Managerial accountants would be responsible for providing information regarding Oa. consumer reports to customers Ob. expansion of a product line report to management Oc. profit reports to stockholders and management Od. tax reports to government agenciesWhich of the following is not a role of accounting in business? Oa. to provide reports to users about the economic activities and conditions of a business Ob. to assess the various informational needs of users and design its accounting system to meet those needs Oc. to personally guarantee loans of the business Od. to provide information to external users to determine the economic performance and condition of the businessWhich of the following groups of companies are all examples of a retail business? Oa. GameStop, Best Buy, Gap Ob. Gap, Amazon.com, Delta Air Lines Oc. GameStop, Sony, Dell Od. Delta Air Lines, Marriott, GapWithin the United States, the dominant body in the primary development of accounting principles is the Oa. Institute of Management Accountants (IMA) Ob. Financial Accounting Standards Board (FASB) Oc. American Institute of Certified Public Accountants (AICPA) Od. American Accounting Association (AAA)The assets and liabilities of a company are $128,000 and $84,000, respectively. Stockholders' equity should equal Oa. $84,000 Ob. $212,000 Oc. $44,000 Od. $128,000The monetary unit assumption Oa. is not important when applying the cost principle Ob. is only used in the financial statements of manufacturing companies Oc. requires that different units be used for assets and liabilities Od. requires that economic data be reported in yen in Japan or dollars in the United StatesIn which of the following types of accounts are decreases recorded by credits? Oa. liabilities Ob. stockholders' equity Oc. revenues Od. assetsThe accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts payable $530 Fees Earned $3,168 Accounts receivable 626 Insurance Expense 669 Supplies 500 Rent expense 1,500 Prepaid insurance 1,748 Land 2,370 Cash 2,126 Wages expense 704 Office equipment 1,800 Retained earnings 5,500 Dividends 561 Common stock 5,106 Unearned rent 1,600 Total assets are Oa. $9,170 Ob. $5,106 Oc. $3,168 Od. $3,282A credit balance in which of the following accounts would indicate a likely error? Oa. Common Stock Ob. Accounts Payable Oc. Salary Expense Od. Fees EarnedThe stockholders; equity will be reduced by all of the following excerg O a. revenues O b. dividends O c. expenses 0 d. all of these In which order are the accounts listed in the chart of accounts? 03. stockholders equity. assets, liabillues, revenues. expenses Ob. assets. liabilities. stockholders equity: revenues, expenses 0:. assets. expenses. liabilities. stockholders equity. revenues Od. assets. liabilities. rewnues. expenses steckl'lcrlclersr equity \fThe adjusting entry to record the depreciation of a building for the fiscal period is Oa. debit Building credit Depreciation Expense. Ob. debit Depreciation Expense; credit Building. Oc. debit Depreciation Expense; credit Accumulated Depreciation. Od. debit Accumulated Depreciation; credit Depreciation Expense.which of the following is considered to be an accrued expense? Oa. Ob. 0c. 06. a computer technician has been paid in advance to install snivaie updates as the},r become available a computer technician has installed the latest scware updates and was paid on the same day a computer techniman has just signed an agreement with you regarding pricing for future work a computer technician has installed the latest software updates. but you have not received an invoice or made payment As time passes, fixed assets other than land lose their capacity to provide useful services. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called Oa. accumulation Ob. equipment allocation Oc. matching Od. depreciationWhich of the following is considered to be unearned revenue? Oa. theater tickets sold for next month's performance Ob. theater tickets that were not sold for the current performance Oc. theater tickets sold last month for yesterday's performance Od. theater tickets sold yesterday on credit for yesterday's performancewhich of the following is M a characteristic of the accrual basis of accounting? O a. revenues are reported when services have been performed or products have been delivered to cuslnmer's O b. accrual basis of accounting supports the matching concept 0 c. revenues and expenses are reported in the period in which cash is received or paid 0 d. expenses are reported in the same penod as the revenues to which they relate The balance in the prepaid rent account before adjustment at the end of the year is $14,148, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is Oa. debit Prepaid Rent. $1,179, credit Rent Expense, $1,179 Ob. debit Rent Expense, $12.969, credit Prepaid Rent, $1,179 Oc. debit Prepaid Rent, $12.969, credit Rent Expense, $1,179 Od. debit Rent Expense, $1,179, credit Prepaid Rent, $1,179The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,946 Accounts Receivable 2,729 Prepaid Expenses 632 Equipment 13,513 Accumulated Depreciation 6,921 Accounts Payable 1,729 Notes Payable 4,050 Common Stock 1,000 Retained Earnings 6,095 Dividends 933 Fees Earned 7,856 Wages Expense 2,383 Rent Expense 784 Utilities Expense 452 Depreciation Expense 209 Miscellaneous Expense 70 Totals 27,651 27,651 Determine the retained earnings ending balance. Oa. $3,958 Ob. $9,120 Oc. $7,095 Od. $27,651unearned Fees appear on the O a. balance sheet in the stockholder-3' equity mm 0 b. balance sheet as a current liability O c. income statement as revenue 0 d. balance sheet in the current assets