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Q 1/15
Score 0
What is the purpose of a trial balance?
45
To prove that Debits = Credits
To calculate Net Income
To maintain the accounting equation: Assets = Liabilities + Owner’s Equity
To calculate the ending balance in Owner’s Equity
Q 2/15
Score 0
The Cost Principle tells us
45
we will record assets at historical costs.
we will depreciate assets to reflect the decline in value.
we will record assets at fair market value.
cost will include sales tax only.
15 questions
Q.
What is the purpose of a trial balance?
1
45 sec
Q.
The Cost Principle tells us
2
45 sec
Q.
Which of the following are inventory valuation methods?
3
45 sec
Q.
The entry to record a bad debt of $510 under the Allowance Method would be ______
4
45 sec
Q.
Periodic Inventory means that . . .
5
45 sec
Q.
The Nerris Company purchased a piece of equipment for $ 187,300 at the beginning of the year. The company estimated that the equipment will last for 10 years, produce 100,000 units, and have a salvage value of $ 2,300. Calculate the units-of-production depreciation for the first year in which the company produced 22,000 units.
6
45 sec
Q.
The Nerris Company purchased a piece of equipment for $ 187,300 at the beginning of the year. The company estimated that the equipment will last for 10 years, produce 100,000 units, and have a salvage value of $ 2,300. Calculate the straight-line depreciation for the first year in which the company produced 22,000 units.
7
45 sec
Q.
When calculating payroll, the Medicare rate is ______.
8
45 sec
Q.
The employer is responsible for which of the following payroll expenses?
9
45 sec
Q.
Adjusting entries are
10
45 sec
Q.
A mortgage note payable requiring monthly payments would be listed in what section of the balance sheet?
11
45 sec
Q.
Which statements are required by FASB?
12
45 sec
Q.
To record a utility bill of $1,200 to be paid next month, we would:
13
30 sec
Q.
All property, plant, and equipment will be depreciated except . . .
14
45 sec
Q.
Using the information below, what is the amount of net income?
