Leecompanypurchasedsuppliesfor$900during20X3.AtyearendLeehad$300ofsuppliesleft.Theadjustingentryshould:
A. debitSuppliesExpense$300
B. creditSupplies$300
C. creditSupplies$600
D. creditSupplies$900
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TheaccountantforDoverCompanyfailedtomaketheadjustingentrytorecorddepreciationforthecurrentyear.Theeffectofthiserroris:
Assetsareoverstated,stockholders’equityandnetincomeareunderstated.
B. Assets,netincome,andstockholders’equityarealloverstated.
C. Netincomeisoverstatedandliabilitiesareunderstated.
D. Assetsandexpensesareunderstated,netincomeisunderstated.
InterestdueonanotepayabletoFirstNationalBankatDecember31equals$125.Whatadjustingentryisrequiredtoaccruethisexpense?
A. Interestpayable125Interestexpense125
B. Interestreceivable125Interestrevenue125
C. Interestexpense125Cash125
D. Interestexpense125Interestpayable125
Ifarealestatecompanyfailstoaccruecommissionrevenue,
A. assetsareunderstatedandnetincomeisunderstated.
B. liabilitiesareoverstatedandowners’equityisunderstated.
C. revenuesareunderstatedandnetincomeisoverstated.
D. netincomeisunderstatedandstockholders’equityisoverstated.
Allofthefollowingstatementsaretrueexceptone.Whichstatementisfalse?
Accrualaccountingproducesbetterinformationthancash-basisaccounting.
B. Adjustingentriesarerequiredforabusinessthatusesthecashbasis.
C. Thematchingprincipledirectsaccountantstoidentifyandmeasureallexpensesincurredanddeductthemfromrevenueearnedduringthesameperiod.
D. AfiscalyearendsonsomedateotherthanDecember31.
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