問題一覧
1
when an agent repays their annual expenses on January 1 for $200, the following entry would be made
dr other current liability agent 200 — cr cash operating 200
2
owner profit is distributed monthly. you are asked to keep 3 months of expenses in your cash reserve. the market centers average monthly expenses are $20,000. your cash balance at the end of the month was $50,000. how much should you distribute
10,000
3
if using accural accounting principles, all unpaid vendor invoices would be recorded
when they are received
4
what is the correct entry to make when the vendors invoice ($100) for the “for sale” signs a paid?
dr accounts payable 100 — cr cash operating 100
5
operating, investing and financing are the common classification types of _____ presented in the financial statements
cash flow
6
complete the following sentence with debit and credit. a check deposited to the bank for payment of an agents bill (from the market center) is A to accounts receivable - agents and a B to cash.
A debit B credit
7
which of the following would be a credit (cr) on the balance sheet?
accumulated depreciation
8
bank reconciliations should be done
monthly
9
items were returned to the vendor. the Vendor issued A credit memo for $55 Prior to the invoice is being paid The entry should be recorded as
DR accounts payable 55 -CR supplies 55
10
which of the following would be a Debit (DR) on the income statement?
Insurance Expense
11
which of the following would be a debit (dr) on the balance sheet?
prepaid expense - office lease
12
upon receipt of a vendors invoice where office supplies where office supplies were bought for $300, the internal entry would be recorded as
dr supplies 300 — cr accounts payable 300
13
to ensure your balance sheet balances, you would check the following: assets plus liabilities = stockholders equity.
true
14
upon receipt of a vendors invoice ($100) for the purchase of “for sale” signs, an entry should be made in
purchases
15
when you receive the payment from the agent for the $40 copier invoice, the entry should be recorded as
dr cash operating 40 — cr accounts receivable 40
16
bank statements should be reconciled by someone who does not do the
accounts payable
17
recording depreciation affects the accounts below. please select the appropriate debit (dr) and credit (cr)
debit - depreciation expense. credit - accumulated depreciation
18
a $40 invoice to an agents for copies should be recorded in the
accounts receivable journal
19
for the year depreciation has been accured for a total of $20,000. it is determined at year end that the depreciation expense is actually $18,000. the adjusting entry to correct the accural would be
dr accumulated depreciation $2000 cr depreciation expense $2000
20
an asset was purchased for $5000 on January 1. it is deprecated using the straight line method for 10 years. 2.5 years later on July 1, it is sold for $4000. what is the gain/loss on the sale?
gain of $250
21
sales totaled $500,000, fixed expenses were $26,000, and variable expenses were 75% of sales. what is the net income before taxes
99,000
22
a cash flow statement can be best described as
a financial report showing a company’s incoming/ outgoing money
23
when issuing an invoice to an agent for $40 for copies, the entry should be recovered as
dr accounts receivable 40 — cr other income copies 40
24
complete the following sentence with credit or debit: a refund check is issued to an agent for the amount he overpaid for office rent is a A to other income- rent and a B to cash operating account
A debit B credit
25
if using cash accounting principles, invoices would be recorded
when paid
26
an agent prepaid their expenses for $200 on January 1. the agent incurred $20 in copier expenses during the month. this should be recorded as
dr other current liability agent $20 — cr cash operating $20
27
accumulated depreciation should be shown on the financial statements as
a contra-asset (deduction)
28
when the proceeds from a loan are received, the entry to notes payable is a
credit (cr)
29
which of the following would be a credit (cr) on the income statement?
sales commission income
30
which of the following would be a Debit (DR) on the balance sheet?
Escrow Payable