Question
31. BANK RECONCILIATION: In a bank reconciliation, the amount for interest revenue is? A. Added in the bank part of the reconciliation B. Subtracted in
31. BANK RECONCILIATION: In a bank reconciliation, the amount for interest
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| revenue is? | |
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| A. Added in the bank part of the reconciliation | |
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| B. Subtracted in the bank part of the reconciliation | |
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| C. Subtracted in the book part of the reconciliation | |
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| D. Added in the book part of the reconciliation | |
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| E. None of the above |
32. SPECIAL JOURNALS: In which journal is a sale on account recorded?
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| A. Cash Receipts | |
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| B. Cash Payments | |
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| C. Purchases | |
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| D. Sales | |
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| E. None of the above |
33. FINANCIAL STATEMENTS: Which financial statement shows how much money the owner has in the business at both the beginning of the period and at the end of the period?
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| A. Income Statement | |
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| B. Statement of Owners Equity | |
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| C. Balance Sheet | |
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| D. Statement of Cash Flow | |
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| E. None of the above |
34. BANK RECONCILIATION: What type of account is interest revenue?
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| A. Asset | |
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| B. Liability | |
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| C. Equity--Revenue | |
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| D. EquityExpense | |
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| E. None of the above |
35. BANK RECONCILIATION: In a bank reconciliation, the amount of the NSF check is?
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| A. Added in the bank part of the reconciliation | |
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| B. Subtracted in the bank part of the reconciliation | |
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| C. Subtracted in the book part of the reconciliation | |
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| D. Added in the book part of the reconciliation | |
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| E. None of the above |
36. SPECIAL JOURNALS: In which journal is the purchase of merchandise inventory on account recorded?
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| A. Cash Receipts | |
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| B. Cash Payments | |
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| C. Purchases | |
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| D. Sales | |
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| E. None of the above |
37. JOURNAL ENTRIES: What is the journal entry to record the sale of $2,000 of merchandise on account with a sales discount of 200?
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| A. Dr. Accounts Receivable 2,000; Cr. Sales Discounts 200 Cr. Sales Revenue 1,800 | |
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| B. Dr. Sales Revenue 1,800; Cr. Accounts Receivable 1,800 | |
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| C. Dr. Cash 1,800; Dr. Sales Discounts 200 Cr. Sales Revenue 2,000 | |
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| D. Dr. Sales Revenue 2,000; Cr. Accounts Payable 2,000 | |
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| E. None of the above |
38. JOURNAL ENTRIES: The balance in withdrawals is 15000 and the name of the owner of the company is Ruiz. What is the closing entry?
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| A. Dr. Income Summary 15,000; Cr. Ruiz, Withdrawals 15,000 | |
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| B. Dr. Ruiz Withdrawals 15,000; Cr. Ruiz Capital 15,000 | |
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| C. Dr. Income Summary 15,000; Cr. Ruiz, Capital 15,000 | |
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| D. Dr. Ruiz Capital 15,000; Cr. Income Summary 15,000 | |
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| E. None of the above |
39. JOURNAL ENTRIES: What is the adjusting journal entry to record the accrual of $1,000 of interest income on a note receivable?
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| A. Dr. Note Receivable 1,000; Cr. Interest Revenue 1,000 | |
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| B. Dr. Interest Receivable 1,000; Cr. Note Receivable 1,000 | |
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| C. Dr. Interest Receivable 1,000; Cr. Interest Revenue 1,000 | |
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| D. Dr. Cash 1,000; Cr. Note Receivable 1,000 | |
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| E. None of the above |
40. BANK RECONCILIATION: In a bank reconciliation if the EFT collection is 10,000, what is the journal entry to record the EFT collection on account?
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| A. Dr. Cash 10,000 Cr. Accounts Payable 10,000 | |
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| B Dr. Cash 10,000 Cr. Accounts Receivable 10,000 | |
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| C. Dr. Accounts Payable 10,000 Cr. Cash 10,000 | |
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| D. Dr. Accounts Receivable 10000 Cr. Accounts Payable 10000 |
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Horngrens Cost Accounting A Managerial Emphasis
Authors: Rajan Datar, Srikant M. Datar
16th Edition
9352860195, 978-9352860197
