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Continuing Education Accounting Questions

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Continuing Education Accounting
It is common for the calculation of depreciation to involve two estimates:
1) the estimated                  net book value                  life, and 2) the estimated               depreciable              
value.
Continuing Education Accounting
Accumulated depreciation will appear on the:
  1. Balance Sheet
  2. Income Statement
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
Insurance Expense for $1,200 and it credited Cash for $1,200.
Prepare the adjusting entry to be made as of December 31.
Continuing Education Accounting
If equipment used in the business is sold for more than its book value, a gain is recorded.
  1. True
  2. False
Continuing Education Accounting
The Securities and Exchange Commission report that must be filed
annually by publicly traded corporations is:
  1. Form 10-K
  2. Form 941
  3. Form 1120
Continuing Education Accounting
Expenses are never included on an "Income Statement".
  1. True
  2. False
Continuing Education Accounting
On December 1, 2007 Hosting Services LLC received $120,000 from
customers who paid for twelve months of service (December 1, 2007
through November 30, 2008). The $120,000 received on December 1
was debited to Cash and credited to Unearned Hosting Revenues.
Prepare the adjusting entry needed as of December 31.
Continuing Education Accounting
The cost of the land used for the site of a new warehouse should be depreciated.
  1. True
  2. False
Continuing Education Accounting
Goodwill, patents, copyrights, and mailing lists are examples of              intangible              assets.
Continuing Education Accounting
You have completed the January 31st reconciliation for an asset account. The reconciliation has a component for $4,000 that will automatically clear in February because of a regularly scheduled journal entry. What type of reconciling item is this?
  1. List Component
  2. Required Adjustment
  3. Timing Component
Continuing Education Accounting
According to our accounting policies, cash consideration (rebates- not sponsorship) received from vendors (such as Red Bull) should generally be recorded as what? (ex: for every can of Red Bull purchased, the company gets $.10 back per can, no minimum purchase).
  1. Record as a reduction in cost of sales
  2. Recorded as a discount (expense)
  3. Recorded to suspense and allocated in future periods
Continuing Education Accounting
Checks received from customers on December 31, but not deposited until January 2 are referred to as deposits              in transit             .
Continuing Education Accounting
Plant assets other than        land        are depreciated over their useful life.
Continuing Education Accounting
If Corporation A owns more than 50% of Corp B's common stock, it is likely that                consolidated                financial statements will be prepared.
Continuing Education Accounting
What drop down menu is not located on the Menu Bar?
  1. File
  2. Reports
  3. Vendors
  4. Chart of Accounts
Continuing Education Accounting
Corporate Accounting should be contacted before a loss contingency is recorded.
  1. True
  2. False
Continuing Education Accounting
What is the intent of Title 31?
  1. Anti-money laundering
  2. To document all credit transactions in a casino
  3. To test internal controls
Continuing Education Accounting
One of the key elements of the Company's Intercompany policy is to direct post transactions whenever possible.
  1. True
  2. False
Continuing Education Accounting
Name one of the general conditions that must be met to recognize revenue.
Continuing Education Accounting
The Company decides on Januay 1, 2009 that they will remodel the hotel lobby. The net book value of the assets to be remodeled is $2 million. The construction will begin on August 1, 2009. What, if anything, should the property do to record this decision?
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