A. . False
For Registration on www.virtualinspire.com u can use firefox or chrome or latestInternet Explorer.1.If the inventory shrinkage at the end of the year is overstated by 7,500, the errorwill cause an:A. understatement of net income for the year by 7,500B. understatement of cost of merchandise sold for the year by 7,500C. overstatement of merchandise inventory for the year by 7,500D. overstatement of gross profit for the year by 7,5002.The balance sheet contains the same major headings as appear in the accountingequation.A. FalseB. True3. If revenue was 45,000, expenses were 37,500, and the owner's withdrawalswere 10,000, the aamount of net income or net loss would be:A. 37,500 net lossB. 2,500 net lossC. 7,500 net incomeD. 45,000 net income4.If the estimated amount of depreciation on equipment for a period is 2,000,the adjusting entry to record depreciation would be:A. debit depreciation expense, 2,000; credit accumulateddepreciation, 2,000B. debit equipment, 2,000; credit depreciation expense, 2,000C. debit depreciation expense, 2,000; credit equipment, 2,000D. debit accumulated depreciation, 2,000; credit depreciation expense, 2,0005.Liabilities result from some future transaction.A. FalseB. True6.years.A.B.All calendar years are also fiscal years, but not all fiscal years are calendar.TrueFalse7.To compute net sales, sales discounts are added to, and sales returns andallowances are deducted from, gross sales.
A.B.8.A.B.TrueFalseThe post-closing trial balance may contain revenue and expense accounts. True. False9.Overstated ending inventory results in an overstatement of cost of goodssold and an understatement of gross profit and net income.A. TrueB. False10.A.B.All accounting systems currently in use are computerized. False. True11.A.B.In a period of rising prices, FIFO results in the lowest cost of goods sold. True.False12.If all of the adjusting entries are not made, the financial statements areincorrect.A. FalseB. True13.Which of the following entries closes the owner's drawing account at the endof the period.A. debit the owner's capital account, credit the drawing accountB. debit the income summary account, credit the drawing accountC. debit the drawing account, credit the owner's capital accountD. debit the drawing account, credit income summary account14.Which of the following accounts would not be included in a post-closing trialbalance.A. fees earnedB. accumulated depreciationC. cashD. owner's equity15.A.B.C.D.Which of the following is an example of an intangible asset. Patents. all possible answers. copyrights. goodwill16.If total assets increased 20,000 during a period and total liabilitiesincreased 12,000 during the same period, the amount and direction (increase ordecrease) of the change in owner's equity for that period is:A. an 8,000 decreaseB. an 8,000 increaseC. a 32,000 increaseD. a 32,000 decrease
17.The following units of a particular item were available for sale during theperiod:Beginning inventory 40 units at 20First purchase 50 units at 21Second purchase 50 units at 22Third purchase 50 units at 23What is the unit cost of the 35 units on hand at the end of the period as determinedunder the periodic inventory system by the FIFO costing method.A. 20B.C.D.18.A.B. 23 21 22The Unearned Fees account is a revenue account. True. False19.The accumulated depreciation account is an asset account that shows theamount of depreciation for the current year only.A. TrueB. False20.At the end of the fiscal year, Accounts Receivable has a balance of 100,000and Allowance for Doubtful Accounts has a balance of 7,000. The expected netrealizable value of the accounts receivable is:A. 107,000B. 7,000C. 93,000D. 100,00021.The percentage-of-sales method estimates the uncollectible accounts fromthe ending balance in accounts receivable.A. TrueB. False22.A.B.C.D.An.example of an accelerated depreciation method ing-balance23.The three forms business organizations are single proprietorship,partnership, and trustA. FalseB. True24.Current Liabilities are classified as clearly determinable, estimated andcontingent.A. FalseB. True
25.A.B.C.D.The.type of account with a normal credit balance is:drawinga revenuean assetan expense26.Which of the following expenses would normally be classified as Other or NonOperating expense on a multiple-step income statement.A. interest expenseB. insurance expenseC. depreciation expense - office equipmentD. sales salaries expense27.The following units of a particular item were purchased and sold during theperiod:Beginning inventory 40 units at 20First purchase 50 units at 21Second purchase 50 units at 22First sale 110 unitsThird purchase 50 units at 23Second sale 45 unitsWhat is the cost of the 35 units on hand at the end of the period as determinedunder the perpetual inventory system by the LIFO costing method.A. 715B. 705C. 700D. 80528.Which of the following accounts would not be closed to the income summaryaccount at the end of a period.A. fees earnedB. rent expenseC. wages expenseD. accumulated depreciation29.A.B.Revenues, liabilities and equity accounts are increased by debits. False. True30.Under the allowance method, uncollectible accounts expense is recognizedwhen a specific customer's account is written off.A. TrueB. False31.If the trial balance has equal debit and credit totals, it cannot contain anyerrors.A. TrueB. False32.A.The left side of any account is the credit side. False
