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ACC/557 ACC557 ACC/557 Week 5 Midterm 1

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ACC 557 Week 5 Midterm 1 • Question 1 If supplies that have been purchased are used in the course of business, then • Question 2 Which of the following is true regarding the corporate form of business organization? • Question 3 Financial information that is capable of making a difference in a decision is • Question 4 Accountants refer to an economic event as a • Question 5 If total liabilities increased by $30,000 and stockholders’ equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period? • Question 6 Revenues would not result from • Question 7 An accountant has debited an asset account for $1,300 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction? • Question 8 An account is a part of the financial information system and is d • Question 9 Deerhoof Company purchases equipment for $2,700 and supplies for $400 from Milkman Co. for $3,100 cash. The entry for this transaction will include a 28 . The chart of accounts is a 28 . The chart of accounts is a • Question 10 At January 31, 2015, the balance in Aislers Inc.’s supplies account was $750. During February, Aislers purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the supplies account should be • Question 11 Delta72 Company received a cash advance of $700 from a customer. As a result of this event, • Question 12 On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will • Question 13 Which of the following steps in the accounting cycle may be performed most frequently? • Question 14 Equipment is classified in the balance sheet as • Question 15 The purpose of the post-closing trial balance is to • Question 16 Which of the following is a true statement about closing the books of a corporation? • Question 17 All of the following statements about the post-closing trial balance are correct except it • Question 18 0 out of 3 points The information for preparing a trial balance on a worksheet is obtained from • Question 19 If the total debits exceed total credits in the balance sheet columns of the worksheet, stockholders’ equity • Question 20 Which one of the following is not an enhancing quality of useful information? • Question 21 Unearned revenues are • Question 22 A company usually determines the amount of supplies used during a period by • Question 23 A law firm received $3,000 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause • Question 24 The balance in the Prepaid Rent account before adjustment at the end of the year is $21,000, which represents three months’ rent paid on December 1. The adjusting entry required on December 31 is to • Question 25 Soundgarden Company collected $18,200 in May of 2015 for 5 months of service which would take place from October of 2015 through February of 2016. The revenue reported from this transaction during 2015 would be Accounts Assignment Help, Accounts Homework help, Accounts Study Help, Accounts Course Help

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