Unadjusted trial balance - Study guides, Class notes & Summaries
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2024|2025 INTUIT BOOKKEEPING LATEST EXAM | QUESTIONS WITH CORRECT ANSWERS
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2024|2025 INTUIT BOOKKEEPING LATEST EXAM | QUESTIONS WITH CORRECT ANSWERS 
 
When choosing between two solutions, the one that will be least likely to overstate assets and income should be selected. Correct Answer: Conservatism Assumption 
 
States that an amount can be ignored if its effect on the financial statements is small and not misleading Correct Answer: Materiality Principle 
 
Once you adopt an accounting principle or method, continue to follow it consistently in future accounting peri...
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Test Bank for Intermediate Accounting, 11th Edition by David Spiceland
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Chapter 02 : Review of the Accounting Process 
 
True / False Questions 
 
 
1.	Owners' equity can be expressed as assets minus liabilities. 
 
True	False 
 
2.	Debits increase asset accounts and decrease liability accounts. 
 
True	False 
 
3.	Balance sheet accounts are referred to as temporary accounts because their balances are always changing. 
 
True	False 
 
4.	After an unadjusted trial balance is prepared, the next step in the accounting processing cycle is the preparation of financial ...
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Intermediate Accounting J David Spiceland 10th Edition- Test Bank
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Intermediate Accounting, 10e (Spiceland) Chapter 2 Review of the Accounting Process 
1) Owners' equity can be expressed as assets minus liabilities. 
Answer: TRUE 
Difficulty: 1 Easy 
Topic: Accounting equation 
Learning Objective: 02-01 Understand routine economic events-transactions-and determine their effects on a company's financial position and on specific accounts. 
Bloom's: Remember 
AACSB: Reflective Thinking 
AICPA/Accessibility: BB Critical Thinking / Keyboard Navigation 
2) Debits ...
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QuestionThe unadjusted trial balance for Sage Hill Corp. is shown below. Assume the fol
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The unadjusted trial balance for Sage Hill CorpQuestionThe unadjusted trial balance for Sage Hill Corp. is shown below. Assume the following adjustment data. 1. Supplies on hand at October 31 total $550. 2. Expired insurance for the month is $110. 3. Depreciation for the month is $90. 4. As of October 31, services worth $880 related to the previously recorded unearned revenue had been performed. 5. Services performed but unbilled (and no receivable has been recorded) at October 31 are $314...
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Comprehensive problem 1- Part 1, 2, and 3
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Comprehensive Problem 1, Part 1, 2, and 3. Financial Accounting. Cengage book assignment. Questions and answers. Topics Covered: Post-closing trial balance, journal entries, and Unadjusted trial balance.
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Questioning unadjusted trial balance is for Ace Construction Co. at its June 30 current fi
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ing unadjusted trial balance is for Ace Construction C1Questioning unadjusted trial balance is for Ace Construction Co. at its June 30 current fiscal yearend. The credit balance of the V. Ace, Capital account was $53,660 on June 30 of the prior year, and the owner invested $35,000 cash during the current fiscal year.Answer & ExplanationTo determine the current balance of the V. Ace, Capital account at June 30 of the current fiscal year, we need to consider the following:1.Beginning Capital Balan...
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Accy 201 Burney Final Questions With 100% Correct Answers!!
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% of receivables method - A/R x %= Target (of Allow T-chart) 
% of sales method - Sales x %= Bad debt expense 
3 types of current liabilities - 1. accounts payable 
2. current portion of long term debt 
3. short term notes payable 
accounting - information system that provides reports to users about the economic activities and 
condition of a business 
Accounting Cycle - 1. transactions recorded in journal 
2. posted in journal 
3. unadjusted trial balance 
4. adjustment data assembled 
5. optio...
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Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Tested Exam Questions Reviewed And Revised With Correct Answers Already Passed!!
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Intuit Academy Bookkeeping 
Professional Certificate: 
Bookkeeping Tested Exam 
Questions Reviewed And Revised 
With Correct Answers 
Already Passed!! 
1) General Journal - ANSWER 
organized chronologically 
A list of transactions 
2) Posting to the Ledger - ANSWER 
transfer transactions 
entered in the journal to the general ledger and categorize 
transactions by account 
3) Accounting Cycle - ANSWER 
a collective process of 
identifying, analyzing, and recording the ...
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ACCTCY 4356 Exam 2 Preparation Questions and Answers
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Net realizable value of receivables is gross receivables minus 
A) provision for credit losses and sales returns. B) provision for credit losses and estimated returns and allowances. C) estimated provision for credit losses and estimated returns and allowances. D) proven credit losses and estimated returns and allowances. C) estimated provision for credit losses and estimated returns and allowances. 
Edsel Inc. has the following unadjusted year end trial balance information available for 20X1: 
...
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Accounting Competency Exam- FAU Questions & Answers Rated 100% Correct
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3 types of accounting - Tax, Managerial, and Financial 
A Means to an End - Terminology often used in accounting to refer to the fact that accounting aids 
in decision making. 
Account - A part of the accounting system used to classify and summarize the increases, 
decreases, and balances of each asset, liability, stockholders' equity item, dividend, revenue, and 
expense. The three-column account is normally used. It contains columns for debit, credit, and balance. 
Accounting Cycle - 1.Analyz...
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