发布时间 : 星期四 文章美国会计Chapter 3 Practice Materials更新完毕开始阅读
122 ??Chapter 3—The Adjusting Process
22. Prepaid expenses are eventually expected to
a. become expenses when their future economic value expires. b. become revenues when services are performed. c. become expenses in the period when they are paid. d. become revenues when the liability is no longer owed.
ANS: A DIF: Moderate OBJ: 03-01 23. Which of the following is considered to be unearned revenue?
a. Concert tickets sold for tonight’s performance. b. Concert tickets sold yesterday on credit.
c. Concert tickets that were not sold for the current performance. d. Concert tickets sold for next month’s performance.
ANS: D DIF: Difficult OBJ: 03-01 24. Which of the following is an example of accrued revenue?
a. Swimming pool cleaning that has been for three months in advance.
b. Swimming pool cleaning that has been provided but has not been billed or paid.
c. An agreement has been signed for swimming pool cleaning for the next three months. d. Swimming pool cleaning that has been provided and paid on the same day.
ANS: B DIF: Moderate OBJ: 03-01
25. Which of the following is considered to be an accrued expense?
a. A computer technician has installed the latest software updates and was paid on the same
day.
b. A computer technician has been paid in advance to install software updates as they become
available.
c. A computer technician has just signed an agreement with you regarding pricing for future
work.
d. A computer technician has installed the latest software updates, but you have not received
their invoice for payment.
ANS: D DIF: Difficult OBJ: 03-01
26. Which account would normally not require an adjusting entry? a. Wages Expense
b. Accounts Receivable
c. Accumulated Depreciation d. Smith, Capital
ANS: D DIF: Difficult OBJ: 03-02
27. Which one of the accounts below would likely be included in an accrual adjusting entry?
a. Insurance Expense b. Prepaid Rent c. Interest Expense d. Unearned Rent
ANS: C DIF: Moderate OBJ: 03-02
28. Which one of the following accounts below would likely be included in a deferral adjusting entry?
a. Interest Revenue b. Unearned Revenue c. Salaries Payable d. Accounts Receivable
Chapter 3—The Adjusting Process ??123
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ANS: B DIF: Moderate OBJ: 03-02
The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is a. debit Rent Expense, $5,000; credit Prepaid Rent, $5,000 b. debit Prepaid Rent, $10,000; credit Rent Expense, $5,000 c. debit Rent Expense, $10,000; credit Prepaid Rent, $5,000 d. debit Prepaid Rent, $5,000; credit Rent Expense, $5,000
ANS: A DIF: Difficult OBJ: 03-01
The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is a. $4,500 b. $2,500 c. $9,700 d. $5,700
ANS: D DIF: Difficult OBJ: 03-02
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500?
a. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500 b. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500 c. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500 d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000
ANS: D DIF: Difficult OBJ: 03-02
The entry to adjust for the cost of supplies used during the accounting period is a. Supplies Expense, debit; Supplies, credit b. James Smith, Capital, debit; Supplies, credit c. Accounts Payable, debit; Supplies, credit d. Supplies, debit; credit James Smith, Capital
ANS: A DIF: Moderate OBJ: 03-02
A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is a. debit Salaries Payable, $16,000; credit Cash, $16,000 b. debit Salary Expense, $16,000; credit Drawing, $16,000
c. debit Salary Expense, $16,000; credit Salaries Payable, $16,000 d. debit Drawing, $16,000; credit Cash, $16,000
ANS: C DIF: Difficult OBJ: 03-02
The balance in the prepaid insurance account before adjustment at the end of the year is $10,000. If the additional data for the adjusting entry is (1) \$8,500,\to a future period is $1,500,\
a. the debit and credit amount for (1) would be the same as (2) but the accounts would be
different
b. the accounts for (1) would be the same as the accounts for (2) but the amounts would be
different
124 ??Chapter 3—The Adjusting Process
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c. the accounts and amounts would be the same for both (1) and (2)
d. there is not enough information given to determine the correct accounts and amounts
ANS: C DIF: Difficult OBJ: 03-02
The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed a. historical cost b. contra asset c. book value d. market value
ANS: C DIF: Easy OBJ: 03-02
The adjusting entry to record the depreciation of equipment for the fiscal period is a. debit Depreciation Expense; credit Equipment
b. debit Depreciation Expense; credit Accumulated Depreciation c. debit Accumulated Depreciation; credit Depreciation Expense d. debit Equipment; credit Depreciation Expense
ANS: B DIF: Moderate OBJ: 03-02
As time passes, fixed assets other than land lose their capacity to provide useful services. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called a. equipment allocation b. depreciation c. accumulation d. matching
ANS: B DIF: Easy OBJ: 03-02
The entry to adjust the accounts for wages accrued at the end of the accounting period is a. Wages Payable, debit; Wages Income, credit b. Wages Income, debit; Wages Payable, credit c. Wages Payable, debit; Wages Expense, credit d. Wages Expense, debit; Wages Payable, credit
ANS: D DIF: Moderate OBJ: 03-02
The supplies account has a balance of $1,000 at the beginning of the year and was debited during the year for $2,800, representing the total of supplies purchased during the year. If $750 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a. $750 b. $3,550 c. $3,800 d. $3,050
ANS: D DIF: Moderate OBJ: 03-02
A company purchases a one-year insurance policy on June 1 for $840. The adjusting entry on December 31 is
a. debit Insurance Expense, $350 and credit Prepaid Insurance, $350 b. debit Insurance Expense, $280 and credit Prepaid Insurance, $280 c. debit Insurance Expense, $490, and credit Prepaid Insurance, $ 490. d. debit Prepaid Insurance, $720, and credit Cash, $720
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ANS: C DIF: Difficult OBJ: 03-02
If the prepaid rent account before adjustment at the end of the month has a debit balance of $1,600, representing a payment made on the first day of the month, and if the monthly rent was $800, the amount of prepaid rent that would appear on the balance sheet at the end of the month, after adjustment, is a. $800 b. $400 c. $2,400 d. $1,600
ANS: A DIF: Moderate OBJ: 03-02
Depreciation Expense and Accumulated Depreciation are classified, respectively, as a. expense, contra asset b. asset, contra liability c. revenue, asset
d. contra asset, expense
ANS: A DIF: Easy OBJ: 03-02
The type of account and normal balance of Accumulated Depreciation is a. asset, credit b. asset, debit
c. contra asset, credit d. contra asset, debit
ANS: C DIF: Easy OBJ: 03-02 The type of account and normal balance of Unearned Rent is a. revenue, credit b. expense, debit c. liability, credit d. liability, debit
ANS: C DIF: Easy OBJ: 03-02
Data for an adjusting entry described as \a. Wages Expense and credit Wages Payable b. Wages Payable and credit Wages Expense
c. Accounts Receivable and credit Wages Expense d. Drawing and credit Wages Payable
ANS: A DIF: Moderate OBJ: 03-02
Supplies are recorded as assets when purchased. Therefore, the credit to supplies in the adjusting entry is for the amount of supplies a. that are in the ending balance b. purchased c. used
d. either used or remaining
ANS: C DIF: Easy OBJ: 03-02
If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n) a. deferral b. accrual