Project #73419 - quiz

Answer the questions below:

 

A transportation company is paid in the month of May for delivering a truckload of goods, although it actually delivers it in June. What effect will there be on the financial statements if the correct adjusting entry is not made?

(Points : 1)       
      
      
      

Question 2. 2.

What conclusion can you draw after examining an unadjusted trail balance and an adjusted trial balance?

(Points : 1)
      
      
      
      

Question 3. 3.

A company receives a discount on its computer supplies if it purchases the entire year's inventory in January. What kind of adjusting entry will be needed to accurately record this expense?

(Points : 1)
      
      
      
      

Question 4. 4. How would you assess the usefulness of the Income Summary account as it relates to the closing process? (Points : 1)
      
      
      
      

Question 5. 5.

If the new clerk in the accounting department insists on including the sales revenue account on the post-closing trial balance, would you agree? Why, or why not?

(Points : 1)
      
      
      
      

Question 6. 6.

For what purpose would you least likely use a worksheet?

(Points : 1)
      
      
      
      

Question 7. 7.

Would you agree that accrual accounting is a better indication of a company's future performance than cash accounting? Why or why not?

(Points : 1)
      
      
      
      

Question 8. 8.

As the accounts payable manager, you have always been able to negotiate low interest rates when you borrow money to purchase capital. If the company's liabilities have increased from the last time you negotiated a loan, would you expect to qualify for the same low rates?

(Points : 1)
      
      
      
      

Question 9. 9.

If profit margin represents a relationship between net income and net sales, what outcome would you predict if there was an increase in net income, although no change in net sales?

(Points : 1)
      
      
      
      

Question 10. 10.

The CEO of a major restaurant chain, whose sales vary by no more than 1-2 percent per month, recommends that the company operate on a natural business year end. As the president of the company, do you support this decision? Why or why not?

(Points : 1)
      
      
      
      

Subject Business
Due By (Pacific Time) 06/08/2015 10:00 pm
Report DMCA
TutorRating
pallavi

Chat Now!

out of 1971 reviews
More..
amosmm

Chat Now!

out of 766 reviews
More..
PhyzKyd

Chat Now!

out of 1164 reviews
More..
rajdeep77

Chat Now!

out of 721 reviews
More..
sctys

Chat Now!

out of 1600 reviews
More..
sharadgreen

Chat Now!

out of 770 reviews
More..
topnotcher

Chat Now!

out of 766 reviews
More..
XXXIAO

Chat Now!

out of 680 reviews
More..
All Rights Reserved. Copyright by AceMyHW.com - Copyright Policy