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College Accounting

Business

Quiz 4 :

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

Quiz 4 :

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

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Matt's Engineering purchased a truck for $60,000 with a residual value of $17,000 and a life expectancy of 8 years. Using straight-line depreciation, the amount of the depreciation adjustment for the first year would be
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A

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Not recording the Prepaid Rent used causes
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Answer:

A

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If the balance of supplies on hand account at the end of the period was $550 and you counted $250 on hand, the amount for the adjustment for Supplies expense would be
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Answer:

A

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The adjustment that is made to allocate the cost of a building over its expected life is called
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A contra-asset is
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When historical cost is used in the accounting records, the book value of the asset is
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After the adjustment for depreciation has been made, the original cost of the equipment
Multiple Choice
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If the Office Supplies account is not adjusted,
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An adjustment for Prepaid Rent would indicate
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If Prepaid Rent for the period is not adjusted,
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A form used to organize and check data before preparing financial reports is known as a(n)
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Accountants use the worksheet to organize and complete adjustments for all but one of the following events:
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If the adjustment for Supplies used during the period was not made,
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The cost of an asset less accumulated depreciation equals
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Bringing account balances up to date before preparing financial reports is called
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As Prepaid Rent is used, the asset becomes a(n)
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Which of the following would be an example of a contra-asset?
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The adjustment to record supplies used during the period would be
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When historical cost is used to record equipment, it would appear as the
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Prepaid Rent is considered to be a(n)
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