Please do not just give A B C D or E, but also the "actual word answers" . For example, the answer to question is D. But do not just give me D, but also give me "D-) Assets that represent prepayments of future expenses"

Experience accounting students only please, as this will affect my grade significantly and I paid 2500 points for this so please be patience and give me correct answer.

1. Prepaid expenses are:

A-) Payments made for products and services that do not ever expire

B-) Classified as liabilities on the balance sheet

C-) Decreases in retained earnings

D-)Assets that represent prepayments of future expenses

Question 2. An example of an operating activity is:

A-) Paying wages

B-) Purchasing office equipment

C-) Borrowing money from a bank

D) Selling stock

E-) Paying off a loan

Question 3. Fast-Forward had cash inflows from operations of $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:

A-) $40,500 increase

B-) $40,500 decrease

C-) $134,500 decrease

D-) $134,000 increase

Question 4. Which of the following is the primary purpose of accounting?

A-) To establish a business

B-) To identify, record and communicate business transactions

C-) To deceive stockholders

D-) To keep from paying taxes

E-) To establish credit for a compan

Question 5. An asset created by prepayment of an expense is:

A-) Recorded as a debit to an unearned revenue account

B-) Recorded as a debit to a prepaid expense account

C-) Recorded as a credit to an unearned revenue account

D-) Recorded as a credit to a prepaid expense account

E-) Not recorded in the accounting records until the earnings process is complete

Question 6. What would be the appropriate entry for the following transaction?

Bill Co. performed $5,200 in consulting services on account

A-) Credit to Cash, Debit to Accounts Receivable

B-) Debit to Revenue, Debit to Cash

C-) Debit to Accounts Receivable, Credit to Cash

D-) Debit to Revenue, Credit to Cash

E-) Debit to Accounts Receivable, Credit to Revenue

Question 7. Ethical behavior requires:

A-) That an auditors' pay not depend on the figures in the client's reports

B-) Auditors to invest in businesses they audit

C-) Analysts to report information favorable to their companies

D-) Managers to use accounting information to benefit themselves

E-) That an auditor provides a favorable opinion

*****Alright I have no time to put the letter answer in front of the answer, so, basically, after the question, there are usually five lines of answer. Line of answer please denote A, then 2nd line will be B, till the fifth line of answer is E. Please do not just say A B C D or E, please indicate the letter answer + the actual word answer, for example, the answer to question 8 bellow is "C-) Has freed accounting professionals to concentrate more on the analysis and interpretation of information"

Sorry for this incovenience

Question 8. Technological advancement

Has replaced accounting

Has not changed the work that accountants do

Has freed accounting professionals to concentrate more on the analysis and interpretation of information

In accounting has replaced the need for decision makers

In accounting is only available to large corporations

Question 9. Distributions of assets by a business to its stockholders are called:

Dividends

Expenses

Assets

Retained earnings

Net Income

Question 10. The principle prescribing that financial statements reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue is the:

Going-concern principle

Business entity principle

Objectivity principle

Cost Principle

Monetary unit principle

Question 11. Question : If equity is $300,000 and liabilities are $192,000, then assets equal:

$108,000

$192,000

$300,000

$492,000

$792,000

Question 12. Question : To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:

Objectivity principle

Realization principle

Business entity principle

Going-concern principle

Revenue recognition principle

Question 13. Question : Double-entry accounting is an accounting system:

That records each transaction twice

That records the effects of transactions and other events in at least two accounts with equal debits and credits

In which the impact of each transaction is recorded in two or more accounts but that could include two debits and no credits

That may only be used if T-accounts are used

That insures that errors never occur

Question 14. Question : Which of the following statements best describes the relationship of U.S. GAAP and IFRS?

They are identical

They are entirely different conceptual frameworks

They are similar but not identical

Neither has anything to do with accounting

They both relate only to publicly traded companies

Question 15. Question : Net Income:

Decreases equity

Represents the amount of assets owners put into a business

Equals assets minus liabilities

Is the excess of revenues over expenses

Represents the owners' claims against assets

Question 16. Question : Which of the following accounts would not be on the post closing trial balance?

Accounts Payable

Accounts Receivable

Common Stock

Dividends

Question 17. Question : A trial balance prepared after the closing entries have been journalized and posted is the:

Unadjusted trial balance

Post-closing trial balance

General ledger

Adjusted trial balance

Work sheet

Question 18. Question : A company's Office Supplies account shows a beginning balance of $600 and an ending balance of $400. If office supplies expense for the year is $3,100, what amount of office supplies was purchased during the period?

$2,700

$2,900

$3,300

$3,500

$3,700

Question 19. Question : A company purchased a new truck at a cost of $42,000 on July 1, 2011. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. How much depreciation expense will be recorded for the truck for the year ended December 31, 2011?

$3,250

$3,500

$4,000

$6,500

$7,000

Question 20. Question : On June 30, 2011, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31, 2011 for Apricot would include:

A debit to an expense for $1,250

A debit to a prepaid expense for $1,250

A credit to an expense for $3,750

A debit to a prepaid expense for $3,750

Question 21. Question : An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n):

Accrued expense

Contra account

Accrued revenue

Intangible asset

Adjunct account

Question 22. Question : The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account is the:

Income Summary account

Closing account

Balance column account

Contra account

Question 23. Question : A company pays each of its two office employees each Friday at the rate of $100 per day each for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:

Debit Unpaid Salaries $600 and credit Salaries Payable $600

Debit Salaries Expense $400 and credit Salaries Payable $400

Debit Salaries Expense $600 and credit Salaries Payable $600

Debit Salaries Payable $400 and credit Salaries Expense $400

Question 24. Question : Based on the following information, what would be the beginning balance in the Retained Earnings Account, assuming all accounts have a normal balance?

Cash $ 6,754 Dividends $ 2,000

Accounts receivable $ 13,733 Consulting fees earned $ 13,718

Office supplies $ 2,625 Rent expense $ 3,673

Land $ 37,153 Salaries expense $ 6,642

Office equipment $ 14,535 Telephone expense $ 560

Accounts payable $ 6,463 Miscellaneous expense $ 280

Common stock $ 54,490 Retained Earnings ?

$0

$13,718

$13,155

$13,284

Question 25. Question : The Income Summary account is used:

To adjust and update asset and liability accounts

To close the revenue and expense accounts

To determine the appropriate dividend amount

In some situations to replace the income statement

To replace the retained earnings account in some businesses

Question 26. Question : The Retained Earnings account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800 and dividends are $9,000, what is the ending balance in the Retained Earnings account after all closing entries are made?

$8,000

$15,400

$23,400

$17,000

$32,400

Question 27. Question : On January 1 a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:

Debit Prepaid Insurance, $1,800; credit Cash, $1,800

Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440

Debit Prepaid Insurance, $360; credit Insurance Expense, $360

Debit Insurance Expense, $360; credit Prepaid Insurance, $360

Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440

Question 28. Question : A balance sheet that places the assets above the liabilities and equity is called a(n):

Report form balance sheet

Account form balance sheet

Classified balance sheet

Unadjusted balance sheet

Question 29. Question : If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entry to record payment of these wages on the following January 5 would include:

A debit to Cash and a credit to Salaries Payable

A debit to Cash and a credit to Prepaid Salaries

A debit to Salaries Payable and a credit to Cash

A debit to Salaries Payable and a credit to Salaries Expense

No entry would be necessary on January 5