated Depreciation account appear? A. Balance Sheet B.... Problem 21MC: On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B.... Problem 1Q: Describe the revenue recognition principle. Give specifics. Problem 2Q: Describe the expense recognition principle (matching principle). Give specifics. Problem 3Q: What parts of the accounting cycle require analytical processes, rather than methodical processes?... Problem 4Q: Why is the adjusting process needed? Problem 5Q: Name two types of adjusting journal entries that are commonly made before preparing financial... Problem 6Q: Are there any accounts that would never have an adjusting entry? Explain. Problem 7Q: Why do adjusting entries always include both balance sheet and income statement accounts? Problem 8Q: Why are adjusting journal entries needed? Problem 9Q: If the Supplies account had an ending balance of $1,200 and the actual count for the remaining... Problem 10Q: When a company collects cash from customers before performing the contracted service, what is the... Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,... Problem 12Q: If adjusting entries include these listed accounts, what other account must be in that entry as... Problem 13Q: What is the difference between the trial balance and the adjusted trial balance? Problem 14Q: Why is the adjusted trial balance trusted as a reliable source for building the financial... Problem 15Q: Indicate on which financial statement the following accounts (from the adjusted trial balance) would... Problem 1EA: Identify whether each of the following transactions, which are related to revenue recognition, are... Problem 2EA: Identify whether each of the following transactions, which are related to expense recognition, are... Problem 3EA: Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,... Problem 4EA: The following accounts were used to make year-end adjustments. Identify the related account that is... Problem 5EA: Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years... Problem 6EA: On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services.... Problem 7EA: Reviewing payroll records indicates that employee salaries that are due to be paid on January 3... Problem 8EA: Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On... Problem 9EA: Prepare journal entries to record the following business transaction and related adjusting entry. A.... Problem 10EA: Prepare journal entries to record the following adjustments. A. Insurance that expired this period,... Problem 11EA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the... Problem 12EA: Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have... Problem 13EA: Prepare an adjusted trial balance from the following account information, considering the adjustment... Problem 14EA: From the following Company A adjusted trial balance, prepare simple financial statements, as... Problem 1EB: Identify whether each of the following transactions, which are related to revenue recognition, are... Problem 2EB: Identify whether each of the following transactions, which are related to expense recognition, are... Problem 3EB: Indicate what impact the following adjustments have on the accounting equation, (assume normal... Problem 4EB: What two accounts are affected by the needed adjusting entries? A. supplies actual counts are lower... Problem 5EB: Reviewing insurance policies revealed that a single policy was purchased on March 1, for one years... Problem 6EB: On September 1, a company received an advance rental payment of $12,000, to cover six months rent on... Problem 7EB: Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on... Problem 8EB: On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services.... Problem 9EB: Prepare journal entries to record the business transaction and related adjusting entry for the... Problem 10EB: Prepare journal entries to record the following adjustments: A. revenue earned but not collected,... Problem 11EB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the... Problem 12EB: Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have... Problem 13EB: Prepare an adjusted trial balance from the following account information, considering the adjustment... Problem 14EB: From the following Company B adjusted trial balance, prepare simple financial statements, as... Problem 1PA: Identify whether each of the following transactions, which are related to revenue recognition, are... Problem 2PA: To demonstrate the difference between cash account activity and accrual basis profits (net income),... Problem 3PA: Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,... Problem 4PA: Identify which type of adjustment is associated with this account, and what is the other account in... Problem 5PA: Indicate what impact the following adjustments have on the accounting equation, (assume normal... Problem 6PA: What two accounts are affected by each of these adjustments? A. billed customers for services... Problem 7PA: Using the following information: A. make the December 31 adjusting journal entry for depreciation B.... Problem 8PA: Use the following account T-balances (assume normal balances) and correct balance information to... Problem 9PA: Use the following account T-balances (assume normal balances) and correct balance information to... Problem 10PA: Prepare journal entries to record the following transactions. Create a T-account for Interest... Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid... Problem 12PA: Determine the amount of cash expended for Salaries during the month, based on the entries in the... Problem 13PA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the... Problem 14PA: Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing... Problem 15PA: Prepare an adjusted trial balance from the following account information, considering the adjustment... Problem 16PA: Prepare an adjusted trial balance from the following account information, and also considering the... Problem 17PA: Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings... Problem 18PA: From the following Company Y adjusted trial balance, prepare simple financial statements, as... Problem 1PB: Identify whether each of the following transactions, which are related to revenue recognition, are... Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),... Problem 3PB: Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,... Problem 4PB: Identify which type of adjustment is associated with this account, and what the other account is in... Problem 5PB: Indicate what impact the following adjustments have on the accounting equation: (assume normal... Problem 6PB: What two accounts are affected by each of these adjustments? A. recorded accrued interest on note... Problem 7PB: Using the following information, A. Make the December 31 adjusting journal entry for depreciation.... Problem 8PB: Use the following account T-balances (assume normal balances) and correct balance information to... Problem 9PB: Use the following account T-balances (assume normal balances) and correct balance information to... Problem 10PB: Prepare journal entries to record the following transactions. Create a T-account for Supplies, post... Problem 11PB: Prepare journal entries to record the following transactions. Create a T-account for Unearned... Problem 12PB: Determine the amount of cash expended for Insurance Premiums during the month, based on the entries... Problem 13PB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the... Problem 14PB: Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing... Problem 15PB: Prepare an adjusted trial balance from the following account information, considering the adjustment... Problem 16PB: Prepare an adjusted trial balance from the following account information, and also considering the... Problem 17PB: Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings... Problem 18PB: From the following Company Z adjusted trial balance, prepare simple financial statements, as... Problem 1TP: Assume you are the controller of a large corporation, and the chief executive officer (CEO) has... Problem 4TP: Assume you are employed as the chief financial officer of a corporation and are responsible for... format_list_bulleted
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning