which of the following is not considered an adjustment? which of the following is not considered an adjustment?

c. Revenue minus expenses. a. prepaid Which of the assets does not match with the correct contra account? e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? A. c) The entry to pay outstanding bills. a) Purchased. c. Prepaid expenses, land, and accounts receivable. C) decreases assets and increases liabilities. Which of the following may not be considered a "qualifying asset" under IAS 23? This answer has been confirmed as correct and helpful. Increase in liabilities and reduction in net income. a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? a. This problem has been solved! To see how XOM's P/E ratio stacks up to its peers, refer to Google Finance's Related Companies screen. a) It is prepared before adjusting entries. Wages Expense When recording an adjusting entry for a prepaid expense. B. Assigning revenues to the periods in which they are earned. Please state where each account should be placed? b) The entry to record uncollected revenues. commonly used. Asset b. A) The adjusting entry necessary at the end of the fiscal period ending on Tuesday is d) Realization principle and matching principle. b) Liabilities b) Treats as material only those items that are greater than 2% or 3% of net income. The cash account will always be affected by adjusting journal entries. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. Which of the following is not considered a basic type of adjusting entry? Generally accepted accounting principles require that companies use the ________ of accounting. a) Increase by $9,800. a) Transactions involving small dollar amounts are not recorded in Millridge's accounting records. Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. d. recording of accrued revenue. Credit Interest Payable $2,500 If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? 45, 2009). B. What is considered an adjustment to income? Which of the following is not considered a basic type of adjusting entry?A. B) The asset-liability approach is arguably superior to the revenue-expens, Which of the following are NOT included in a postclosing trial balance? Begin the equity section with Contributed Capital + Retained Earnings. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? = 15 ? checks not accepted by the bank. d) As an expense on the income statement. a. debit to Wages Expense and a credit to Wages Payable e. None of the above. Tax payers subject to the limitation subtract the limitation amount in calculating AMTI. When considered, this factor makes the offence of human trafficking difficult to prove. The recognition of depreciation expense for the period c. The recognition of the used and unused portions of a prepaid rent d. The entry to record the collection of interest receivable A. Updating liability and asset accounts to their proper balances. When recording this mortgage payment, the accountant should: 1) Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. a. the same as correcting entries Revenues B. -Supplies used in March: $300. What categories capital falls in: A. Adjusting entries are the journal entries posted in the books of accounts post the trial balance is prepared but before the preparation of financial statements. d) The entry to convert liabilities to revenue. NOCCCD will not sponsor any visa applications. The following information has been assembled in order to prepare the required adjusting entries at December 31: Change in accounts receivable. a. unearned revenue b. stock dividend distributable c. the currently maturing proportion of long-term debt d. trade accounts payable, What types of account balances are increased by debits? Debits Change from straight-line to sum-of-the-years'-digits method of depreciation. $3,500. The accrual of an electricity bill for electricity used but not yet paid b. Study with Quizlet and memorize flashcards containing terms like the units manned by Special Warfare Combatant-craft Crewmen who operate and maintain a variety of combatant and other craft for maritime special operations are known as _____., Which of the following is not considered an instrument of national power?, (Title: Cooperative Strategy for 21st Century Seapower: 07010201) Deploying the . Doing so: A. Violates professional standards. a) Income. The accrual of an electricity bill for electricity used but not yet paid The recognition of depreciation expense for the period The recognition of the used and unused portions of a prepaid rent The entry to record the collection of interest receivable Expert Solution Not adjusting for shock in multivariate models that analyze the effect of empirical antibiotic therapy on mortality may lead to incorrect conclusions, and the importance of definin when shock is or is not an intermediate variable is clearer. a. A) Whenever revenue is not received in cash. Consequently, it should not be used in patients at risk for aspiration (e.g., Gastroesophageal reflux disease [GERD], obesity, diabetes, etc.) a) In the period in which they are earned. b. debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500 Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? In which of the following situations would an adjusting entry be made at the end of January to record an accrued expense? The cost of insurance is considered an expense: Evenly over the term of the policy Adjusting entries are prepared: Hypodermis d. Nails e. Sebaceous glands. Debit Interest Payable $250. Then, identify whether the item increases, '+', or decr, An unearned revenue account is usually considered to be a(n) A) Liability B) Asset C) Revenue D) Expense. = 15 * 3/20 a. debit Salaries Payable; credit Cash 3. If the balance of supplies at the start of the month was $900 and at the end of the month you had $350 on hand, the adjustment for Supplies would be: $450. A) The variable being predicted is the Y variable. 