Question
Adjusting entries: A. are made at the end of the period to correct errors made during the period. B. are made at the end of
- Adjusting entries:
A. | are made at the end of the period to correct errors made during the period. | |
B. | are made at the end of the period to close out temporary accounts. | |
C. | are made at the end of the period to properly state revenues and expenses. | |
D. | are made throughout the period to record transactions. |
- Which of the following could be recorded in a special journal?
A. | Collection on account. | |
B. | Depreciation adjustment. | |
C. | Declaration of dividend. | |
D. | Closing income summary account. |
- Ford Motor Company submits quarterly financial statements to the SEC. Which accounting principle/assumption allows Ford to do this?
A. | Going-concern Assumption | |
B. | Economic Entity assumption | |
C. | Periodicity Assumption | |
D. | Monetary unit assumption |
- Which of the following is NOT a separate performance obligation?
A. | An individual good that is part of a bundle of interrelated goods and services that are combined by the seller as part of an integration service to create a customized product for the buyer. | |
B. | A good that is regularly sold separately from other goods and services. | |
C. | An option (sold with a product) that provides a material right beyond those offered by the firm to customers who do not buy the product. | |
D. | A warranty that the seller will fulfill all obligations specified in the original sales contract. |
- Which of the following adjusting entries can be reversed?
A. | An entry to record insurance expense which was previously paid. | |
B. | An entry to record salary expense for the last 2 days of the period. | |
C. | An entry to record depreciation expense. | |
D. | An entry to record supplies used during the period. |
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