5. Which of the following is an example of accrued revenue?
a.
snow removal services that have been provided but have not beenbilled or paid
b.
snow removal services that has been provided and paid on thesame day
c.
an agreement that has been signed for snow removal services forthe next three months
d.
snow removal services that have been paid for three months inadvance
6. Which one of the fixed asset accounts listed below will nothave a related contra asset account?
a.
Land
b.
Buildings
c.
Delivery Equipment
d.
Office Equipment
7. The first item appearing on the statement of retainedearnings is
a.
the beginning balance of retained earnings
b.
net income
c.
dividends
d.
Net increase of current year
8. Which of the following accounts will not be closed to IncomeSummary at the end of the fiscal year?
a.
Fees Earned
b.
Insurance Expense
c.
Prepaid Insurance
d.
Utilities Expense
9. Which of the following accounts ordinarily appears in thepost-closing trial balance?
a.
Supplies Expenses
b.
Unearned Rent
c.
Dividends
d.
Fees Earned.
10. Which of the accounting steps in the accounting processbelow would be completed last?
a.
posting to ledger
b.
journalizing
c.
preparing the financial statements
d.
preparing the adjusted trial balance
11. When the terms of sale are FOB shipping point, who shouldultimately pay the transportation charges?
a. Supplier
b. Seller
c. Shipping company
d. Buyer
12. Which of the following methods uses the oldest price ofinventory first when assigning a value to our inventory?
a. FIFO
b. LIFO
c. Average cost
13. Merchandise inventory is classified on the balance sheet asa
a. current asset
b. current liability
c. it’s not on the balance sheet
d. long-term liability
14. A new account on the multi-step income statement for amerchandiser uses which of the following as an expense when sellinginventory?
a. wages expense
b. merchandise inventory
c. cost of goods sold
d. copyright
15. Taking advantage of a 2/10, n/30 purchases discount is equalto a yearly savings rate of approximately
a. 24%
b. 20%
c. 36%
d. 2%
NO REASONS ARE NEEDED, JUST PROVIDE THE ANSWERS.
thank you
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
