____ 56. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Wednesday is

a.	debit Salaries Payable, $16,000; credit Cash, $16,000
b.	debit Salary Expense, $16,000; credit Drawing, $16,000
c.	debit Salary Expense, $12,000; credit Salaries Payable, $12,000
d.	debit Salary Expense, $16,000; credit Salaries Payable, $16,000

____ 57. The debit recorded in the journal to reimburse the petty cash fund is to

a.	Petty Cash
b.	Accounts Receivable
c.	Cash
d.	the various accounts for which the petty cash was disbursed

____ 58. A credit signifies a decrease in the following account

a.	drawing
b.	liabilities
c.	capital
d.	revenue

____ 59. The amount of the promissory note plus the interest earned on the due date is called the

a.	realizable value
b.	maturity value
c.	face value
d.	net realizable value

____ 60. Procedures designed to protect cash from theft and misuse from the time it is received until it can be deposited in a bank are called

a.	accounting procedures
b.	cash safeguards
c.	preventive controls
d.	detective controls

____ 61. If title to merchandise purchased passes to the buyer when the goods are delivered to the buyer, the shipping terms are

a.	consigned
b.	n/30
c.	FOB shipping point
d.	FOB destination

____ 62. A debit balance in which of the following accounts would indicate a likely error?

a.	Salaries Expense
b.	Notes Payable
c.	Madison Riley, Drawing
d.	Supplies

____ 63. Deferred revenue is revenue that is

a.	earned and the cash has been received
b.	earned but the cash has not been received
c.	not earned and the cash has not been received
d.	not earned but the cash has been received

____ 64. The inventory system employing accounting records that continuously disclose the amount of inventory balances is called

a.	Retail
b.	periodic
c.	physical
d.	perpetual