400 A) Supplies expense 400 Supplies 400 B) Depreciation expense 400 Accumulated depreciation 400 C) Wage expense 400 Cash 400 D) Insurance expense 400 Prepaid insurance. A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. All other trademarks and copyrights are the property of their respective owners. a) In April, Daystar Company received payment from a customer for services that are performed in May. a) On March 31, a major customer paid his bill for a consulting job completed in February. Job categories Finance. d) $42,000. d. liability, Which of the following is an example of a prepaid expense? A. asset B. contra asset C. liability D. stockholder's equity E. contra stockholder's equity F. revenue, or expense, Which of the following is also referred to as debt? How much is owed the employees for their wages? Static friction is considered a self adjusting force because it wants to the objects to remain at rest and not move. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. b. Underrecording debt. b. needed to bring accounts up to date and match revenue and expense A debit to an asset account and a credit to an expense account. The following table shows the undergraduate grading system used at McMaster University with the equivalent 4.0 scale. a. Owners' equity will be understated. This month, the last day of the month falls on a Thursday. c) Debiting Wage Expense for $4,480 and crediting Wages Payable for $4,480. Give Mr. Brown a tactful collection call. 6 2/3 theater tickets sold for next month's performance. c) $38,000. a) Affects only items reported in the income statement. b. Unearned Revenue Gamma Company adjusts its accounts at the end of each month. 58) The computer monitoring of tracking signals and self-adjustment is referred to as. b. debit Depreciation Expense; credit Accumulated Depreciation. What type of account is Notes Payable? c. Intangibles; Accumulated Amortization. d. the future value of cash flows. c) Only if each accounting period covered is a full year. She seems nervous about it. Which of the following would not cause the adjusted trial balance totals to be unequal? a. deferral a. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. Which of the following may not be considered a "qualifying asset" under IAS 23? Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. If Hot Bagel Co. estimates depreciation on an automobile to be $578 for the year, the company should make the following adjusting entry: Therefore, if an external force is applied, the static friction force will equal the magnitude of the external force, until it surpasses the threshold of motion. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. Data gathered from parents, siblings and teachers indicated that siblings in ABA families experienced neither significant drawbacks nor benefits in terms of . 1. - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. She has also heard that certain terms have special meanings in accounting relative to everyday use. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. b) As an asset on the balance sheet. d. None of these choices would not cause the adjusted trial balance totals to be unequal. c) As a liability on the balance sheet. c) Be unaffected. Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? C. Assets, expenses, and withdrawals. An entry to convert an asset to an expense. Select one: a. increased satisfaction with the standard of living upon returning home (CORRECT ANSWER) b. decreased interest from co-workers in hearing about the repatriate's experiences Despite the fact that the ad will appear in Haute Cuisine three months after the end of Bon Appetite Caf's current fiscal year, the Caf's accountant recorded the disbursement to advertising expense. c. accrual The account was debited for $32,500 for premiums on policies purchased during the year. a. still on hand The cash payment for accrued revenues occurs __________ the adjusting entry to record the accrued revenue. b) An expense. Academic Standings and CGPAs from previous terms will not be considered or adjusted. d. debit Dividends, $12,000; credit Cash, $12,000, The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed A. expenses and liabilities B. expenses and revenues C. revenues and liabilities D. expenses and assets, Which one of the following groups of accounts contains only assets? Assets C. Owner's equity D. Liabilities, Which one of the following disclosures is required by generally accepted accounting principles? a) The entry to record unpaid expenses. Statement of changes. B) An entry to accrue unpaid expenses. d. Building, equipmen, Which of the following is an appropriate representation of the accounting equation? The prepaid insurance account had a balance of $3,000 at the beginning of the year. a. revenues and expenses are reported in the period in which cash is received or paid d. not earned but the cash