Accounting

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

1 Question: Adjusting entries can be classified as

A

Postponements and advances

B

Accruals and deferrals

C

Deferrals and postponements

D

Accruals and advances

2 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

3 Question: Daly Investments purchased an 18-month insurance policy on May 31, 2010 for $3,600. The December 31, 2010 balance sheet would report Prepaid Insurance of

A

$0 because Prepaid Insurance is reported on the Income Statement

B

$1,400

C

$2,200

D

$3,600

4 Question: Southwestern City College sold season tickets for the 2010 football season for $160,000. A total of 8 games will be played during September, October and November. Assuming all the games are played, the Unearned Revenue balance that will be reported on the December 31 balance sheet will be

A

$0

B

$60,000

C

$100,000

D

$160,000

5 Question: The operating cycle of a company is the average time that is required to go from cash to

A

Sales in producing revenues

B

Cash in producing revenues

C

Inventory in producing revenues

D

Accounts receivable in producing revenues

6 Question: The income statement for the month of June, 2010 of Ramirez Enterprises contains the following information:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5697893.bmp

The entry to close Income Summary to Ramirez, Capital includes

A

A debit to Revenue for $7,000

B

Credits to Expenses totaling $3,600

C

A credit to Income Summary for $3,400

D

A credit to Ramirez, Capital for $3,400

7 Question: Joyce’s Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $50,000 with annual interest of 12%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? A

A

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505799.bmp
B

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505800.bmp
C

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505801.bmp
D

http://attachments.bisk.com/TestEngine/Live/Attachments/Answers/30505802.bmp
8 Question: All of the following statements about the post-closing trial balance are correct except it

A

Shows that the accounting equation is in balance

B

Provides evidence that the journalizing and posting of closing entries have been properly completed

C

Contains only permanent accounts

D

Proves that all transactions have been recorded

9 Question: The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
http://attachments.bisk.com/TestEngine/Live/Attachments/Questions/5701187-1.bmp

What is the company’s net income for the year ending December 31, 2010?

A

$133,000

B

$42,000

C

$28,000

D

$12,000

10 Question: O.K.C. Company collected $8,400 in May of 2010 for four months of service which would take place from October of 2010 through January of 2011. The revenue reported from this transaction during 2010 would be

A

0

B

$6,300

C

$8,400

D

$2,010

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our Guarantees

Money-back Guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism Guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision Policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy Policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation Guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
error: