The tracking of inventory shrinkage due to theft, damage, or errors is done with the help of a (n) ________ of inventory. A) authorization B) sale C) physical count D) delivery ANSWER C
Date: September 2nd, 2020
The sum of all the depreciation expense recorded to date for a depreciable asset is called ________. A) book value B) residual value C) depreciation expense D) accumulated depreciation ANSWER D
Date: September 2nd, 2020
Freight in is recorded in the Merchandise Inventory account if the purchaser uses the perpetual inventory system. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The Accumulated Depreciation account is a permanent account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The Service Revenue account is a temporary account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following sequences states the order in which accounts are listed on a trial balance? A) Equity ↑ Assets ↑ Liabilities B) Liabilities ↑ Assets ↑ Equity C) Assets ↑ Equity ↑ Liabilities D) Assets ↑ Liabilities ↑ Equity ANSWER D
Date: September 2nd, 2020
On January 21, 2016, Bessant, Inc. received merchandise from Mullies, Inc. On that date, it found a few of these goods to be damaged. On January 22, it returned the damaged goods to the seller. Such returns will be treated as ________ by Bessant. A) purchase returns B) sales returns C) purchase allowances D) sales […]
Date: September 2nd, 2020
Properly recording inventory when sold and removing the units sold from the inventory count will prevent a company from running out of inventory. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The materiality concept states that a company must ________. A) report only such information that enhances the financial position of the company B) perform strictly proper accounting only for significant items C) report enough information for outsiders to make knowledgeable decisions about the company D) use the same accounting methods and procedures from period to […]
Date: September 2nd, 2020
Which of the following is a contra account? A) Depreciation Expense B) Accumulated Depreciation C) Unearned Revenue D) Earned Revenue ANSWER B
Date: September 2nd, 2020
