chap 13 - 1. Technology has impacted accounting in many...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Technology has impacted accounting in many ways. Which of the following is NOT a change in accounting due to technology? a. Technology has replaced judgment. ________________________________________ 2. If a corporation has assets of $250,000, liabilities of $70,000, and capital stock of $120,000, what is the amount of retained earnings? c. $60,000 ________________________________________ 3. The journal entry to record the payment of wages in the amount of $52,000 to workers could include a: a. debit to wages expense. ________________________________________ 4. A revenue that is collected before it has been earned is called a(n): d. unearned revenue. ________________________________________ 5. Failure to record the used portion of prepaid rent during the month has the following effect on the financial statements prepared at month's end: b. overstates net income. ________________________________________
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6. The write-off of an account that has been judged to be uncollectible will not affect the net accounts receivable balance unless which of the following methods is used? c.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

Page1 / 6

chap 13 - 1. Technology has impacted accounting in many...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online