please answer a b c or d ..some questions have more than one answer

246) Which of the following are made AETER the financial statements are prepared? A) Transaction Entries B) losing Entries C) Adjusting Entrics 247) Which of the following is NOT possible for a business transaction? A) Decrease assets and increase expense. B) Increase liabilities and increase expense C) Decrease liabilities and increase revenue.D) Increase assets and decrease revenue. 248) ABC had a net income of $8,000, $5,000, S12,000, and $10,000 over the first four years of the company's existence. If the average annual amount of dividends paid over the last four years is S3,000, what is the ending retained earnings balance? A) $35,000. B) S23.000. C) $7,000 D) $47,000 249) Consider the following transactions: Issued common stock for cash. Purchased equipment by signing a note payable Provided services to customers on account. Collected cash from customers on account. How many of these four transactions increased the given company's total liabilities? B) One. C) Four. D) Three. 250) Choose one: A) The Statement of Cash Flows always balances B) The Statement of Cash Flows never balances C) It is possible for Balance in Cash on the Statement of Cash Flows to be zero 34 38) ABC provides music for special occasions. On January 14, the Smith family hired ABC for upcoming family wedding for an agreed upon fee of S10,000. The wedding was scheduled for May 23. As part of the agreement, the Smiths paid ABC half of the fee at the end of April with t remaining amount due by the end of June. How would ABC record the receipt of the final payment in June? A) Debit to Deferred Revenue. C) Credit to Cash. B) Credit to Service Revenue. D) Credit to Accounts Receivable. 239) Assume that ABC had a retained earnings balance of S10,000 on April 1, and that the company had the following transactions during April. Issued common stock for cash, $5,000. Provided services to customers on account, $2.000. Provided services to customers in exchange for cash, $900. Purchased equipment and paid cash, $4,300 Paid April rent, $800. Paid employees' salaries for April, $700. What was ABC's retained carnings balance at the end of April? A) SI 1.400. ) $16.400. D) S12,100. Some other amount 240) In a Balanced set of Accounting Records, EVERY Account must balance. A) True B) False 241) During a Sale in the operatingycle, what happens to cash? A) Increases B) Stays the Same C) It depends 242) A company orders office supplics in June. Those supplies are received and paid for in July. The supplies are used in August. In which month should the company record supplies expense? B) Evenly over the three months. D) June. C) July 243) Income in the operating cycle equals t depends on the Measuring system. C) Benefit Value Minus Sacrifice Value B) Benefit Value Plus Sacrifice Value D) Sacrifice Value Minus Benefit Value 244) For a journal entry with only two lines, the following entry is valid Decrease in an asset, Increase in Revenue. A) False B) True 245) In Cash Flow reporting Accounts Receivable is measured at A) It depends on the measuring system C) Benefit Value erifice Value D) SO 207) Consider the following account balances of ABC at the end of the year: Accounts Payable Salaries Expense Cash Common Stock Service Revenue Supplies Retained Earnings Utilitics Expense How many of these accounts would appear in ABC's year-end Income Statement? $4.400 12,800 1.700 2.400 8,300 4,300 1100 5,000 A) Four B) Two. C) Five D) Three. 208) Consider the following list of accounts: Accounts Payable Cash Prepaid Rent Common Stock Salaries Payable Equipment Supplies Rent Expense How many of these accounts have a normal credit balance? A) Three. B) Four C) Five. D) Two. 209) The Income Statement is a: A) Snapshot B) Video 210) For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in Dividends. A) False B) True 211) After the 3rd step in the Operating Cycle, the firm has? A) Inventory B) Cash C) Receivable 212) For a journal entry with only two lines, the following entry is valid: Increase in Owners' Equity, Increase in Expense. A) False B) True 29 194) For a journal entry with only two lines, the following entry is valid Decrease in one Liability, Decrease in a second second liability A) False B) True 195) Which statement is true? A) Some Income Statement accounts are Temporary and some are Permanent BDAll Income Statement accounts are Temporary C) All Income Statement accounts are Permanent 196) Following are transactions of ABC, a new company, during the month of January t. Issued 10,000 shares of common stock for $15,000 cash. 2. Purchased land for $12,000, signing a note payable for the full amount. 3. Purchased office equipment for $1,200 cash. 4. Received cash of $14,000 for services provided to customers during the month. 5. Purchased S300 of office supplies on account 6. Paid employees $10.000 for their first month's salaries. What was the total amount of ABCs liabilities following these six transactions? A) S12,300 B) S15,500o C) $27,300. D) $22.600 197) Choose one A) Articulation has to do only with numbers on one statment in multiple years B) Articulation has to do only with numbers on one statment in one year C) Articulation has to do only with multiple statemtns in one year D) Articulation has to do with numbers on multiple statements in multiple years 198) The following statements pertain to recording transactions. Which of them are true? I. Total debits should equal total credits 11. It is possible to have multiple debits or credits in one journal entry Ill. Assets are always listed first injournal entriesgtoeets IV. Some journal entries will have debits only.h ore Dy I and II A) I, II, and IV B) II, III, and IV C)Ionly 199) Allocation is primarily as issue in A) Both Measuring Assets and Income C) Measuring Assets D) None of the other three 27 185) Which of the following is not a balance sheet item A) Revenues. C) Retained earnings B) Assets D) Common stock 186) For a journal entry with only two lines, the following entry is valid: Decrease in Expense, Decrease in Dividends A) True B) False 187) In the Allowance Method when we do the year end adjusting entry for Bad Debts A) Assets increase, Net Income increases. B) Assets stay the same, Net Income stays the same. C) Assets decrease, Net Income decreases D) It depends on the balance in the Allowance account before we make the entry 188) The third step in the Operating Cycle is called? A) Manufacture B) Sale C) Collection D) Purchase 189) For a journal entry with only two lines, the following entry is valid: Increase in an asset, Decrease in Revenue. A) False B) True 190) Prepaid Rent is what kind of account? A) Revenue B) Asset C) Expense D) Liability 191) For a journal entry with only two lines, the following entry is valid: Increase in Owners' Equity, Decrease in Revenue. A) False B) True 192) The following amounts are reported in the ledger of ABC: Assets Liabilities Retained Earnings $80,000 36,000 12.000 What is the balance in the Common Stock account? A) $44,000. B) $48,000. C) S32,000 193) The adjusting entry required when amounts previously recorded as deferred revenues are earn by providing goods or services to customers includes: A) A credit to a liability C) A debit to a liability B) A credit to an asset D) A debit to an asset. 26