Question 1

2.5 out of 2.5 points

A $120,000 difference in trial balance totals may be caused by

Question 2

0 out of 2.5 points

Current period errors are those made and found

Question 3

2.5 out of 2.5 points

To find the correct bank statement cash balance for a reconciliation

Question 4

0 out of 2.5 points

On the trial balance, total debits are $38,200 and the total credits are $41,800. This error may have been caused by a transposition in

Question 5

2.5 out of 2.5 points

A correcting entry is the same as the adjusting entry for errors when

Question 6

2.5 out of 2.5 points

If you find another companys canceled check for $450 recorded on your bank statement, you correct the error by:

Question 7

2.5 out of 2.5 points

You issued a check for $457 but recorded it at $475. In your bank reconciliation, you will:

Question 8

0 out of 2.5 points

You discover a $900 difference in your trial balance totals. You have narrowed your investigation to the following account balances. Which one(s) may contain a transposition? (There may be more than one possible answer.)

Question 9

0 out of 2.5 points

Deferral errors affect:

Question 10

2.5 out of 2.5 points

When reconciling the Cash account, direct deposits such as wire transfers are:

Question 11

2.5 out of 2.5 points

Which of these errors can be detected on the unadjusted trial balance?

Question 12

2.5 out of 2.5 points

On October 1, 20X0, your company rented office space for $1,000 a month and received a check for $6,000 for the first six months rent. You recorded the $6,000 as rent revenue. On December 31, 20X0, an adjusting entry was made debiting Rent Revenue and crediting Rent Received in Advance for $4,000. Which of the following statements about the 20X0 accounts is true?

Question 13

2.5 out of 2.5 points

Which of these will make the bank balance lower than the book balance?

Question 14

0 out of 2.5 points

Your company sells 500 season tickets for $100 each for 10 home hockey games to be played from November through March and credits the $50,000 to Ticket Sales Revenue. Four home games were played in 20X1, and 6 are to be played in 20X2. Just before the 20X1 books are closed on December 31, 20X1, you discover that Ticket Sales Revenue has not been adjusted at year end. As a result:

Question 15

2.5 out of 2.5 points

The bank statement balance of $7,000 does not include a check outstanding of $1,000, a deposit in transit of $325, but does include a bank service charge of $25 and another companys $100 check erroneously charged against your firms account (not recorded in the Cash account), The reconciled bank balance is:

Question 16

2.5 out of 2.5 points

In a bank reconciliation, which of the following items are added to the end-of-month ledger Cash account balance?

Question 17

0 out of 2.5 points

In 20X1, the accrual of rent expense was overstated by $1,000. A correcting entry made before the books are closed would include:

Question 18

2.5 out of 2.5 points

Your companys payment of $500 was debited to Cash. This is.

Question 19

2.5 out of 2.5 points

Just before the books are closed you discovered that $1,400 of interest expense was accrued when only $1,200 should have been accrued. To correct this error, you would

Question 20

2.5 out of 2.5 points

If a company calculates bad debt expense at 1% of sales but the percentage used was 5% of sales, this is..

Question 21

2.5 out of 2.5 points

CabotCos accountant forgot to record annual interest expense. This is

Question 22

2.5 out of 2.5 points

On September 1, 20x1, your company paid $6,000 in advance to advertise in a local paper for the six months September 1, 20X1 March 1, 20X2, and debited Advertising Expense.After the 20X1 books were closed, you discover that 20X1 Advertising Expense had not been adjusted at year end.Which of the following statements about the 20X1 accounts is true?

Question 23

2.5 out of 2.5 points

If depreciation expense of $1,000 is posted as $100, this is

Question 24

2.5 out of 2.5 points

SiliCo painted its building at a cost of $10,000 and decided to capitalize it (debit Buildings), instead of expensing it (debit Repairs and Maintenance Expense). This is

Question 25

2.5 out of 2.5 points

Liabilities accounts.

Question 26

0 out of 2.5 points

In December, your company sublets space and receives payment for four months in advance December, January, February and March crediting Rent Revenue for the full payment. On December 31, you show the revenue earned for the current period by:

Question 27

2.5 out of 2.5 points

In December, your company sublets space and receives payment for four months in advance December, January, February and March crediting Rent Received in Advance for the full payment. On December 31, you show the revenue earned for the current period by:

Question 28

0 out of 2.5 points

Which of the following is not an accounting error?

Question 29

2.5 out of 2.5 points

Which of the following accounts may appear on all the unadjusted, adjusted and post-closing trial balance?

Question 30

0 out of 2.5 points

You prepay rent for two years and debit Rent Expense. At the end of the current period, you will show the expense used up for the current period by:

Question 31

0 out of 2.5 points

You prepay rent for two years and debit Prepaid Rent. At the current period, you will show the expense used up for the current period by:

Question 32

2.5 out of 2.5 points

Depreciation Expense for the building your company has owned for several years is listed on:

Question 33

0 out of 2.5 points

A more precise definition of prior period error would include on that is found

Question 34

0 out of 2.5 points

A canceled check written for $110 is enclosed in your companys bank statement, but the statement shows that the check cleared for $100. When you do the bank reconciliation, you should.

Question 35

2.5 out of 2.5 points

You discover before the books are closed that $800 of salary expense was not accrued. To correct this error, you would

Question 36

2.5 out of 2.5 points

A rent payment check issued for $450 was recorded as a credit to Cash for $540. This is

Question 37

0 out of 2.5 points

Missing or inaccurate accruals are often found..

Question 38

2.5 out of 2.5 points

Which of the following is not correct?

Question 39

2.5 out of 2.5 points

Expense accounts

Question 40

0 out of 2.5 points

Asset accounts