help with accounting questions?

Question

The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.
True
False



Question 4 2 points Save
The matching principle requires that expenses get recorded in the same accounting period as the revenues that are earned as a result of the expenses, not when cash is paid.
True
False



Question 5 2 points Save
The accrual basis of accounting recognized expenses when cash is paid.
True
False



Question 6 2 points Save
Recording expenses early overstates current-period income; recording expenses late understates current period income.
True
False



Question 7 2 points Save
Adjusting entries are designed primarily to correct accounting errors.
True
False



Question 8 2 points Save
Accrued expenses reflect transactions where cash is paid before a related expense is recognized.
True
False



Question 9 2 points Save
The entry to record a cash receipt from a customer when the service to be provided has not yet been performed involves a credit to an unearned revenue account.
True
False



Question 10 2 points Save
An adjusting entry often includes an entry to Cash.
True
False



Question 11 2 points Save
Before an adjusting entry is made to accrue employee salaries, Salaries Expense and Salaries Payable are both understated.
True
False



Question 12 2 points Save
A company's month-end adjusting entry for Insurance Expense is $1,000. If this entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.
True
False



Question 13 2 points Save
A contra account is an account linked with another account; it is added to that account to show the proper amount for the item recorded in the associated account.
True
False



Question 14 2 points Save
Income Summary is a temporary account only used for the closing process.
True
False



Question 15 2 points Save
Revenue and expense accounts are permanent (real) accounts and should not be closed at the end of the accounting period.
True
False



Question 16 2 points Save
The closing process is a step in the accounting cycle that prepares accounts for the next accounting period.
True
False



Question 17 2 points Save
Permanent accounts carry their balances into the next accounting period. Moreover, asset, liability and revenue accounts are not closed as long as a company continues in business.
True
False



Question 18 2 points Save
An unclassified balance sheet provides more information to users than a classified balance sheet.
True
False



Question 19 2 points Save
Current liabilities are cash and other resources that are expected to be sold, collected or used within one year or the company's operating cycle whichever is longer.
True
False



Question 20 2 points Save
Cash and office supplies are both classified as current assets.
True
False



Question 21 2 points Save
The current ratio is used to help assess a company's ability to pay its debts in the near future.
True
False



Question 22 2 points Save
Harley-Davidson's current assets are $400 million and its current liabilities are $250 million. Its current ratio is 0.63.
True
False



Question 23 2 points Save
After posting the entries to close all revenue accounts and all expense accounts, the Income Summary account of Waif Services has a $4,000 debit balance. This result implies that Waif Services earned a net income of $4,000.
True
False



Question 24 2 points Save
The Income Summary account is closed to the owner's capital account.
True
False



Question 25 2 points Save
The Income Summary account is used to close the permanent accounts at the end of an accounting period.
True
False



Question 26 2 points Save
The usual third closing entry is to close Owner's Capital to the Owner's Withdrawals account.
True
False



Question 27 2 points Save
The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is:
Cash basis accounting.
The matching principle.
The time period principle.
Accrual basis accounting.
Revenue basis accounting.



Question 28 2 points Save
A company records the fees for legal services paid in advance by its clients in an account called Unearned Legal Fees. If the

Answer 1

I don't have time to answer them all, but here's a few:



4.2 True



5.2 False



7.2 False



11.2 True



14.2 True



20.2 True



25.2 False

Answer 2

Debit: money 10,000 credit: kit 8,000 credit: income on sale of apparatus 2,000 THe income on sale of apparatus would be suggested as "different earnings" interior the earnings fact. internet earnings interior the earnings fact will then be carried over to the retained earnings account.

Answer 3

Really? These are easy questions. Look in your book. You are cheating yourself of the knowledge by asking someone else to do the work for you. I hope no one else actually answers this.