What is the balance of the supplies account
1/ Wolfe & Associates purchased $400 of office supplies on account and treated the supplies as a prepaid expense. The journal entry would require a:
O A. debit to Office Supplies Expense and a credit to Office Supplies.
OB. debit to Office Supplies and a credit to Accounts Payable.
O C. debit to Office Supplies Expense and a credit to Cash.
D. debit to Office Supplies and a credit to Cash..
2/ Given the following T- Account information, what is the balance of the supplies account?
Supplies 123
1/5
230
1/19 115
470
OA. $115 credit balance
OB. $585 debit balance
O C. $700 debit balance
3/ Given the following T- Account information, what is the balance of the supplies account?
OA. $115 credit balance
OB. $585 debit balance
O c. $700 debit balance
OD. $585 credit balance
4/ Austin borrowed money for his business from a local bank. What accounts will be affected?
OA. Accounts Payable and Revenue
OB. Cash and Accounts Payable
O C. Cash and Notes Payable
OD. Accounts Receivable and Revenue
5/ Recording the purchase of supplies in a prepaid account would be an example of a(n):
O A. deferred expense.
OB. deferred revenue.
O C. accrued expense.
OD. accrued revenue.
6/ Dividends paid and net losses are:
OA. subtractions from net income..
OB. additions to Retained Earnings.
O C. subtractions from Retained Earnings.
OD. additions to net income.
7/ Which of the following is NOT a revenue account?
OA. Fees Earned
OB. Professional Fees
OC. Salaries
OD. Sales
8/ The account “Accounts Receivable” began with a zero balance and then had the following changes: increase of $700, decrease of $300, increase of $325 and increase of $150. The final balance is a:
A. debit balance of $1,475.
OB. credit balance of $875.
O C. debit balance of $875.
OD. credit balance of $1,475.
9/ Austin owns an antique store. In his accounting records, he includes his car-which is solely used for personal purposes. Which principle is Austin violating?
O A. Personal property
B. Cost
O C. Business entity
OD. Reliability
10/Star Corporation has $88,000 in Liabilities and $113,000 in Stockholders’ Equity. What is the value of the company’s Assets?
OA. $113,000
O B. $25,000
O C. $201,000
OD. Not enough information provided
11/ Respectively, dividends, revenues, and expenses are:
A. all temporary accounts.
O B. all permanent accounts.
O C. temporary, permanent, and temporary accounts.
OD. temporary, temporary, and permanent accounts.
12/ Which of the following would start with a 1 in the chart of accounts?
OA. Depreciation Expense and Marketing Expense
O B. Receivables and Equipment
O C. Common Stock and Dividends
OD. Merchandise Sales and Rent Revenue
13/ GAAP tries to ensure that accounting information is:
OA. relevant, understandable, and reliable.
O B. reliable, historical, and accurate.
OC. accurate, relevant, and factual.
OD. understandable, realizable, and error-free.
14/ AT account has a $2,110 credit balance. This account is most likely:
OA. a dividend account.
OB. an asset.
OC. an expense.
OD. a stock account.
15/ During a recent week, incurred wages were $800. However, $480 of the wages had not been paid. Assume no other adjusting entries have been done this fiscal year. The adjusting entry for wages would be:
OA. debit Wages Expense, $480; credit Wages Payable, $480.
B. debit Wages Expense, $320; credit Wages Payable, $320.
O C. debit Wages Payable, $320; credit Wages Expense, $320.
OD. debit Wages Payable, $480; credit Wages Expense, $480.
16/ Which of the following is an advantage of a sole proprietorship?
OA. Ease of formation
O B. Limited liability of owner
O C. Ease of raising capital
D. Unlimited life
17/ The adjusted balance for Prepaid Insurance is a $5,424 debit. Insurance Expense for the period was $1,536. What was the balance for Prepaid Insurance on the unadjusted trial balance?
OA. $3,888 credit
B. $6,960 debit
OC. $3,888 debit
OD. $1,536 debit
18/ At the beginning of the period, the Supplies account has a balance of $600. At the end of the period, the balance in the account was $175. The adjusting entry would be:
OA. debit Supplies, $175; credit Supplies Expense, $175.
OB. debit Supplies Expense, $175; credit Supplies, $175.
O C. debit Supplies Expense, $425; credit Supplies, $425.
D. debit Supplies, $425; credit Supplies Expense, $425.
19/ Closing entries included debits to revenues for a total of $5,400, credits to expenses for a total of $3,100, and a credit to dividends for $1,000. The net change in Retained Earnings for the month was:
OA. $4,400.
O B. $2,300.
OC. $1,300.
OD. $3,100.
20/ Recording Social Security Taxes Payable would be an example of a(n):
O A. deferred expense.
OB. deferred revenue.
C. accrued expense.
D. accrued revenue.
21/ Caesar Company’s trial balance contains the following balances:
Cash $680
Accounts Receivable $580 Dividends $220
Common Stock $700
Accounts Payable $780
What is the amount of total credits for this trial balance?
A. $1,700
OB. $1,960
OC. $1,600
OD. $1,480
22/ The unadjusted trial balance for Prepaid Insurance shows a normal balance of $1,350. $500 of the balance was unexpired at year’s end. On the adjusted trial balance, the balance for Prepaid Insurance is a:
OA. $500 debit.
OB. $850 credit.
OC. $500 credit.
OD. $850 debit.
23/ What do we call amounts of money borrowed from lenders?
OA. Expense
B. Asset
O C. Liability
OD. Revenue
24/ The account “Notes Payable” began with a zero balance and then had the following changes: increase of $800, increase of $400, decrease of $550, and an increase of $260. The final balance is a:
A. credit balance of $910.
OB. debit balance of $1,460.
O C. debit balance of $910.
OD. credit balance of $550.
25/ GAAP is the acronym for generally accepted
principles.
A. auditing
B. accounting
OC. associated
OD. averaging
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