( S. O. 2) The audit equation ( A = together + OE) have to remain in balance: A. Transparent each step in the accounting cycle. B. Only when journal entries space recorded. C. Only at the moment the attempt balance is prepared. D. Only once formal financial statements are prepared.
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( S. O. 2) The difference between the accounting procedure and the audit cycle is: A. The accounting procedure results in the ready of jae won statements, whereas the bookkeeping cycle is came to with recording service transactions. B. The bookkeeping cycle represents the actions taken to attain the audit process. C. The accounting process represents the procedures taken to attain the audit cycle. D. Simply semantic, due to the fact that both principles refer to the same thing.
( S. O. 2) A psychological balance ready at year finish showed Puccineli Co." s debit full exceeding the credit total by $ 6,300. This discrepancy could have been led to by: A. The balance of $ 47,000 in accounts receivable being entered in the trial balance together $ 40,700. B. An error in including the Sales Journal. C. The balance of $ 700 in the Office devices account being gotten in as a debit the $ 7,000. D. A net loss that $ 6,300.
( S. O. 4) i m sorry of the adhering to is not a principal purpose of an unadjusted trial balance? A. That proves the debits and also credits of equal quantities are in the ledger. B. That is the basis for any type of adjustments to the account balances. C. It provides a listing of open accounts and also their balances. D. The proves that debits and credits were properly gotten in in the ledger accounts.
( S. O. 5) which of the adhering to journal entries is proper when a firm receives payment in breakthrough for items or services? A. Debit cash and credit a legal responsibility account or a revenue account. D. Credit transaction cash and also debit a liability or revenue account.B. Debit cash and credit an price account.C. Credit cash and also debit a revenue account.
( S. O. 5) throughout the very first year of Wisnewski Co." s operations, every purchases were tape-recorded as assets. Store supplies in the amount of $ 6,540 were purchased. Really year- finish store supplies inventory price to $ 2,150. The adjusting entry for store offers will: A. Boost net income $ 4,390. B. Increase costs by $ 4,390. C. Decrease store supplies by $ 6,540. D. Debit account payable because that $ 2,150.
( S. O. 5) one adjusting entry should never include: A. A debit to expense and also a credit transaction to a liability. B. A debit come expense and also a credit transaction to revenue. C. A debit come a liability and a credit transaction to revenue. D. A debit to revenue and a credit transaction to a liability.
( S. O. 5) which of the complying with is an example of one accrued liability? A. Office gives purchased in ~ the beginning of the year and also debited to an expense account. B. Residential or commercial property taxes incurred throughout the year, to be paid in the an initial quarter the the succeeding year. C. Depreciation expense. D. Rent earned throughout the period, to be obtained at the end of the year.
( S. O. 5) A prepaid expense can finest be described as an amount: A. Paid and currently matched through earnings. B. Paid and also not currently matched v earnings. C. Not paid and not currently matched through earnings. D. Not paid and also currently matched with earnings.
( S. O. 5) Rent collected in breakthrough by a landlord is a ( an): A. Accrued liability. B. Deferred asset. C. Accrued revenue. D. Unearned revenue.
( S. O. 5) an accrued cost can finest be defined as an amount: A. Paid and not right now matched with earnings. B. No paid and currently matched with earnings. C. No paid and not currently matched v earnings. D. Paid and also currently matched v earnings.
( S. O. 5) The Murphy agency sublet a part of that warehouse for 5 years in ~ an yearly rental the $ 24,000, start on might 1, 2010. The tenant, Sheri Charter, payment one year"s rent in advance, i m sorry Murphy recorded as a credit transaction to unearned rental income. Murphy reports top top a calendar- year basis. The convey on December 31, 2010 for Murphy have to be: Dr. Cr. _ A. No entry B. Unearned rental revenue 8,000 Rental revenue 8,000 C. Rental revenue 8,000 Unearned rental income 8,000 D. Unearned rental earnings 16,000 Rental income 16,000
( S. O. 7) i beg your pardon of the following statements finest describes the purpose of closeup of the door entries? A. Come facilitate posting and also preparing a attempt balance. B. To recognize the amount of net income or net loss because that the period. C. To reduce the balances of revenue and also expense accounts to zero so that they may be offered to accumulate the revenues and also expenses that the following period. D. To complete the document of miscellaneous transactions the were started in a front period.
( S. O. 7) If costs are higher than revenues, the Income an introduction account will certainly be closeup of the door by a debit to:A. Income review and a credit transaction to Cash. B. Income an overview and a credit to retained Earnings. C. Cash and a credit to income Summary.D. Maintained Earnings and also a credit to revenue Summary.
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Which that the complying with statements is no true together it pertains to the audit process? A. The created system because that recording transactions and also other occasions as they happen is referred to as double entry accounting. B. Occasions are of two types: ( 1) external and ( 2) internal. Accountants record occasions that influence the financial position of the enterprise. C. Adjustments are important to attain a appropriate matching the revenues and expenses to recognize net revenue for the current period and come achieve specific statement of the assets and equities existing at the end of the period. D. Posting is the initial recording of every transactions in chronological order.