Chapter 7 journal entries - Study guides, Class notes & Summaries

CHAPTER 03 - THE ADJUSTING PROCESS 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: True Moderate Bloom's: Remembering FNMN.WARD.16.03-01 - LO: 03-01 ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 2. Generally accepted accounting principles require accrual-basis accounting. a. True b. False ANSWER: DIFFI...

Chapter 5—Adjusting Entries and the Work Sheet 1. The matching of assets and expenses of a business on a periodic basis is referred to as the matching concept. a. True b. False ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: TOPICS: KEYWORDS: NOTES: False 1 Easy COLL.HEIN.17.18 - LO: 5-1 AICPA FN-Measurement BUSPROG: Communication ACBSP: APC-02-GAAP Bloom's: Evaluating 1 min. 2. The balance sheet reports earnings on a specific date. a. True b. False AN...

TEST BANK FOR PHARMACOLOGY CLEAR AND SIMPLE A GUIDE TO DRUG CLASSIFICATIONS AND DOSAGE CALCULATIONS 4TH EDITION BY CYNTHIA WATKINS | ALL CHAPTER 1-21| COMPLETE LATEST GUIDE. Chapter 1. History of Pharmacology MULTIPLE CHOICE 1. The Greek word pharmakon means which of the following? a. Medicine b. Poison c. Remedy d. Medicine, poison, and remedy ANS: D Rationale: The word pharmakon refers to the curing of illness, thus meaning medicine and remedy, as well as poison because early medicin...

Chapter 7 -ISDS 705 Questions and Answers Peer Production - Correct Answer ️️ -Collaboration between users to create content, products, and services Collaborative Consumption - Correct Answer ️️ -Participants share access to products and services rather than having ownership Blogs - Correct Answer ️️ -Online journal entries usually presented in a reverse chronological order Long tail - Correct Answer ️️ -Phenomenon whereby firms can make money by offering a near-limitless...

Describe the 3 financial statements and discuss the connections each has to the others? - Answer- *Balance Sheet* The balance sheet shows a company's *assets, its liabilities and shareholders' equity*. It is a snapshot of a company at one point in time. *Income Statement* The income statement outlines the company's *revenues and expenses*. It shows their *profit/loss over* a *period of time*. *B/S and I/S Connections*: 1) Interest Expense is calculated based on debt held on B/S 2) Re...

AIS Chapter 2 Test Questions and Answers All Correct Which system is not part of the expenditure cycle? a. cash disbursements b. payroll c. production planning/control d. purchases/accounts payable - Answer-c. production planning/control 2. Which system produces information used for inventory valuation, budgeting, cost control, performance reporting, and make-buy decisions? a. sales order processing b. purchases/accounts payable c. cash disbursements d. cost accounting - A...

PA Notary Exam Questions and Answers Already Passed Minimum age to become a Notary in PA 18 years of age What is maximum amount of time to record bond, oath of office and commission at the Recorder of Deeds in the county which the notary maintains an office? 45 Days Under RULONA, what amount must surety bond from insurance company licensed in PA in? $10,000 RULONA requires a surety company provide the Department of State how many days notice before canceling the bond? 30 Days The department ...

Chapter 03 1. Which of the following is/are not true about a proper journal entry? a. An explanation is needed immediately after each debit and immediately after each credit. b. All credits are indented. c. A debit is never indented, even if a liability or owner's equity account is involved. d. All debits are listed before the first credit. e. In a compound entry, the largest amounts are listed first. ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARD...

Test Bank for Intermediate Accounting: Reporting and Analysis 4th Edition 4e by James M. Wahlen; Jefferson P. Jones; Donald P. Pagach. ISBN 5708 Part 1: Financial Reporting & Financial Statements: Objectives, Concepts, & Analysis Chapter 1: The Demand for and Supply of Financial Accounting Information Introduction Why Does the World Need Financial Accounting Information? The Supply of Financial Accounting Information The FASB The IASB and IFRS What Is the Product? Financial Reporting a...

SUA Chapter 1 Latest 2023 Graded A+ Steps in the Accounting Process 1. Transactions Occur 2. Prepare Documents 3. Record in Journals 4. Post to Ledgers (do at end of every month) 5. Prepare Unadjusted General Ledger Trial Balance (do at end of year) 6. Prepare and Post Adjusting Entries 7. Prepare Adjusted Trial Balance 8. Prepare Financial Statements 9. Prepare Closing Entries NEW YEAR - repeat #1-9 Recording Transactions Requires: 1. Identify the exchanges or adjustments that must be recorded...