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College Accounting Questions

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College Accounting
Yenn Company developed the following reconciling information in preparing its September bank reconciliation:
Cash balance per bank, 9/30..........$11,000
Note receivable collected by bank....$ 4,000
Outstanding checks...................$ 6,000
Deposits-in-transit..................$ 3,000
Bank service charge..................$ 50
NSF check............................$ 800
Determine the cash balance per books (before adjustments) for Yenn Company.
  1. $8,850
  2. $14,000
  3. $4,850
  4. $11,000
College Accounting
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
  1. balance sheet
  2. income statement
  3. statement of cash flows
College Accounting
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at specific date is the
  1. balance sheet
  2. income statement
  3. statement of cash flows
College Accounting
Inventory accounts should be classified in which section of a balance sheet?
  1. Current assets
  2. Investments
  3. Property, plant, and equipment
  4. Intangible assets
College Accounting
Grant Company gathered the following reconciling information in preparing its July bank reconciliation:
Cash balance per books, 7/31.....................$4,500
Deposits-in-transit..............................$ 150
Notes receivable and interest collected by bank..$ 850
Bank charge for check printing...................$ 20
Outstanding checks...............................$2,000
NSF check........................................$ 170
The adjusted cash balance per books on July 31 is                .
  1. $5,160
  2. $5,010
  3. $3,310
  4. $3,460
College Accounting
Amounts owed to the physician                      Accounts receivable                      
College Accounting
Accumulated Depreciation normally carries a          credit         balance
College Accounting
The recording of business and accounting transactions              Bookkeeping              
College Accounting
A financial summary for a specific period that shows the beginning balance on hand, the recipts and disbursements during the period, and the balance on hand at the end of the period.                      Cash flow statement                      
College Accounting
Construct and Label the Basic Accounting Equation.
College Accounting
Which of the following best describes the effect of borrowing money?
  1. Assets decrease and liabilities increase
  2. Owners' equity decreases and liabilities increase
  3. Assets increase and liabilities increase
  4. Liabilities decrease and owners' equity increases
College Accounting
A method of determinging that the journal and the ledger are in balance.                                    Accounts receivable trial balance                                    
College Accounting
A method of checking the accuracey of accounts.                Trial Balance                
College Accounting
A paper describing a purchase and the amount due.          Invoice          
College Accounting
The entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.         Assets         
College Accounting
Method of accounting in which income is recorded when received, and expenses are recorded when paid.                           Cash basis of accounting                           
College Accounting
A financial statement for a specific date that shows the total assets, liabilities, and capital of the business.                Balance Sheet                
College Accounting
Method of accounting in which income is recorded when earned, and expenses are recorded when incurred.                              Accrual basis of accounting                              
College Accounting
Which of the following would not be found on the income statement?
  1. Cost of goods sold
  2. Net income
  3. Retained earnings
  4. Wage expense
College Accounting
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
  1. balance sheet
  2. income statement
  3. statement of cash flows
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