Which of the following accounts showing a balance on the post-closing trial balance indicate an error? Multiple Choice Office Equipment. Accumulated Depreciation-Office Equipment. Depreciation Expense-Office Equipment. N. Young. Capital. Salaries Payable.

What of the following is an incorrect statement? a) The final step in the accounting cycle is to close the temporary accounts. TESTER D Ob) A primary goal of accrual accounting is to appropriately match expenses with revenues. d) All of the statements are correct. c) Conservatism guides accountants to select the alternative that produces the highest amount of net income.

If the accountant forgot to record the consumed portion of supplies, this will result in   An understatement of net income.    An overstatement of net income.    An understatement of assets.   An overstatement of liabilities.

45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement.C. Received a bill from Campus News for P300 for advertising in the campus newspaper.D. Billed the Tiger Football Team P200 for cleaning and laundry services. 45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement. 47.A deferred revenue should be recorded by a:A. Buyer when a service is received on payment of cash...B. Seller when a customer pays for a service before the service is renderedC. Seller when a…

Which of the following represents an external transaction? a. Lapse of insurance due to passage of time.b. Use of office supplies by employees over time.c. Payment of utility bill.d. Salaries earned by employees but not yet paid.

An employee working on her first trial balance discovers that the Equipment account has a credit balance of $2500 and a customer's A/R account has a credit balance of $25. Based on the knowledge you have gained in this course and how account balances are recorded and increase/decrease, has the accountant made a mistake in her records or are these situations possible?

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