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Continuing Education Accounting Questions

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Continuing Education Accounting
An asset purchased ten years ago for $100,000 has accumulated
depreciation of $100,000 at the end of its tenth year. What amount
should be charged to depreciation if the asset is used in its eleventh
  1. 9090
  2. 1000
  3. 0
  4. 10000
Continuing Education Accounting
Checks written by a company but not yet clearing its bank checking
account are referred to as               outstanding              checks.
Continuing Education Accounting
Under accrual accounting, amounts received in advance of providing
a service should be reported as
  1. A liability
  2. Revenue
  3. Not reported
Continuing Education Accounting
When a purchase is made on credit, Accounts           Payable          is
Continuing Education Accounting
Accruing wages expense as of December 31 has what effect on the
December 31 balance sheet?
  1. Assets decrease
  2. Liabilities increase
  3. Owner's equity increases
Continuing Education Accounting
A company's bank statement shows a balance of $1,234 on
December 31. The company's general ledger shows a balance
of $658. The bank statement reports a service charge of $14.
The amount of outstanding checks is $590. The adjusted or
correct cash balance to be reported on the balance sheet for
this account is                                                    $644.00 (1,234.00 - 590.00) and (658.00 - 14.00)                                                   .
Continuing Education Accounting
A corporation's failure to accrue an expense will cause expenses and
                to be understated.
  1. Assets
  2. Liabilities
  3. Owner's Equity
Continuing Education Accounting
Equipment having a cost of $100,000 was put into service on July 1, 2007.
The equipment's salvage value at the end of its 10-year useful life is
estimated to be $10,000. The company's accounting year ends on
December 31. The depreciation for this equipment for the year 2007 using the straight-line
method will be          $4,500         
Continuing Education Accounting
The adjusting entry for depreciation will include a debit to Depreciation
Expense and a credit to                             accumulated depreciation.                            
Continuing Education Accounting
The statement of cash flows reports on three main activities:
            Financing                        Investing                        Operating            
Continuing Education Accounting
The entry to Accumulated Depreciation to remove an
amount associated with a machine that was scrapped.
  1. Debit
  2. Credit
Continuing Education Accounting
Failure to accrue interest expense at the end of an accounting
period will mean that the reported amount of liabilites will be
  1. Too high
  2. Too low
Continuing Education Accounting
Failure to accrue interest expense at the end of an accounting
period will mean that reported net income will be:
  1. Too high
  2. Too low
Continuing Education Accounting
The amounts reported on the income statement represent
a                                 time.
  1. Period of
  2. Point in
Continuing Education Accounting
The amounts reported on the balance sheet represent
a                                 time:
  1. Period of
  2. Point in
Continuing Education Accounting
Accounts receivable result from          Credit          sales as opposed to
cash sales.
Continuing Education Accounting
A company plans to exchange its present delivery truck plus $10,000 of
cash for a new delivery truck. Its present truck had a cost of $20,000 and
it has accumulated depreciation of $12,000. The fair market value of its
present truck is $14,000 and the fair market value of the new truck is
$24,000. The amount of gain that will be reported on the income statement
at the time of the exchange is      $0     .
Continuing Education Accounting
If a company issues a bond on an interest payment date and receives
more than the face amount of the bond, the bond is said to have been
issued at a           premium          .
Continuing Education Accounting
Management's Discussion and Analysis provides valuable information on
the company's operations during the period of the income statement. It is
part of a publicly held corporation's annual report to the:
  1. FTC
  2. IRS
  3. SEC
Continuing Education Accounting
Reconciling the bank statement is a procedure that can improve
a company's internal            controls           .
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