1.

Which of the following expenses do not require an actual cash outlay(payment) in the past or the future in order to incur the expense?(check all that apply)

-an accrued tax obligation

-depreciation

-prepaid rent

-an accrued interest obligation

2.Which of the following classes of adjusting entries require you to either credit or debit an asset account that is holding the place of some future or past cash payment(check all that apply)

-deferred expense

-accrued expense

-deferred revenue

-accrued revenue

13.In order to ensure that the balance sheet identity is balanced when taking a depreciation expense associated with PPE, we also must(check all that apply)

-introduce the use of a contra asset account

-track accumulated depreciation on intangible assets

-deduct the depreciation expense directly from the PPE account

-track accumulated depreciation on tangible assets

14.Which steps in the accounting cycle function to provide a check to make sure your work adds up correctly?(check all that apply)

-making adjusting journal entries

-preparing financial statements

-computing unadjusted trial balances

-computing adjusted trail balances

16. Company X raised $1 million cash from selling common stock. Which of the following correctly characterizes this cash inflow?

-revenue is realized, but not earned

-none of the other answer choices are correct

-revenue is recognized

-revenue is earned, but not realized

17.Company Xs employees earn $10,000 in wages this accounting period for hours worked. Paychecks dont go out until next accounting period. Which of the following is the correct journal entry associated with this transaction?

-Dr. Salary Expense(+E, -SE) $10,000

Cr. Cash(-A) $10,000

-Dr. Salaries Payable(-L) $10,000

Cr. Salary Expense(-E, +SE) $10,000

-Dr. Salaries Payable(-L) $10,000

Cr. Cash(-A) $10,000

-Dr. Salary Expense(+E, -SE) $10,000

Cr. Salaries Payable(+L) $10,000

18. Which of the following are examples of expenses that cannot be matched with associated revenues?(check all that apply)

-the cost of raw materials used to make the product

-subscription payments for your companys antivirus protection

-the electricity bill for your factory

-worker salaries

19. On January 1, 2020, Bank X makes a loan of $10,000 on a 1 year note at an interest rate of 10% to a client. How much interest revenue is recognizable in total at the end of September 30, 2020?(round your answer to one decimal place if necessary)

20.Company X sells inventory in July, delivering the end-product for a total purchase amount of $2,500 and invoices customers to pay within 60 days. The cost of his inventory, which was purchased back in March, was $1,000. Which of the following illustrates the correct series of journal entries?

-Dr. Unearned Revenue(+L) $2,500

Cr. Inventory(-A) $2,500

Dr. Cost of Goods Sold(+E, -SE) $1000

Cr. Cash(-A) $1000

-Dr. Revenues (-R, -SE) $2500

Cr. Accounts Receivable(-A) $2500

Dr. Inventory(+A) $1000

Cr. Cost of Goods Sold(-E, +SE) $1000

-Dr. Accounts Receivable(+A) $2500

Cr. Revenue(+R, +SE) $2500

Dr. Cost of Goods Sold(+E, -SE) $1,000

Cr .Inventory(-A) $1000

-Dr. Revenues(-R, -SE) $2500

Cr. Accounts Payable(+L) $2500

Dr. Inventory(+A) $1000

Cr. Cost of Goods Sold(-E, +SE) $1000