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80.
The process of originally recording a business transaction in the accounting records is
termed:
81.
Brett Tarek, a manager at D&J Landscaping, Inc. needs information regarding the amount
of accounts payable currently owed by the company. This information would most easily
be found in the:
82.
Transactions are recorded in the general journal in:
83.
A transaction is first recorded in which of the following accounting records?
84.
Preparing a journal entry in proper form involves all the following
except
:
85.
Posting is the process of:
The bookkeeper for Wood Mfg. made the following journal entry on January 30, 2015:
86.
This transaction involves:
87.
Refer to the information above. Before the journal entry above, Wood had assets,
liabilities, and owners' equity of $450,000, $100,000, and $350,000, respectively. What are
total assets
immediately
after
the above transaction occurs?
The following entry appears in Martin Supply's general journal on March 10, 2015:
88.
Refer to the information above. This transaction involves:
3-46
89.
Refer to the information above. Before the journal entry above, Martin had assets of
$900,000; liabilities of $460,000; and owners' equity of $440,000. Total assets immediately
after the above transaction has been recorded amount to:
The following entry appears in Galloway Paints general journal on April 23, 2015:
90.
Refer to the information above. This transaction involves:
91.
Refer to the information above. Before the journal entry above, Galloway had assets of
$450,000; liabilities of $230,000; and owners' equity of $220,000. Total assets immediately
after the above transaction has been recorded amount to:
92.
The price of the goods sold or services rendered during a given accounting period is
called:
93.
All of the following statements are true of an income statement
except
:
94.
Which of the following would
not
appear on an income statement?
95.
Sally Smith had expenses of $800 in June which she paid in July. She reported these
expenses on her June income statement. By doing this, she is following the accounting
principle of:
96.
The principle that states revenue should be recognized at the time goods are sold or
services rendered is called:
97.
Recognizing revenue when it is earned and not when cash is received and recognizing
expenses when the related goods or services are used rather than when they are paid for
is called:
98.
The
realization principle
indicates that revenue usually should be recognized and recorded
in the accounting records:
99.
In February of each year, the Carlton Hotel holds a very popular wine tasting event.
Tickets must be ordered and paid for in advance, and are typically sold out by November
of the preceding year. The realization principle indicates that the revenue from these ticket
sales should be recognized in the period in which the:
100.
The
matching principle
is best demonstrated by:
101.
Clinton prepares monthly financial statements. Which of the following
violates
the
matching principle?
102.
The matching principle:
103.
Davis, Inc., a music group, entertained at a black-tie dinner dance on April 26, and
collected the fee in full at the end of the evening. This transaction:
104.
At the end of October, Flagship Marina received a bill for fuel used in October. Payment is
not due until November 30. This transaction:
105.
On June 27, Healthy Life Services, Inc. performed extensive tests on lab specimens
submitted by several customers and sent invoices totaling $5,200, due in 30 days.
106.
Green Systems sold and delivered modems to Blue Computers for $660,000 to be paid by
Blue in three equal installments over the next three months. The journal entry made by
Blue Computers to record the last of the three installment payments will include:
107.
Black Systems sold and delivered modems to White Computers for $330,000 to be paid by
White in three equal installments over the next three months. The journal entry made by
Black Systems to record this transaction will include:
108.
The statement "This business produced net income of $520,000" is unclear because it
failed to specify:
109.
The term
revenue
can best be described as:
110.
Net income is:
111.
The reason that revenue is recorded by a
credit entry
to a revenue account is:
112.
Revenues increase owners' equity because:
113.
The reason that both expenses and dividends are recorded by debit entries is that:
114.
A journal entry which records revenue must include:
115.
A journal entry to record revenue could include each of the following,
except
:
116.
A journal entry to recognize an expense must include:
