Business

Business

Question 1

ABC Company sells gift certificates in addition to selling products. The gift certificate sales are an example of

Deferred revenue

Accrued revenue

Deferred expense

Accrued expense

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Question 2

ABC pays $1,200 per year for car insurance for their CEO. The payment of the car insurance is an example of

Accrued revenue

Accrued expense

Deferred expense

Deferred revenue

2 points   Saved

Question 3

ABC ships 100,000 pounds of materials in the way of sales on the last day of the year. Shipping costs, for which ABC must pay, generally run $0.01 per pound, which should be $1,000 for the end-of-year shipments. Unfortunately, though, the shipping company’s billing office is closed for the holidays and will not be submitting a bill to ABC until mid January. ABC records the $1,000 of shipping expense in December. The recording of $1,000 shipping is an example of

Accrued revenue

Deferred expense

Accrued expense

Deferred revenue

2 points   Save Answer

Question 4

ABC company sells product to customers and provides them with 60 day terms for payment. On October 15th, XYZ places an order from ABC for $1,000 worth of goods. On October 16th, ABC ships the goods and records the sale. XYZ pays the $1,000 on December 15th. The recording of the sale by ABC on October 16th is an example of

Accrued expense

Deferred revenue

Deferred expense

Accrued revenue

2 points   Save Answer

Question 5

ABC Company purchases a piece of equipment on April 1st of 2011 for $10,000, and they estimate the useful life to be 10 years and have a zero salvage value at the end of the useful life. ABC uses straight-line depreciation.

On December 31, 2011, ABC must make an adjusting entry to reflect the depreciation for the equipment for the year. This adjusting entry will cause

an impact to the income statement (decrease in income) and an impact to the balance sheet (decrease in assets).

an impact to the income statement (increase in income) and an impact to the balance sheet (increase in assets).

an impact to the income statement (increase in income) and an impact to the balance sheet (decrease in assets).

an impact to the income statement (decrease in income) and an impact to the balance sheet (increase in assets).

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Question 6

ABC Company purchases a piece of equipment on April 1st of 2011 for $10,000, and they estimate the useful life to be 10 years and have a zero salvage value at the end of the useful life. ABC uses straight-line depreciation.

On December 31, 2011, ABC must make an adjusting entry to reflect the depreciation for the equipment for the year. This adjusting entry will impact the two following accounts (choose the best answer):

expense and asset

expense and contra-asset

expense and liability

expense and contra-expense

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Question 7

ABC Company pays twelve months of rent ($200 per month) in advance on November 1st. On December 31st, how much of pre-paid rent (an asset) is shown on ABC’s balance sheet?

$400

$2,400

$2,000

$200

2 points   Saved

Question 8

ABC performs an annual count of their supplies inventory at the end of each year. At the beginning of the year the count showed $100 of supplies, and this was properly reflected on the balance sheet. During the year ABC purchased and expensed $4,000 of supplies. At year end, ABC determines there are only $50 worth of supplies on hand. What is ABC’s total supply expense for the year?

$4,050

Cannot be determined

$50

$4,000

$100

2 points   Save Answer

Question 9

For the first time, ABC decides to sell gift certificates for the upcoming holiday season. For the month of November they sell $100 of gift certificates and have sales of $1,000 excluding gift certificates. For the month of December they sell $200 of gift certificates and have sales of $1,000 excluding gift certificates, but the sales do include $50 of redeem gift certificates. What is the balance of the unearned revenue account at year end?

$3,000

$250

$0

Cannot be determined

$300

2 points   Save Answer

Question 10

ABC Company pays their hourly workers every Friday for the previous seven days of wages.  This year, December 31st falls on Wednesday.

Saturday    Dec. 27    wages earned:  $1,000
Sunday    Dec. 28    wages earned:  $1,000
Monday    Dec. 29    wages earned:  $1,000
Tuesday    Dec. 30    wages earned:  $1,000
Wednesday    Dec. 31    wages earned:  $1,000
Thursday    Jan. 1    wages earned:  $1,000
Friday    Jan. 2    wages earned:  $1,000

On Friday, January 2nd, the paymaster pays the employees $7,000.  How much should ABC show as an accrued expense for year end?

$7,000

$2,000

$5,000

$0

2 points   Save Answer

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