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STRAYER ACC557 MIDTERM EXAM LATEST 2015

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Question Question 1 3 out of 3 points Radio Moscow Industries purchased supplies for $1,000. They paid $400 in cash and agreed to pay the balance in 30 days. The journal entry to record this transaction would include a debit to an asset account for $1,000, a credit to a liability account for $600. Which of the following would be the correct way to complete the recording of the transaction? Question 2 3 out of 3 points The first step in posting involves Question 3 3 out of 3 points Credits Question 4 3 out of 3 points The first step in the recording process is to Question 5 3 out of 3 points 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 Question 6 3 out of 3 points The chart of accounts is a Question 7 3 out of 3 points Equipment is classified in the balance sheet as Question 8 3 out of 3 points The first required step in the accounting cycle is Question 9 3 out of 3 points The operating cycle of a company is the average time that is required to go from cash to Question 10 3 out of 3 points Correcting entries are made Question 11 3 out of 3 points The information for preparing a trial balance on a worksheet is obtained from Question 12 3 out of 3 points A post-closing trial balance will show Question 13 3 out of 3 points All of the following statements about the post-closing trial balance are correct except it Question 14 3 out of 3 points Which one of the following is not an enhancing quality of useful information? Question 15 3 out of 3 points Accounts often need to be adjusted because Question 16 3 out of 3 points Dinosaur Junior Corporation purchased a one-year insurance policy in January 2015 for $75,000. The insurance policy is in effect from May 2015 through April 2016. If the company neglects to make the proper year-end adjustment for the expired insurance Question 17 3 out of 3 points 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 18 3 out of 3 points 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 19 0 out of 3 points If an adjusting entry is not made for an accrued revenue Question 20 3 out of 3 points Financial information that is capable of making a difference in a decision is 0 out of 3 points Fat Possum’s Service Shop started the year with total assets of $330,000 and total liabilities of $2400,000. During the year, the business recorded $630,000 in revenues, $420,000 in expenses, and paid dividends of $60,000. The net income reported by Fat Possum’s Service Shop for the year was Question 22 3 out of 3 points The accounting process involves all of the following except Question 23 3 out of 3 points Accounting consists of three basic activities which are related to economic events of an organization. These include Question 24 3 out of 3 points The final step in solving an ethical dilemma is to Question 25 3 out of 3 points Revenues would not result from Question 1 3 out of 3 points Sales revenue less cost of goods sold is called Question 2 3 out of 3 points The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit Question 3 3 out of 3 points A merchandising company using a perpetual system will make Question 4 3 out of 3 points Net income is gross profit less Question 5 3 out of 3 points Two companies report the same cost of goods available for sale but each employs a different inventory costing method. If the price of goods has increase

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