Financial Accounting Final

34. Apple Corporation has the following accrued

A. $130,000

46. Yaddof company

A. $1735

51. using the following data, what is the Day sales outstanding

A. 37 Days

60. elements of financial statements

A. CON 6

42. which of the following would NOT be classified as a contra account?

A. Inventory

52. a current liability is liabilities expected to be paid or reduced

A. one year or less

35. Prepaid expenses are

A. paid and recorded in an asset account before they are used or consumed

61. when is revenue recognized

A. when payment is received

27. which Accounting Equation is correct?

All are correct

39. Possilpy this Q. Splish Brothers Inc. purchased a 12-month insurance policy on March 1, 2017 for $5400. At March 31, 2017, the adjusting journal entry to record expiration of this asset will include

Answer regardless: Debit to insurance expense and a credit to prepaid insurance

54. what is multiple arrangement in revenue recognition?

B i think multiple obligations?

40. Ultramega

B. $4900

22. Bush Company reported net income of $60,000 for the year. During the year, accounts receivable decreased by $8,000, accounts payable increased by $4,000 and depreciation expense of $5,000 was recorded. Net cash provided by operating activities for the year is ?

B. $77,000

24. which of he following is not a part of a T-account? A. A credit side B. Trial Balance C. Debit Side D. Title

B. Trial Balance

49. Using the following information: 12/31/17 Accounts receivable $540000 Allowance (36000) Cash realizable value $504000 During 2018, sales on account were $144500 and collections on account were $99500. Also during 2018, the company wrote off $4070 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $39300.

C. $9000 = 40000-(35000-4000)

30. Merrill corporation

C. ($4500)

55. Chodron Corporation had net credit sales of $13,000,000 and cost of goods sold of $9,250,000 for the year. The average inventory for the year amounted to $1,250,000. The average days in inventory during the year was approximately

C. 49 days

43. which of the following has a normal credit balance?

C. Sales Revenue

58. which is true ?

C. credits decrease assets & increase liabilities

47. When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when

C. management estimates the amount of uncollectibles

29. Liabilities of a company would NOT include

Cash

25. What is on the right side of a T-account?

Credit

56. which is the following correctly identifies normal balances of accounts?

D. Assets-debit Liabilities- Credit OE- credit Revenues- credit expenses- debit

31. Tin Corporation

D. $50000 & $40,000

41. Company X sells $900

D. $882

48. The net amount expected to be received in cash from receivables is called

D. Cash realizable value

50. Allowance for Doubtful Accounts on the balance sheet

D. offset against account receivable

23. The left side of a T-account is

Debit

26. GAAP stands for

Generally Accepted Accounting Principles

57. Which of the following transactions does not affect cash during a period?

a. Write-off of an uncollectible account.

28. Liabitlites

are existing debts and obligations

36. Accrued expenses are

c. incurred but not yet paid or recorded.

59. Which concept statement discusses the definitions of assets and liabilities?

con 6

53. which of the following statements is incorrect?

no idea