The correct classification for the following is: 1-land 2-salary payable 3-discount received 4-dividends paid Select one: O a. 1-asset, 2-liability, 3-income, 4-equity O b. 1-asset, 2-liability, 3- income, 4-expense O c. 1-asset, 2-liability, 3-asset, 4-liability O d. 1-asset, 2-liability, 3-liability, 4-liability O e. 1-asset, 2-asset, 3-income, 4-expenseWhich of the following errors would cause a trial balance to be out of balance? i) A payment of $148 to a creditor was posted as a debit to accounts payable and a debit to cash. ii) Cash received from a customer on account was posted as a credit of $350 to cash and as a debit of $350 to accounts payable. iii) A payment of $450 for supplies was posted as a debit of $540 to supplies and a credit of $450 to cash. iv) A transaction was not posted. Select one: O a. i, iii & iv O b. ii, iii & iv O c. i & ii O d. i, ii, iii & iv O e. i & iiiFor the 2021 year, the following data were taken from the accounting records. $ Sales 900,000 Freight-out 3,600 Sales returns and allowances 30,000 Purchases 500,000 Selling expenses 4,975 Purchase returns and allowances 8,000 Depreciation expense 8,025 Freight-in 2,000 Inventory at 1/7/20 90,000 Discount allowed 2,800 Inventory at 30/6/21 130,000 Gross profit for the current year is: Select one: O a. $396,600 O b. $404,625 O c. $416,000 O d. $418,000 O e. None of the aboveExpensing repair tools rather than recognizing them as an asset, is an example of: Select one: O a. Going Concern Principle O b. Full Disclosure Principle O c. Cost Principle O d. Materiality Principle O e. Monetary Principle Clear my choiceThe Sales returns and allowances account is classified as an: Select one: O a. expense account O b. asset account O c. contra expense account O d. contra revenue account O e. contra asset account Clear my choiceWhich of the following accounts probably would be listed before the others in a chart of accounts? Select one: O a. Interest income O b. Accumulated depreciation - Buildings O c. Dividends O d. Telephone expense O e. Wages payable Clear my choiceA company has the following account balances: $ Cash at bank 27,400 Accounts payable 20,400 Inventory 22,700 Accumulated depreciation 17,200 Accounts receivable 16,600 Mortgage payable 115,000 Equipment (cost) 124,000 Dividends 8,600 Net Asset's would be: Select one: O a. $46,700This information relates to Rosie's Rentals Pty Ltd for the year 2021: Retained Earnings, 1 January 2021 $90,000 Advertising 3,000 Dividends Paid during 2021 14,000 Rent 20,200 Hire Revenue 140,000 Electricity 4,800 Wages 56,000 Share Capital 40,000 Calculate the closing balance of Retained earnings at 31 December 2021:Cumulative prots made by a company.r that have not been distributed as dividends or transferred to a reserve account, is the best description of: Select on e: O a. Operating prot (5} b. Retained earnings O c. Full disclosure principle 0 d. Accrued expenses 0 e. Revenue Clear my choice Suppose Hunt Equipment has receivables of $65,000, furniture totalling $205,000 and cash of $52,000. The business has a $109,000 bill payable and owes $81,000 on account. How much is Hunt's owners' equity? Select one: O a. $28,000 O b. $58,000 O c. $132,000 O d. $190,000 O e. $322,000 Clear my choiceTemple Manufacturing uses accrual accounting. Each of the following events occurred during the month of February. Which one ofthem should be recorded as a revenue or expense for the month of February? Select one: Q a. Collections of $10,000 were made from sales that occurred during January. 0 b. A bill in the amount of $8.600 was received from a supplier for goods purchased duringJanuary. It was paid immediately. 0 c. Materials costing $13,000 were purchased and paid lor. It is expected that they will be used during March. @I d. Sales o? $30,000 were made on credit. They are Collected during March. 0 e. On the third day of the month. $8,000 was paid to employees for hours worked during the month of January. Clear my choice Two categories of expenses in all merchandising companies are: Select one: 0 a. Ilost of sales and financing expenses 0 b. Operating expenses and sales {5} c. Cost of sales and operating expenses 0 cl. Sales and cost of sale 0 e. Operating expenses and administration expenses Clear my choice The primary difference between a periodic and perpetual inventory system is that a periodic system: Select on e: O a. Keeps a record showing the inventory on hand at all times 0 b. Provides better control over inventories O c. Records the cost of the sale on the date the sale is made {5! d. Treats purchases of inventory as an expense when the inventory is acquired C" e. None of the above Clear my choice On Friday of each week, Westlake Lid pays its factory workers weekly wages amounting to $2,500 for a five-day working week. During January, pay day falls on Friday 27th. For the month end accounts for January, the amount to be accrued for wages would be: Select one: O a. $500 O b. $1,000 O c. $1,500 O d. $2,500 O e. No adjustment is necessary Clear my choice