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Continuing Education Accounting Questions

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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
Name the three categories involved in manufacturing costs, and give an example of each.
Continuing Education Accounting
The statement of cash flows reports on three main activities:
            Financing                        Investing                        Operating            
Continuing Education Accounting
The amounts reported on the income statement represent
a                                 time.
  1. Period of
  2. Point in
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 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
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
ABC Company purchased a company vehicle. The company wrote a check to the dealership in the amount of $15,000 and financed the remaining balance of $10,000. How would the transaction(s) be entered in a "T" account?
  1. Debit to CASH/Credit to COMPANY VEHICLE
  2. Credit to CASH/Debit to COMPANY VEHICLE
  3. Credit to CASH/Debit to COMPANY VEHICLE/Debit to ACCOUNTS PAYABLE
  4. Credit to CASH/Debit to COMPANY VEHICLE/Credit to ACCOUNTS PAYABLE
  5. Debit to CASH/Debit to COMPANY VEHICLE/Credit to ACCOUNTS PAYABLE
Continuing Education Accounting
Expenses are never included on an "Income Statement".
  1. True
  2. False
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
On December 1 a company paid $1,200 for the insurance premium
covering the cost of insurance from December 1 through May 31.
When making the payment on December 1, the company debited
Prepaid Insurance for $1,200 and it credited Cash for $1,200.
Prepare the adjusting entry to be made as of December 31.
Continuing Education Accounting
What are the key components of a good account reconciliation?
  1. To record the beginning balance, current month activity, and ending balance of an account
  2. To assess the validity, correctness or appropriateness of an account balance at a specific point in time
  3. To record subsystem transactions
Continuing Education Accounting
Which of the following accounts is a liability account?
  1. Wages Expense
  2. Supplies
  3. Unearned Revenues
Continuing Education Accounting
Reconciling the bank statement is a procedure that can improve
a company's internal            controls           .
Continuing Education Accounting
A company's asset account Supplies had a debit balance of $20,000
at the beginning of the year. At the end of the year the account had a
debit balance of $17,000. During the year all of the supplies purchased
were debited to this account. If the amount of supplies purchased had
a cost of $200,000, the amount of Supplies Expense for the year
will be $               .
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