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Intermediate Accounting Q&A, Exams of Accounting

Daystar UniversityAccounting

A comprehensive question and answer guide for an intermediate accounting course. It covers a wide range of topics related to accounting principles, transaction analysis, journal entries, inventory systems, and financial statements. Detailed explanations and step-by-step solutions to various accounting problems, making it a valuable resource for students preparing for exams or seeking to reinforce their understanding of intermediate-level accounting concepts. The level of detail and the range of topics covered suggest that this document could be useful as study notes, lecture notes, or a summary for an intermediate accounting course at the university level.

Typology: Exams

2023/2024

Available from 09/19/2024

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INTERMEDIATE ACCOUNTING Q & A/ NEWEST
EDITION 2024; ALREADY GRADED A+/ BEST FOR
REVISION AND GUARANTEED PASS
Which of the following serves to relay important information about a transaction to the accountant? -
ANSWER Sales invoices, bills from suppliers, and cash register tapes
Norton Corp. has revenues of $5,000 and expenses of $2,000. What is the total effect on retained
earnings? - ANSWER Increases $3,000.
Transaction analysis involves which of the following? - ANSWER Identifying the elements involved in the
transaction
Identifying the accounts to be debited and credited
The payment of an account for supplies purchased in the previous month will ______ the cash account. -
ANSWER Decrease
A ______ account represents the basic financial position elements of the accounting equation and a
_____ account keeps track of the changes in the retained earnings component of shareholders' equity. -
ANSWER permanent; temporary
Repetitive transactions such as sales or purchases are usually recorded in a(n) ______ rather than the
general journal. - ANSWER special journal
Sales invoices, bills from suppliers, and cash register tapes that relay information to the accountant are
referred to as _______ documents. - ANSWER Source
In a journal entry, the amount to be _____ is entered in the first column, and the amount to be _____ is
entered in the second column - ANSWER debited; credited
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INTERMEDIATE ACCOUNTING Q & A/ NEWEST

EDITION 2024; ALREADY GRADED A+/ BEST FOR

REVISION AND GUARANTEED PASS

Which of the following serves to relay important information about a transaction to the accountant? - ANSWER Sales invoices, bills from suppliers, and cash register tapes Norton Corp. has revenues of $5,000 and expenses of $2,000. What is the total effect on retained earnings? - ANSWER Increases $3,000. Transaction analysis involves which of the following? - ANSWER Identifying the elements involved in the transaction Identifying the accounts to be debited and credited The payment of an account for supplies purchased in the previous month will ______ the cash account. - ANSWER Decrease A ______ account represents the basic financial position elements of the accounting equation and a _____ account keeps track of the changes in the retained earnings component of shareholders' equity. - ANSWER permanent; temporary Repetitive transactions such as sales or purchases are usually recorded in a(n) ______ rather than the general journal. - ANSWER special journal Sales invoices, bills from suppliers, and cash register tapes that relay information to the accountant are referred to as _______ documents. - ANSWER Source In a journal entry, the amount to be _____ is entered in the first column, and the amount to be _____ is entered in the second column - ANSWER debited; credited

The process of reviewing the source documents to determine the dual effect on the accounting equation and the specific elements involved is called - ANSWER transaction analysis The process of transferring debit and credit information from the journal to the ledger is called: - ANSWER posting Royce Corporation pays for supplies purchased in the previous month. What is the effect on the accounting equation for the payment of the supplies? - ANSWER Decrease Liabilites / Decrease Assests Which of the following steps occurs only at the end of the year? - ANSWER Close the temporary accounts to retained earnings A chronological record of all economic events affecting a firm are recorded in a(n) - ANSWER Journal A general journal entry should contain which of the following? - ANSWER Supporting Explanations/ The date/ The accounts and amounts debited and credited. Identify which transaction would result in the following journal entry: debit to Cash for $60,000 and credit to Common stock for $60,000. - ANSWER Issue stock to investors The process of transferring information from a journal entry to the specific accounts affected in the general ledger is referred to as - ANSWER Posting The payment of an account for supplies purchased in the previous month will ______ the cash account. - ANSWER Decrease * Beck Company borrowed $50,000 from the bank and signed a note. The journal entry Beck makes to record this transaction includes - ANSWER credit to notes payable $50, debit to cash for $50, Place the steps in the accounting process in the correct order.

  • Prepare the the unadjusted trial balance

The journal entry to record the issuance of 100 shares of $5 par value common stock for $500 would include which of the following? - ANSWER Debit cash $500. On July 1, Davis Corporation pays $10,000 for August rent. Which of the following are correct? S - A - ANSWER Davis debits prepaid rent $10,000/ Davis credits cash $10, Samuel Corporation purchased a building for $500,000. To record this transaction (Select all that apply.) - ANSWER cash is credited $500, building is debited $500, Tindall Corp. purchased inventory for $50,000 cash. The entry to record this transaction is - ANSWER debit inventory $50,000; credit cash $50,000. A perpetual system requires that merchandise purchases be recorded in the _______ account - ANSWER Inventory When inventory is sold in a perpetual inventory system (Select all that apply.) - ANSWER Inventory is Credited/ Cost of goods sold is debited / Sales revenue is credited A temporary purchases account is used when the _______ inventory system is used - ANSWER Periodic When rent is paid in advance, it is properly recorded on the balance sheet as - ANSWER An Asset Millburg Corp. uses the periodic inventory method. Millburg's beginning inventory is $10,000. During the year, Millburg purchases $8,000 of inventory. Ending inventory is $5,000. Cost of goods sold is - ANSWER 13, Ferguson Corp. purchased inventory on account for $20,000. The entry to record this transaction would include (Select all that apply.) - ANSWER debit to inventory $20,000.

credit to accounts payable $20,000. Drake Corp. received $5,000 from customers for goods sold on account in the previous month. The journal entry for this transaction will include a - ANSWER credit to accounts receivable. Klondike Inc. sold goods to customers for $5,000 cash. The cost of the goods was $3,000. The journal entries to record this transaction include (Select all that apply.) - ANSWER - credit to inventory $3,000.

  • credit to sales $5,000.
  • debit to cost of goods sold $3,000.
  • debit to cash $5,000. The purchases account is debited to record purchases of inventory in a: - ANSWER periodic inventory system Focus Corp. pays $12,000 for 2 years of rent. What is the journal entry to record this transaction? - ANSWER Debit prepaid rent $12,000; credit cash $12,000. Paying employees for services rendered during the current month _____ assets and _____ shareholders' equity. - ANSWER decreases; decreases Lassiter Corp. uses the periodic inventory method. During the year, Lassiter purchases $10,000 of inventory. Ending inventory is $6,000. Cost of goods sold is $12,000. Beginning inventory was: - ANSWER $8, Which transaction will require the following journal entry: debit Cash for $1,500 and credit Accounts receivable for $1,500? - ANSWER Collect from customer on account. Flounder Corp. sold $12,000 of goods on account. The entry to record this transaction would include a debit to - ANSWER accounts receivable.