Accounting Cash Payment Multiple Choice Questions Homework Help
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1.Which of the following accounts will be closed by crediting the Income Summary?
a. Accounts Payable
b. Service Revenue
c. Depreciation Expense
d. Accumulated Depreciation
2.Which of the following accounts are temporary accounts that must be closed at the end of the year?
a. Assets, liabilities and owner’s equity
b. Assets, liabilities and owner’s withdrawals
c. Revenues, expenses and owner’s capital
d. Revenues, expenses and owner’s withdrawals
3.To what account is the balance in the Income Summary closed?
a. The Income Summary is closed to the owner’s withdrawals account.
b. The Income Summary is closed to the owner’s capital or Retained Earnings account.
c. The Income Summary is closed to the net income account.
d. None of the above.
4.Adkins Company has a current ratio of 1.0 and a debt ratio of .7. Wilson Company has a current ratio of 1.4 and a debt ratio of .5. Which of the following statements is true?
a. The two companies’ debt ratios and current ratios vary in different directions and the companies appear to be in similar financial shape.
b. Wilson appears to be in better financial shape than Adkins.
c. The two companies’ debt ratios and current ratios vary in different directions and these results do not make sense.
d. Adkins appears to be in better financial shape than Wilson.
5.Which of the following is generally a merchandiser’s major cost?
a. Salary expense
c. Cost of goods sold
6.A company uses the perpetual inventory method. Which of the following entries would be made to record a sale of merchandise on account?
a) The accounting entry would be a debit to Accounts Receivable and a credit to Sales Revenue.
b) The accounting entry would be a debit to Sales Revenue and a credit to Accounts Receivable.
c) The accounting entry would be a debit to Cost of Goods Sold and a credit to Inventory.
d) Both A and C would be necessary to record the sale.
7.Sales revenue $460,000
Costs of goods sold 300,000
Operating expenses 85,000
Sales discounts 20,000
Sales returns and allowances 15,000
Interest Revenue 5,000
What is net sales revenue?
8.A company uses the perpetual inventory system. The inventory account balance is $50,000. An actual count of inventory reveals that actual inventory is $43,000. Which of the following would be included in the required adjusting entry?
a. $50,000 debit to Cost of Goods Sold would be required.
b. $7,000 credit to Inventory would be required.
c. $7,000 credit to Cost of Goods Sold would be required.
d. $43,000 credit to Inventory would be required.
9.Which of the following is subtracted from gross profit to arrive at operating income?
a. Operating expenses
b. Cost of goods sold
c. Sales discounts and sales returns and allowances
d. Cost of goods available for sale
10.Which of the following is represented by the inventory account on the balance sheet?
a. Ending inventory
b. Cost of merchandise available for sale
c. Cost of goods sold
d. Beginning inventory
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11.A business makes a cash payment of rent. Which of the following occurs?
a. An asset is credited and a liability is debited.
b. An asset is debited and a liability is credited.
c. A liability is debited and an expense is credited.
d. An asset is credited and an expense is debited
12.On September 30, the Cash account of Value Company had a normal balance of $5,700. During September, the account was debited for a total of $12,900 and credited for a total of $12,200. What was the balance in the Cash account at the beginning of September?
a. $6,400 credit balance.
b. $6,400 debit balance.
c. $0 balance.
d. $5,000 debit balance.
e. $5,000 credit balance.
13.A company had no office supplies available at the beginning of the year. During the year, the company purchased $370 worth of office supplies. On December 31, $135 worth of office supplies remained. How much should the company report as office supplies expense for the year?
14.On January 1 of the current year, Bob’s Lawn Care Service reported owner’s capital totaling $124,400. During the current year, total revenues were $97,900 while total expenses were $83,600. Also, during the current year Bob withdrew $21,900 from the company. No other changes in equity occurred during the year. If, on December 31 of the current year, total assets are $196,000, the change in owner’s capital during the year was:
a. A decrease of $7,600.
b. An decrease of $36,200.
c. An increase of $7,600.
d. Impossible to determine from the information provided.
e. A increase of $36,200.
15.A trial balance taken at year-end showed total credits exceed total debits by $5,760. This discrepancy could have been caused by:
a. The balance of $57,600 in Accounts Payable being entered in the trial balance as $640.
b. The balance of $6,400 in the Office Equipment account being entered on the trial balance as a debit of $640.
c. An error in the general journal where a $5,760 increase in Accounts Payable was recorded as a decrease in Accounts Payable.
d. A net income of $5,760.
e. An error in the general journal where a $5,760 increase in Accounts Receivable was recorded as an increase in Cash.
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