B. True33.The purpose of depreciation accounting is to provide the case required toreplace plant assets.A. TrueB. False34.The income statement shows the profitability of the company and is dated asof a particular date, such as December 31, 2010.A. TrueB. False35.5.A.B.C.D.What is the due date of a 12,000, 90-day, 8% note receivable dated August. November 4. October 31. November 3. November 236.Which of the following accounts would be classified as a current asset on thebalance sheet.A. accumulated depreciationB. accounts receivableC. office equipmentD. land37.Purchase discounts and purchase returns and allowances are recorded incontra accounts to the purchases account.A. TrueB. False38.A transaction must be journalized in the journal before it can be posted tothe ledger accounts.A. FalseB. True39.A multi-step income statement consists of only two categories of items,revenues and expensesA. TrueB. False40.If the equipment account has a balance of 22,500 and its accumulated depreciation account has a balance of 14,000, thebook value of the equipment is:A. 36,500B. 14,000C. 22,500D. 8,50041.A.B.C.A debit may signify:. an increase in an asset account. a decrease in an asset account. an increase in a liability account
D.42.A.B.C.D.an increase in the owner's capital accountA payment of cash for the purchases of services should be recorded in the:. cash receipts journals. revenue journal. purchases journal. cash payments journal43.After the closing process is complete, no balance can exist in any revenue,expense, or income summary account.A. TrueB. False44.A.B.C.D.Which of the following items represents a deferral. fees earned. accumulated depreciation. wages payable. prepaid insurance45.The inventory costing method that is based on the assumption that costsshould be charged against revenue in the order in which they were incurred is:A. perpetual inventoryB. average costC. FIFOD. LIFO46.A.B.C.D.The resources owned by a business are called:. The accounting Equation. Owner's Equity. Assets. Liabilities47.specificA.B.C.D.A listing of a business entity's assets, liabilities, and owner's equity as of adate is:. a statement of cash flows. a statement of owner's equity. a balance sheet. an income statement48.The policies and procedures used by management to protect assets frommisuse, ensure accurate business information, and ensure compliance with laws andregulations re called:A. systems analysisB. systems implementationC. internal controlsD. systems design49.If merchandise purchased on account is returned, the buyer may inform theseller of the details by issuing:A. a credit memorandumB. a billC. an invoiceD. a debit memorandum
50.The amounts in the Adjustments columns are always added to the amountsin the Trial Balance columns to determine the amounts in the Adjusted Trial Balancecolumns.A. TrueB. False51.A debit balance in which of the following accounts would indicate a likelyerror.A. miscellaneous expenseB. cashC. fees earnedD. accounts receivable52.A.B.C.D.What is the maturity value of a 90-day, 12% note for 10,000. 10,300. 10,000. 8,800. 11,20053.The form listing the titles and balances of the accounts in the ledger on agiven date is the:A. balance sheetB. income statementC. trial balanceD. statement of owner's equity54.When a note receivable is dishonored, Accounts receivable is debited forwhat amount.A. the face value of the noteB. the maturity value of the note plus accrued interestC. the maturity value of the noteD. the maturity value of the note less accrued interest55.value.A.B.Depreciation is the process of valuation of an asset to arrive at its market.TrueFalse56.All of the steps in the accounting cycle are performed only at the end of theaccounting period.A. FalseB. True57.On a multiple-step income statement, the excess of net sales over the costof merchandise sold is called:A. income from operationsB. net incomeC. operating incomeD. gross profit58.When there are a large number of individual accounts with a commoncharacteristic, it is common to place them in a separate ledger called:A. a creditors ledger
B.C.D. an accounts payable ledger. an accounts receivable ledger. a subsidiary ledger59.If merchandise is sold on account to a customer for 1,000, terms FOBshipping point, 1/10, n/30, and the seller prepays 50 in transportation costs, theamount of the discount for early payment would be:A. 0B. 10.00C. 10.50D. 5.0060.If merchandise inventory is being valued at cost and the price level issteadily rising, the method of costing that will yield the highest net income is:A. FIFOB. periodicC. LIFOD. average61.The balance on the unearned rent account for Jones Co. as of 12/31 is 1,200. If Jones Co. failed to record the adjusting entry for 600 of rent earnedduring December, the effect on the balance sheet and income statement forDecember is:A. liabilities overstated 600; net income understated 600B. liabilities overstated 600; net income overstated 600C. liabilities understated 600; net income understated 600D. assets understated 600; net income overstated 60062.A petty cash fund is:A. All of the proposed answersB. used to pay relatively small amountsC. established by estimating the amount of cash needed for disbursementof relatively small amounts during a specified periodD. reimbursed when the amount of money in the fund is reduced to apredetermined minimum amount63.Under perpetual procedure, cost of goods sold is determined as a result ofthe closing entries made at the end of the period.A. TrueB. False64.A.B.At the end of the accounting period, three trial balances are prepared. True. False65.The statement of equity shows both the net income for the period and thebeginning and ending balances of equity.A. TrueB. False66.If a net loss occurs, it appears in the Income Statement credit column andBalance Sheet debit column.A. TrueB. False
