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Accounting Questions - All Grades

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Continuing Education Accounting
The amounts reported on the income statement represent
a                                 time.
  1. Period of
  2. Point in
Grade 10 Accounting
A balance sheet is often described as a "snapshot of a company's financial condition".
  1. True
  2. False
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
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
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
Grade 12 Accounting
What is the accounting equation?
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
College Accounting
Accumulated Depreciation normally carries a          credit         balance
Continuing Education Accounting
The amounts reported on the balance sheet represent
a                                 time:
  1. Period of
  2. Point in
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
Amounts owed to the physician                      Accounts receivable                      
College Accounting
A method of checking the accuracey of accounts.                Trial Balance                
College Accounting
The entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.         Assets         
Continuing Education Accounting
Accounts receivable result from          Credit          sales as opposed to
cash sales.
College Accounting
Construct and Label the Basic Accounting Equation.
College Accounting
Method of accounting in which income is recorded when received, and expenses are recorded when paid.                           Cash basis of accounting                           
Grade 10 Accounting
Franchising is the practice of using a strategic plan and business model you came up with.
  1. True
  2. False
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
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