8.

On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three day's wages of $600 ($200 per day). The proper 12/31/12 closing entries are made. No reversing entry is made on 1/1/13. Strickland pays the weekly payroll of $1,000 on 1/2/13. The balance in the Wage Expense account after the 1/2/13 journal entry will be:

Select one:

a. $0

b. $400

c. $600

d. $1,000

e. $1,200

35.

The Charleston Company pre-pays annual rent. If the adjusting entry to record the current periods prepaid rent expired is not recorded:

Select one:

a. Current assets will be understated

b. Net income will be overstated

c. Current liabilities will be overstated

d. Current liabilities will be understated

e. Gross Profit will be overstated

34.

Which organization is attempting to establish one set of accounting standards to be used in every country in the world?

Select one:

a. PCAOB

b. AICPA

c. IASB

d. FASB

e. APB

33.

Which is a typical result of a declaration of a cash dividend but not a declaration of a stock dividend?

Select one:

a. Retained Earnings decreases

b. Common Stock account increases

c. Net Income decreases

d. Liabilities increase

e. Liabilities decrease