Question

Adjusting entries: A. are made at the end of the period to correct errors made during...

  1. Adjusting entries:

A.

are made at the end of the period to correct errors made during the period.

B.

are made at the end of the period to close out temporary accounts.

C.

are made at the end of the period to properly state revenues and expenses.

D.

are made throughout the period to record transactions.
  1. Which of the following could be recorded in a special journal?

A.

Collection on account.

B.

Depreciation adjustment.

C.

Declaration of dividend.

D.

Closing income summary account.
  1. Ford Motor Company submits quarterly financial statements to the SEC. Which accounting principle/assumption allows Ford to do this?

A.

Going-concern Assumption

B.

Economic Entity assumption

C.

Periodicity Assumption

D.

Monetary unit assumption
  1. Which of the following is NOT a separate performance obligation?

A.

An individual good that is part of a bundle of interrelated goods and services that are combined by the seller as part of an integration service to create a customized product for the buyer.

B.

A good that is regularly sold separately from other goods and services.

C.

An option (sold with a product) that provides a material right beyond those offered by the firm to customers who do not buy the product.

D.

A warranty that the seller will fulfill all obligations specified in the original sales contract.
  1. Which of the following adjusting entries can be reversed?

A.

An entry to record insurance expense which was previously paid.

B.

An entry to record salary expense for the last 2 days of the period.

C.

An entry to record depreciation expense.

D.

An entry to record supplies used during the period.
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Homework Answers

Answer #1

Ques 1 c.

adjusting entries are generally made at the end of period to match revenues with the expenses in the current period. thereby complying with matching concept of account

Ques 2 a.

Collection of account is recorded in cash receipt journal, rest all are recorded in general jounral

Ques 3 c.

According to periodicity assumption financial year of the business can be broken into monthly/quaterly/half yearly periods

Ques 4 d.

extended warranty and not original warranty is considered a separate performance obligation

Ques 5 b.

the only types of adjusting entries that can be reversed are accrued income/expense prepaid expense & unearned expense.

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