Accounting Homework 20 Problems Assignment done in june 2015

Question

Accounting Homework 20 Problems Assignment done in june 2015

Question # 00075356 Posted By: paul911 Updated on: 06/11/2015 01:36 PM Due on: 06/12/2015

Subject Accounting Topic Accounting Tutorials:

Question

Question 1

Revenues are recorded when

Question 1 options:

	The check has cleared and the money is in the bank
	Goods or services are delivered to the customer
	A contract is signed
	A check is received from the customer

Question 2

Which of the following is NOT a liability

Question 2 options:

	Unearned Revenue
	Accounts payable

Question 3

Management failing to reveal a default on a loan agreement will have violated what principle?

Question 3 options:

	Matching principle
	Full disclosure principle
	Ethics principle
	Cost principle

Question 4

Expenses are recorded in the same period that related revenue is recorded accourding to:

Question 4 options:

	Matching principle
	Accounting equation
	Revenue recognition principle
	Cost principle

Question 5

The percentage-of-completion method recognizes revenue

Question 5 options:

	10% per month
	When the contract work has begun
	Each year during a multi-year contract
	Based on an estimate of the portion of the work completed

Question 6

An asset cost $14,400 and is expected to last 8 years at which time it will be sold for a scrap value of $2,400. Using straight line depreciation, the monthly depreciation journal entry would be:

Question 6 options:

	Debit accumulated depreciation and credit depreciation expense for $150.
	Debit depreciation expense and credit accumulated depreciation for $150.
	Debit depreciation expense and credit accumulated depreciation for $125.
	Debit accumulated depreciation and credit depreciation expense for $125.

When money is collected from a customer previously billed we:

Question 7 options:

	Credit cash and debit accounts receivable.
	Debit cash and credit accounts receivable.
	Credit accounts payable and debit cash.
	Credit cash and debit accounts payable.

Question 8

Which event will have the effect of increasing retained earnings?

Question 8 options:

	Revenue is recognized
	A customer pays us for a bill we sent last month
	An expense is paid
	A dividend is declared

Question 9

The income summary account is used to:

Question 9 options:

	Calculate net income
	Set aside earned money avaialbe to owners
	Record a history of income items
	Zero out expense and revenue accounts at year end

Question 10

The dividends payable account belongs on which statement?

Question 10 options:

	Statement of cash flows
	Statement of retained earnings
	Balance sheet
	Income statement

Question 11