Appendix C MULTIPLE CHOICE 1. Which T-account is incorrect? a. Depreciation Expense + | - b. Interest Receivable + | - c. Capital Stock - | +
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Appendix C MULTIPLE CHOICE 1. Which T-account is incorrect ? a. Depreciation Expense + | - b. Interest Receivable + | - c. Capital Stock - | + d. Unearned Rent + | - 2. Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful Accounts c. Interest Expense d. Sales 3. Which of the following is a nominal account? a. Retained Earnings b. Accounts Receivable c. Purchase Returns and Allowances d. Accumulated Depreciation 4. The major financial statements presented by a company include all of the following statements, except for the a. balance sheet b. statement of changes in financial position c. income statement d. statement of cash flows ACCO 202 (Asignación #1) - Prof. Carlos Alvarez 1-1
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5. Which of the following adjusting entries involves the recognition of an accrued expense? a. recording depreciation on a long-lived asset b. writing off the portion of an insurance policy that has expired c. recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period d. recognition of bad debt losses that are expected to result from making sales on credit terms 6. Which of the following errors will be detected by a trial balance? a. posting a credit to Sales instead of to Accounts Payable b. incorrectly computing the balance of the cash account c. not journalizing a complete sales transaction d. forgetting to post a complete purchase transaction 7. The entire group of accounts for a company is referred to as the: a. general ledger b. worksheet c. journal d. document of original entry 8. On February 1, 2004, Ace Company received $36,000 in advance for a three-year rental of land, and credited Rent Revenue. The correct December 31, 2004 adjusting entry would be a. Unearned Rent 25,000 Rent Revenue 25,000 b. Rent Revenue 25,000 Unearned Rent 25,000 c. Unearned Rent 11,000 Rent Revenue 11,000 d. Rent Revenue 11,000 Unearned Rent 11,000 1-2
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