Which of the complying with is true regarding adjusting entries?a. Adjusting entries are not posted to the ledger. b. Adjusting entries are dated as of the first day of the brand-new audit duration. c. Adjusting entries are optional with accrual-basis accountancy. d. Namong these statements are true.
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The recording of adjusting entries is sustained by thea. cash-basis of accountancy. b. corresponding principle. c. expense idea. d. accuracy principle.
The purpose of the adjusted trial balance is to verifya. the equality of the total delittle balances and also the full credit balances before adjustments have been recorded. b. the ehigh quality of the full delittle bit balances and also the complete credit balances after adjustments have actually been taped. c. that every one of the accounts are correct. d. that the net revenue reported is exact.
Clever before Computers has actually a 5-day work week and also pays the office staff $3,050 each week. If the month ends on a Thursday, the adjusting entry will certainly credit Weras Payable fora. $610 b. $3,050 c. $2,440 d. $1,220
An adjustment to record untape-recorded fees earned was posted throughout the existing duration. Which of the complying with would certainly cause the readjusted trial balance totals to be unequal?a. The adjustment was completely omitted. b. The adjustment was posted as a debit to Accounts Receivable for $870 and a crmodify to Fees Earned for $780. c. The adjustment was posted as a delittle to Fees Earned and a credit to Accounts Receivable. d. The adjustment was posted as a delittle bit to Cash and also a crmodify to Fees Earned.
Which of the complying with statements is true about vertical analysis? a. The amount of adjust in each line item is calculated. b. Each line item is expressed as a portion of owner"s equity. c. It is valuable in analyzing relationships within a financial statement. d. It is not valuable for analyzing changes in financial statements over time.
GreenSource Company kind of started the duration via $330 in offers. During the month, an additional $1,500 of gives were purchased. A physical inventory at the finish of the duration revealed that tright here were $585 of provides on hand also. The adjusting entry need to include a a. crmodify to Supplies Expense for $1,245. b. crmodify to Supplies for $1,245. c. credit to Supplies Expense for $585. d. delittle to Supplies for $585.
In the vertical analysis of an income statement a. each item is proclaimed as a percent of profits or fees earned. b. each item is stated as a percent of readjust from the previous period"s statement. c. full revenues are proclaimed as a percent of owner"s equity. d. each item is declared as a percent of full prices.
All adjusting entries affect a. just balance sheet accounts. b. only earnings statement accounts. c. at leastern one revenue statement account and one balance sheet account. d. the cash account.
If an adjustment for $7,500 in accrued earnings is omitted, how will certainly this influence the financial statements? a. Tbelow will be no impact on the financial statements. b. Accounts Receivable will certainly be overproclaimed by $7,500. c. Net income will certainly be underproclaimed by $7,500. d. Net income will certainly be overdeclared by $7,500.
Accrued earnings are earnings that a. have not been earned or obtained. b. have been earned and also received. c. have not been earned yet for which cash has actually been received. d. have actually been earned however have not been got or videotaped in the publications.
Once the readjusted trial balance is well balanced, it have the right to be supplied to prepare a. the revenue statement, the statement of owners" equity, and also the classified balance sheet. b. the classified balance sheet. c. the classified balance sheet and the revenue statement. d. none of these financial statement options are all set with the adjusted trial balance.
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The unearned subscriptions account reflected a balance of $32,500 prior to any type of adjustments. It is determined that $9,800 in subscriptions remain unearned at the end of the period. The adjusting journal entry have to incorporate a a. crmodify to Subscriptions Revenue for $22,700. b. crmodify to Unearned Subscriptions for $22,700. c. credit to Subscriptions Earned for $9,800. d. delittle bit to Unearned Subscriptions for $9,800.
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