Question
A partial listing of a companys accounts are listed below: Sales Revenue $190,000 Depreciation Expense $20,000 COGS 84,000 Rent Expense 8,000 Cash 1,000 Unearned Revenue
A partial listing of a companys accounts are listed below:
Sales Revenue $190,000 Depreciation Expense $20,000
COGS 84,000 Rent Expense 8,000
Cash 1,000 Unearned Revenue 2,000
Building 200,000 Wage Expense 30,000
Accumulated Depreciation 44,000 Interest Expense 3,000
Note Payable 50,000 Service Revenue 60,000
Dividends 4,000 Goodwill 7,000
The closing entry to close the Income Summary would include a debit to Income Summary for:
| A. | $101,000 | |
| B. | $122,000 | |
| C. | $189,000 | |
| D. | $105,000 | |
| E. | $ 77,000 |
1 points
QUESTION 10
ABC Florist is hired by an Aggie bride to provide flowers for her wedding. Here is the information regarding this event.
Hired by Aggie Bride: September 1, 2017 Wedding Date: November 1, 2017
Down payment received of $5,000: October 1, 2017 Billed balance due of $4,000: November 15, 2017
Received payment of balance due: December 1, 2017
When should ABC record revenue if using the accrual basis of accounting?
| A. | $5,000 on October, 1 and $4,000 on November, 1 | |
| B. | $5,000 on October, 1 and $4,000 on December, 1 | |
| C. | $5,000 on September, 1 and $4,000 on November, 15 | |
| D. | $5,000 on November, 1 and $4,000 on December, 1 | |
| E. | $9,000 on November, 1 |
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Expert Systems And Artificial Intelligence In Internal Auditing
Authors: Daniel E. O'Leary, Paul R. Watkins
1st Edition
1558760865, 978-1558760868
