Chapter 04 Questions

Chapter 04 Questions - Chapter 4 Questions Timothy O'Rourke...

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Chapter 4 Questions Timothy O’Rourke
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Question 1 Calder Corp. purchased supplies at a cost of  $6,000 during 2008. At December 31, 2008,  supplies on hand are $1,400. Supplies expense  for 2008 was $5,200. How much were supplies on  hand at January 1, 2007? a. $ 2,200 b.$11,200 c.$ 1,400 d.$ 600    
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Answer NS: D + $$6,000 -$5,200 = $1,400 = $600
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Question 2 rane Shop purchased supplies at a cost of $1,000 during 2008. At January 1, 2008, the beginning balance in the supplies account was $300. At December 31, 2008, supplies on hand are $100. Determine supplies expense for 2008. . $1,300 .$1,200
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Answer  ANS:B $300 + $1,000 - $100 = $1,200  
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Question 3 ane Shop purchased supplies at a cost of $18,000 during 2008. At January 1, 2008, the beginning balance in the supplies account was $1,000. For 2008, supplies expense was $16,000. How much "Supplies" are on hand as of December 31, 2008? . $1,000 . $3,000
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Answer ANS: B $1,000 + $18,000 - $16,000 = $3,000  
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Question 4 hich one of the following adjustments will increase assets? a. Interest incurred on money borrowed during the period but not yet paid to the bank is accrued b. Rent revenue is recorded for amounts owed by a tenant but not yet paid c. The use of supplies is recorded
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Answer ANS: B
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Question 5 company forgot to record four adjustments during 2008. Which one of the following omissions of adjustments will understate net income? a. Sales made during the last week of the period are not recorded b. Interest on monies borrowed has not yet been recorded c. Prepaid insurance is not reduced for the portion of the policy that has expired during the period d. Income taxes owed but not yet paid are ignored
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Answer ANS: A  
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Question 6 company forgot to record four adjustments during 2008. Which one of the following omissions of adjustments will overstate assets? a. Sales made during the last week of the period are not recorded b. Interest on monies borrowed has not yet been recorded c. Prepaid insurance is not reduced for the portion of the policy that has expired during the period d. Income taxes owed but not yet paid are ignored
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Answer ANS: C  
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Question 7 ed Systems Corp. has grown significantly over the past year. One
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Chapter 04 Questions - Chapter 4 Questions Timothy O'Rourke...

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