Assets with no physical form are called ________. A) current assets B) intangible assets C) long-term investments D) mortgaged investments ANSWER B
Date: September 2nd, 2020
Adjusting entries either credit a revenue account or debit an expense account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Under which of the following categories would bonds held as an investment for less than a year appear? A) Long-term assets B) Current assets C) Long-term liabilities D) Current liabilities ANSWER B
Date: September 2nd, 2020
Under which of the following categories would Accounts Receivable appear? A) Current assets B) Current liabilities C) Long-term assets D) Long-term liabilities ANSWER A
Date: September 2nd, 2020
The first step in the journalizing and posting process is to ________. A) post the journal entry to the ledger B) identify the accounts involved and the account type C) decide whether each account increases or decreases D) record the transaction in the journal ANSWER B
Date: September 2nd, 2020
A business hired a repair service to overhaul its plumbing system. The repair service began work on September 15 and completed it on October 15. The business agreed to pay the service $4,000 when the work was completed As of September 30, the work was 50% complete, and the business made an adjusting entry to […]
Date: September 2nd, 2020
Which of the following is the order of steps to journalize an entry? A) Identify the accounts and the account type ↑ Decide whether each account increases or decreases, then apply the rules of debits and credits ↑ Record the transaction B) Identify the accounts and the account type ↑ Record the transaction ↑ Decide […]
Date: September 2nd, 2020
Melville Services has a weekly payroll of $50,000. December 31, 2016 falls on Thursday and Melville will pay its employees the following Monday (January 4, 2017 ) for the previous full week Assume that Melville has a five-day workweek and has an unadjusted balance in Salaries Expense of $845,000. Prepare the January 4, 2017 journal […]
Date: September 2nd, 2020
Salaries Payable, Interest Payable, and Unearned Revenue are examples of ________. A) short-term investments B) fixed assets C) current liabilities D) long-term liabilities ANSWER C
Date: September 2nd, 2020
Which of the following is a measure of how quickly an item can be converted to cash? A) Debt ratio B) Current ratio C) Liquidity D) Accounting cycle ANSWER C
Date: September 2nd, 2020
