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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

A combination of the cash and accrual methods is known asthe_ LO.1
Under the modified cash basis, long-lived assets as well as premiums and supplies will be LO.1
Under the modified cash basis, there are no titles in the chart of accounts for Accounts _orAccounts_. LO.1
_records can be used in a modified cash system related to keeping informal information about any possible receivables or payables. LO.1
In the cash basis of accounting, the owner’s share of FICA (Social Sec. and Med.), as well as FUTA and SUTA, will not be recorded until theyare_. LO.1
A combined journal that uses accrual accounting will have columns for Accounts _andAccounts_. LO.1
In a combined journal that uses accural accounting,_and _arerecorded in the sales column. LO.1
_and_entrieswould be recorded in the sundry columns of a combined journal. LO.1
A combined journal is used only for large businesses. True/False LO.1
The hybrid method is another name for accural accounting. True/False LO.1
The hybrid method does not require certain adjusting methods. True/False LO.1
The prepaid insurance account cannot be used in the hybrid method. True/False LO.1
Notes payable in the hybrid method results from buying inexpensive supplies. True/False LO.1
In a modified cash system, there are no subsidiary ledgers for accounts receivable or accounts payable. True/False LO.1
The totals of the sundry column of a combined journal are never posted. True/False LO.1
In the cash basis system, the owner’s share of FICA for Social Security and Medicare as well as FUTA and SUTA, are not recorded until they are paid. True/False LO.1
Payroll tax expense is a liability. True/False LO.1
Pleadings of combined journals are fixed. True/False LO.1
Combined journals cannot be set up in an accrual accounting approach. True/False LO.1
Closing entries are prepared in a general journal no matter whether a combined journal is used or not. True/False LO.1
A (D) in a combined journal using accrual accounting means the subsidiary ledger has been updated. True/False LO.1
A dentist would not use a combined journal. True/False LO.1
A strict cash basis approach may distort financial reports. True/False LO.1
In a cash basis approach, there are account titles for SUTA and FUTA. True/False LO.1
Combined journals still require additional special journals. True/False LO.1
Trial balances are placed directly in the combined journal. True/False LO.1
Long-lived assets are not adjusted in a modified cash system. True/False LO.1
Insurance premiums are adjusted in a modified cash system. True/False LO.1
The_systemdoesn’t keep a continual track of the quantity and cost of the inventory on hand. LO.1
In the periodic inventory sytsem, all purchases of merchandise during the period is recorded in the_account. LO.1
A continuous record of inventory is kept ina_ system. LO.1
When using the periodicsystem,_willremain unchanged. LO.1
_represents a liability on the balance sheet and records money received for a sale or service not yet performed. LO.1
Freight-inis_tothe cost of goods sold. LO.1
Net Sales less Cost of Goods Soldequals_. LO.1
_equals Gross Sales less Sales Discounts and Sales Returns and Allowances. LO.1
Net Purchases equals Purchasesless_and LO.1
An_helpscalculate ending inventory. LO.1
Ending inventoryis_fromthe cost of goods available for sale. LO.1
Net purchasesare_toBeginning Inventory to get the cost of goods available for sale. LO.1
Gross Profitless_equals Net Income. LO.1
Purchase discounts_the total cost of merchandise sold. LO.1
Beginning inventory at the end of the period is assumed tobe_,and thus a LO.1
The ending inventory of one period becomesthe_ next period. LO.1
Ending inventory represents goodsnot_. LO.1
The inventory accountis_atthe end of the period. LO.1
Purchases are increased bya_. LO.1
Sales returns and allowances are used incalculating_. LO.1
Beginning Inventory plus Net Purchases equals LO.1
Beginning Inventory and Ending Inventory are never on the worksheet. LO.1
Perpetual inventory doesn’t keep a continuous record of inventory. True/False LO.1
Purchases reduce cost of goods sold. True/False LO.1
Freight-in is subtracted from cost of good sold. True/False LO.1
Figures for Beginning and Ending Inventory are combined on the work sheet. True/False LO.1
A periodic system is used by companies with low volume and high unit prices. True/False LO.1
Merchandise Inventory is a liability. True/False LO.1
Unearned Revenue is a liability on the income statement. True/False LO.1
Inventory is always taken 10 times per year. True/False LO.1
Purchases replace ending inventory in a periodic system. True/False LO.1
A trial balance may be placed directly on a worksheet. True/False LO.1
The adjustment process updates the inventory account. True/False LO.1
A post-closing trial balance has no temporary accounts. True/False LO.1
Sales Discounts is a permanent account. True/False LO.1
Gross sales are located on the balance sheet. True/False LO.1
The Sales Returns and Allowances account has a normal balance of a credit. True/False LO.1
Ending inventory of one period is the beginning inventory of the following period. True/False LO.1
Net income always means cash. True/False LO.1
Ending inventory increases cost of goods sold. True/False LO.1
Net purchases is always the same as total purchases. True/False LO.1
Gross profit plus expenses equals net income. True/False LO.1
Unearned Storage Fees is a liability. True/False LO.1
Merchandise inventory that is sold is assumed to be a cost. True/False LO.1
Accumulated Depreciation is increased by a debit. True/False LO.1
Merchandise Inventory can never be listed on a trial balance. True/False LO.1
Ending Merchandise Inventory can only be found on a balance sheet. True/False LO.1
The amount of rent expired is used in the adjustment process. True/False LO.1
Adjustments help update individual ledger accounts. True/False LO.1
Purchases Returns and Allowances is found on a balance sheet. True/False LO.1
Beginning Merchandise Inventory found on the balance sheet from the prior period will also be placed in the cost of goods sold section of the balance sheet. True/False LO.1
Sales always means cash received. True/False LO.1
Ending Merchandise Inventory of the current period is found only on the balance sheet. True/False LO.1
Purchases adds to the cost of goods sold. True/False LO.1
Purchases discounts reduce the cost of purchases on the balance sheet. True/False LO.1
Beginning inventory can never be assumed sold by the end of a period. True/False LO.1
Ending inventory in one period becomes beginning inventory for the next two periods. True/False LO.1
The ending inventory may be calculated from an inventory sheet. True/False LO.1
Income Summary is used in the adjustment of merchandise inventory. True/False LO.1
Ending inventory not sold is only placed in the credit column of the balance sheet section on the worksheet. True/False LO.1
Purchases Discount is recorded in the credit column of the income statement section on the worksheet. True/False LO.1
Gross profit and net income mean the same. True/False LO.1
All companies must give sales discounts. True/False LO.1
A merchandise company does not need a cost of goods sold section on the income statement. True/False LO.1
Cost of goods available to sell less ending inventory equals cost of goods not sold. True/False LO.1
Formal statements contain debit and credit columns. True/False LO.1
Cost of goods sold contains only ending inventory. True/False LO.1
Net sales less cost of goods sold equals gross profit. True/False LO.1
Operating expenses can only be administrative. True/False LO.1
Supplies is part of Plant and Equipment. True/False LO.1
Unearned Rent is a liability. True/False LO.1
An operating cycle of a business must be one year. True/False LO.1

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