67.Which of the following accounts in the adjusted trial balance columns of thework sheet would be extended to the balance sheet columns:A. Rent revenueB. Miscellaneous expenseC. Utilities expenseD. Owner Drawing68.At the end of the fiscal year, before the accounts are adjusted, AccountsReceivable has a balance of 200,000 and Allowance for Doubtful Accounts has acredit balance of 2,500. If the estimate of uncollectible accounts determined byaging the receivables is 8,500, the amount of uncollectible accounts expense is:A. 2,500B. 11,000C. 6,000D. 8,50069.The income statement in which the total of all expenses is deducted from thetotal of all revenues is terms:A. multiple-step formB. single-step formC. report formD. account form70.Under Lower of Cost or Market, inventory is written down to market valuewhen the market value is less than the cost, and inventory is written up to marketvalue when the market value is greater than the cost.A. FalseB. True71.A profit making business operating as a separate legal entity and in whichownership is divided into shares of stock is known as a:A. ProprietorshipB. CorporationC. Service BusinessD. Partnership72.The three most common types of business activity are service,merchandising, and manufacturing.A. TrueB. False73.In taking a physical inventory, consigned goods are usually not included inthe ending inventory, but merchandise in transit is included.A. TrueB. False74.Every adjusting entry affects at lease one income statement account and onebalance sheet account.A. TrueB. False
75.A business issued a 5,000, 60-day, 12% note to the bank. The amount dueat maturity is:A. 4,900B. 5,000C. 5,600D. 5,10076.Under perpetual inventory procedure, the Merchandise Inventory account isdebited for each purchase and credited for each sale.A. FalseB. True77.If the supplies account (asset), before adjustment on May 31, indicated abalance of 2,250, and supplies on hand at May 31 totaled 950, the adjusting entrywould be:A. debit supplies, 950; credit supplies expense, 950B. debit supplies, 1,300; credit supplies expense, 1,300C. debit supplies expense, 1,300; credit supplies, 1,300D. debit supplies expense, 950; credit supplies, 95078.The receipt of cash from customers in payment of their accounts would berecorded by a:A. debit to cash; credit to accounts receivableB. debit to accounts receivable; credit to cashC. debit to accounts payable; credit to cashD. debit to cash; credit to accounts payable79.Which of the following expenditures incurred in connection with acquiringmachinery is a proper charge to the asset account.A. Neither oneB. Installation costsC. FreightD. Both80.The purchase price of land includes its purchase price and other relatedcosts, including the cost of removing an old unusable building that is on the land.A. TrueB. False
39. A multi-step income statement consists of only two categories of items, revenues and expenses A. . True B. . False 40. If the equipment account has a balance of 22,500 and its accumulated depreciation account has a balance of 14,000, the book
Manufacturer Game Name Year Comments A-One Korea A-One Korean monitor 26” Monitor CAGS TRUE FALSE FALSE FALSE FALSE ADP TAIFUN Air Hockey TRUE FALSE FALSE FALSE FALSE Advance OS3000 Oscilloscope TRUE TRUE FALSE FALSE TRUE ALCA FLYING CIRCUS Arcade TRUE FALSE FALSE FALSE FALSE Algo Algo Color Monitor TRUE TRUE FALSE FALSE FALSE
NOR gate logic table Input ̅ Input ̅ Output C False False True False True False True False False True True False NOR gate truth table . AND gate function table NAND function ̅̅̅ ̅ ̅ This is an AND function with resultant output inverted ( not AND )
1) You will be living abroad. True / False 2) You will have had five children. True / False 3) You'll still be studying English. True / False 4) You'll also be studying another language. True / False Twenty-five years from now 1) You will have become a perfect English-speaker. True / False 2) You will have become very rich. True / False
Adams, Henry, 1838-1918 Education of Henry Adams, The. An autobiography. E 175.5 A 2A3 FALSE Adams, James Truslow Adams Family, The E 322.1 A 21 FALSE Adams, John Quincy John Adams E 322 A 21 FALSE Adams, John Quincy John Adams E 322 A 21 FALSE Adams,
Audible alarm, low oil pressure and high coolant temperature DD51003 470.00 FALSE - Light Options Worklights ROPS Mounted 2F & 2 R) DD59803 966.00 FALSE - Strobe DD59804 419.00 FALSE - Beacon DD59805 389.00 FALSE - Haz/Signal (Frame Mounted) DD59807 1,014.00 FALSE - HYD Hydraulic Oil Biodegradable oil DD60001 903.00 FALSE - SERV Test Ports
false christs and false Prophets have arisen, preaching great portions of the message, as they try to deceive the elect. This book would only cover some of these false christs and false Prophets, with their false doctrines, that are based upon brother Branham‟s New Ministry, which is the end time Ministry of our Lord Jesus Christ.
True/ False Every hour, two people in the UK are told they have Parkinson's. True/ False People with Parkinson's may experience difficulty swallowing food or drink. True/ False . t ,I Parkinson's only affects the over 50s. 5 True/ False The main symptoms of Parkinson's are tremor, rigidity and slowness of movement. True/ False 6 7
The cost of floating a debt is greater than the cost of floating an equity issue. State True or False: a) 1-True, 2-True b) 1-False, 2-True c) 1-False, 2-False d) 1-True, 2-False 24. Credit policy of every company is largely influenced by _ and . If the following are balance sheet changes: Rs. 5,005 decrease in accounts receivable Rs .
