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Question # 00108668
Subject: Geology
Due on: 09/27/2015
Posted On: 09/26/2015 02:08 PM
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Financial Accounting Exam 2 -- 40 Accounting MCQs

Tutorial # 00103099
Posted On: 09/26/2015 02:17 PM
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Tutorial Preview …sale xxxx a xxxxx margin of xxxxxx Which one xx the xxxxxxxxx xxxxxxxxxx correctly xxxxxxxxx the effect xx such a xxxx on xxx xxxxxxx sheet? xxxxxx stock increases xx $1,400 The xxxxx revenue xxxxxxx xxxxxxxxx by xxxxxx The gross xxxxxx account increases xx $1,400 xxx xxxxxxxx earnings xxxxxxx increases by xxxxxx 26) Sandy xxxxxxx is xxx xxxx owner xx a hair xxxxx He often xxxxx small xxxxxxx xx "lunch xxxxxx from the xxxx register, figuring xxxx "it xx xx business xxxxxx " His xxxxxxxxxxx however, insists xxxx Sandy xxxx x note xx the cash xx takes, and xx the xxx xx the xxxx accounting period, xxx debits owners' xxxxxx and xxxxxxx xxx cash xxxxxxx for the xxxxx amount that xxxxx has xxxxx xxxxxx the xxxxxx In recording xxx cash withdrawals xxxx though xxxxx xx sole xxxxxxxxxxx the accountant xx correctly applying xxxx Matching xxxxxxx xxxxxx concept xxxxxxxxxxx concept Conservatism xxxxxxx 27) Anderson xxxxxxxxxxxx 2005 xxxxxx xx sales xxxxxxxxxx is 20% xxx 2005 net xxxxxx is xxxxxxx xxxx is xxx 2005 sales? xxxxxxxxx $80,000 $2,00,000 xxxxxxxxx 28) xxxxxxxx xxxxxxxxxxxx 2005 xxxxxx on sales xxxxxxxxxx is 20% xxx 2005 xxx xxxxxx is xxxxxxx What is xxx 2005 sales? xxxxxxxxx $80,000 xxxxxxxxx xxxxxxxxx 29) xxxxxx June 2005, xxxxxx Inc recorded xxxxx of xxxxxxx xxx only xxxxxxx was collected xx cash from xxxxxxxxx Cost xx xxxxx sold xx $38,000 What xxx the effect xx these xxxxx xx Bextra's xxxxxxx ratio? Current xxxxx increases Current xxxxx decreases xxxxxxx xxxxx remains xxxxxxxxx Insufficient information xxxxxxxx to judge xxxxxx on xxxxxxx xxxxx 30) xxxxx one of xxx following statements xx not xxxx xxxxx statements xx cash flows xxxxxxxx according to x S xxxxx xxx operating xxxxxxx of the xxxxxxxx method starts xxxx the xxx xxxxxx of xxx period In xxx indirect method xxxxxxxxxx the xxxxxxxx xxxxxxxxxxxx is xxxxx to net xxxxxx because it xx a xxxxxx xx cash xxxxxxxx payments are xxxxxxxx in the xxxxxxxxx section xx xxx direct xxxxxx statement The xxxxxxxxx section of xxx direct xxxxxx xxxxxxxxx for x period is xxxxxxxxx to the xxxxxxxxx section xx xxx indirect xxxxxx statement for xxx same period xxx A xxxxxxx xxxxxx $50,000 xx cash by xxxxxx a one-year xxxx of xxxxxxx xxx a xxxxxx loan of xxxxxxx Which of xxx following xx xxx correct xxxxxxx entry to xxxxxx this transaction? xxxxx short-term xxxx xxxxxxxx debit xxxxxxxx earnings $10,000; xxxxxx cash $50,000 xxxxx short-term xxxx xxxxxxxx credit xxxx $50,000 Debit xxxx $50,000; credit xxxxxxxxx debt xxxxxxx xxxxx cash xxxxxxxx credit short-term xxxx $10,000; credit xxxxxxxxx debt xxxxxxx xxx Which xxx of the xxxxxxxxx statements describes xxx rules xxxxx xxxxxxx transactions xxxx T-accounts in xxx ledger? For xxxxxxx debits xxx xxxxxxx on xxx left; for xxxxxxxxxxxx credits are xxxxxxx on xxx xxxx For xxxxxxx credits are…
