Question & Answer: .'Il Sprint令 1:47 AM 34% i CHAPTER S General Accounting and End-of-Period Procedures 307 END-OF-CHAPTER QUESTIONS TRUE/FALSE…..

Accounting 1150 quickbooks
.Il Sprint令 1:47 AM 34% i CHAPTER S General Accounting and End-of-Period Procedures 307 END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 1. You record the amount of supplies on hand as the amount of the adjusting entry for supplies used 2. Once a report has been customized, it may be accessed in Accountant Reports 3. Add tional investments made by an owner may becast, or noncash 4. An owners withdrawal is recorded as a payroll expense 5. Accrual-basis accounting matches the income from the period and the expenses for the ー_ period in order to determine the net income or net loss for the period 6. Depreciation is recorded for the decrease in value of a fixed asset 7. A Statement of Cash Flows organzes information regarding cash activities and projects the amount of cash at the end of a period -8. ABalance Sheet is prepared to prove the equalty of debts and onda 9. You cannot recoed an automatic loan payment when you reconcile a bank statement 10. A Reconclilation Report prints the last two bank reconoiliation reports automatically MULTIPLE CHOICE CT ANSWER IN THE SPACE PROVOED WRITE THE LETTER OF THE CO QUESTION NUMBER The report that proves Assets-ueltes . Ownery Equity sho A Trial Balanoe B. Income Statement C Profit &Loss Report D. Balance Sheet 1. 2. Iifthe adjusting entry to transfer Net Income and Retained Earmings into the owners tal acont is prior to the end of Pe year the Balance Seer A. Retained Eamings B. Net Income C Both Net Income and Retained Eamings ransferred into capital

.’Il Sprint令 1:47 AM 34% i CHAPTER S General Accounting and End-of-Period Procedures 307 END-OF-CHAPTER QUESTIONS TRUE/FALSE ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER 1. You record the amount of supplies on hand as the amount of the adjusting entry for supplies used 2. Once a report has been customized, it may be accessed in Accountant Reports 3. Add tional investments made by an owner may becast, or noncash 4. An owner’s withdrawal is recorded as a payroll expense 5. Accrual-basis accounting matches the income from the period and the expenses for the ー_ period in order to determine the net income or net loss for the period 6. Depreciation is recorded for the decrease in value of a fixed asset 7. A Statement of Cash Flows organzes information regarding cash activities and projects the amount of cash at the end of a period -8. ABalance Sheet is prepared to prove the equalty of debts and onda 9. You cannot recoed an automatic loan payment when you reconcile a bank statement 10. A Reconclilation Report prints the last two bank reconoiliation reports automatically MULTIPLE CHOICE CT ANSWER IN THE SPACE PROVOED WRITE THE LETTER OF THE CO QUESTION NUMBER The report that proves Assets-ueltes . Ownery Equity sho A Trial Balanoe B. Income Statement C Profit &Loss Report D. Balance Sheet 1. 2. Iifthe adjusting entry to transfer Net Income and Retained Earmings into the owners tal acont is prior to the end of Pe year the Balance Seer A. Retained Eamings B. Net Income C Both Net Income and Retained Eamings ransferred into capital

Expert Answer

 

1. False.

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Supplies used = Beggining supplies in hand + Purchase – Closing supplies in hand. Adjusting journal is made on this.

2. True

3. True.

Additional investment made by owner may be in cash or non cash items like land, buildiing, vehicle, etc. Money value for that that non cash item is to be accounted.

4. False.

Owner’s withdrawal is direct withdrawal from business for personal use or as distribution of profit as dividends.

5. True.

Accrual basis accounts only for the given time period and exclude the income/expenses related to prior or future period.

6. True.

Depreciation is the reduction of cost or value of fixed assets in a systematic way untill it reaches zero or negligible amount.

7. True

A Cash flow Statement shows the cash activities of the business and does not take into account the non cash items or transactions like depreciation, to show the total inflow and outflow of cash during any period. From which we can determine the ending cash balance with an entity.

8. False.

To prove the equality between debit and credit a trial balance is prepared. Balance sheet is prepared to show that total of assets is equals to total of liability.

9. False.

Automatic loan payment has to be recorded to adjust the balance as per company’s record with the bank statement. Also other expenses of this nature, which are deducted by bank from time to time like bank charges, printing charges, etc have to be recorded.

10. False.

1. The report that proves Asset = Liabilities + Owner’s equity is the (D) Balance sheet

2. (D) None of the above.

If adjusting entry is made to the owner’s capital account, then in balance sheet it shows only the owners capital which is combined if prior capital balance and new transfer made into that. It does not show retained earning or net income differently.

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