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Preview: account xxxxxxxxx by xxxxx 26) Sandy xxxxxxx is the xxxx owner xx x hair xxxxx He often xxxxx small amounts xx lunch xxxxx xxxx the xxxx register, figuring xxxx it is xx business xxxxxx xxx accountant, xxxxxxxx insists that xxxxx make a xxxx of xxx xxxx he xxxxxx and at xxx end of xxx each xxxxxxxxxx xxxxxxx she xxxxxx owners equity xxx credits the xxxx account xxx xxx total xxxxxx that Sandy xxx taken during xxx period xx xxxxxxxxx the xxxx withdrawals even xxxxxx Sandy is xxxx proprietor, xxx xxxxxxxxxx is xxxxxxxxx applying the xxxxxxxx concept Entity xxxxxxx Materiality xxxxxxx xxxxxxxxxxxx concept xxx Anderson Electronics xxxx return on xxxxx percentage xx xx Its xxxx net income xx 40,000 What xx its xxxx xxxxx 4,00,000 xxxxxx 2,00,000 1,00,000 xxx Anderson Electronics xxxx return xx xxxxx percentage xx 20 Its xxxx net income xx 40,000 xxxx xx its xxxx sales 4,00,000 xxxxxx 2,00,000 1,00,000 xxx During xxxx xxxxx Bextra xxx recorded sales xx 55,000 but xxxx 20,000 xxx xxxxxxxxx in xxxx from customers xxxx of goods xxxx of xxxxxx xxxx was xxx effect of xxxxx sales on xxxxxxx current xxxxx xxxxxxx ratio xxxxxxxxx Current ratio xxxxxxxxx Current ratio xxxxxxx unchanged xxxxxxxxxxxx xxxxxxxxxxx provided xx judge effect xx current ratio xxx Which xxx xx the xxxxxxxxx statements is xxx true about xxxxxxxxxx of xxxx xxxxx prepared xxxxxxxxx to U x GAAP The xxxxxxxxx section xx xxx indirect xxxxxx starts with xxx net income xx the xxxxxx xx the xxxxxxxx method statement, xxx periods depreciation xx added xx xxx income xxxxxxx it is x source of xxxx Interest xxxxxxxx xxx included xx the operating xxxxxxx of the xxxxxx method xxxxxxxxx xxx investing xxxxxxx of the xxxxxx method statement xxx a xxxxxx xx identical xx the investing xxxxxxx of the xxxxxxxx method xxxxxxxxx xxx the xxxx period 31) x company raised xxxxxx in xxxx xx taking x one-year loan xx 10,000 and x 5-year xxxx xx 40,000 xxxxx of the xxxxxxxxx is the xxxxxxx journal xxxxx xx record xxxx transaction Debit xxxxxxxxxx debt 40,000 xxxxx retained xxxxxxxx xxxxxx credit xxxx 50,000 Debit xxxxxxxxxx debt 50,000 xxxxxx cash xxxxxx xxxxx cash xxxxxx credit long-term xxxx 50,000 Debit xxxx 50,000 xxxxxx xxxxxxxxxx debt xxxxxx credit long-term xxxx 40,000 32) xxxxx one xx xxx following xxxxxxxxxx describes the xxxxx about posting xxxxxxxxxxxx into xxxxxxxxxx xx the xxxxxx For assets, xxxxxx are entered xx the xxxx xxx liabilities, xxxxxxx are entered xx the left xxx assets, xxxxxxx xxx entered xx the left xxx liabilities, debits xxx entered xx xxx left xxxxxx on the xxxx credits on xxx right xxxxxxx xx the xxxx debits on xxx right 33) xxxxxxx Inc xxxx xxxxxx in xxxx as interest xx its lenders xxxxxx 2005 xxxxxxxxx xx U x GAAP, in xxxxx section.....
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