has been received, Adjusting entries are a. snow removal services that have been paid for three months in advance Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. c. the IRR. c. accrual basis of accounting supports the matching concept 1) Shop supplies are expensed when: A. expenses and assets B. assets, liabilities, and stockholders' equity C. liabilities and stockholders' equity D. assets and revenue, For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) select debit (Dr.) or credit (Cr.) Which of the following should be disclosed in the Summary of Significant Accounting Policies? c) On January 1, Empire Company began delivery service for a large client who will pay at the end of a three-month period. If $400 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 C) A GPA adjustment may occur under one of the following conditions: How to Calculate Your . Accounts Receivable; Bad Debt Expense. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. Question 5 options: Which of the following is most likely not considered an adjusting entry? Which of the following is not considered a basic type. Liabilities and Revenues c. Expenses and Assets d. Liabilities and Retained Earnings, What type of account is Cash? Revenues, Liabilities, Owners' Equity b. Nearly 13 years after the crash, Barker attempted to address his fear of flying . A) Assets + Liabilities = Stockholder's Equity B) Assets = Liabilities + Stockholder's Equity C) Assets/Revenue = Expenses D) Liabilities + Expenses = Stockholder's Equity, Identify the term being described by the following statement: Current assets minus current liabilities. Current liabilities c. Investments d. Long-term liabilities e. Property, plant, and equipment f. Which of the following is a section of the income statement? [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] Considered in the past as being solely a rational being, nowadays, following specialist researches, man is also perceived as an emotional being, triggering emotions which, if appropriately . d) Midwood Consultants received payment in February for consulting services rendered in March. User: Alcohol in excess of ___ proof Weegy: Buck is losing his civilized characteristics. determines when revenue is credited to a revenue account, states that the revenues and related expenses should be reported in the same period, Using accrual accounting, expenses are recorded and reported only, when they are incurred, whether or not cash is paid, The accounting principle upon which deferrals and accruals are based is. Go to the FASB website and access the FASB Concepts Statements and respond to the following items. a. an accrued asset a) Debiting Wage Expense for $640 and crediting Wages Payable for $640. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. The lease requires monthly rent of $550, with 4 months paid in advance. 1) On December 31, Louis Jeweler's made an adjusting entry to record $4,200 accrued interest payable on its mortgage. After the appropriate adjusting entry is recorded, the balance in the liability account Unearned Fees will: 1) Which of the following entries causes an immediate decrease in assets and in net income? 1. Professional discounts c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 On January 10, the mortgage payment was made. D) An entry to convert an asset to a liability. a. a computer technician has installed the latest software updates and was paid on the same day Prior to the adjusting process, accrued expenses have, Prior to the adjusting process, accrued revenue has, Deferred revenue is revenue that is c. Unearned Subscriptions 20/3 b. a computer technician has been paid in advance to install software updates as they become available a) Debit Interest Expense $6,300. Indicate also the type of financial statement. Your aunt recently received the annual report for a company in which she has invested. a. D) On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. On February 3, Ron Brown was billed for an office visit. View the full answer This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. C) Revenues will be understated, but assets will be ov, Which of the following accounts has a normal debit balance? Increase in assets b. 1) Under accrual accounting, salaries earned by employees but not yet paid should be expensed: a. theater tickets sold last month for yesterday's performance Are they quantitative or qualitative in nature? d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. An entry to accrue unpaid expenses B. (a) The entry to record depreciation: $3,000. A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? Which of the following expresses the key elements of the statement of owners' equity? Adjusting entries are necessary for the following items: A) A. During the month, Farad sold 50 trucks at an average price of $9,000 each. Which of the following is NOT considered to be a symptom of reverse culture shock? 2. b. E) running sum of forecast errors (RFSE). d) The entry to pay outstanding bills. Which of the following is not considered a basic type of adjusting entry a An. On January 25, Ramona's Nursery hired a college student to drive the minibus; the new employee is to begin work in February. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. b) The entry to pay salaries. Explain. Once a patient's account is in the hands of a_____agency, most offices will terminate the physician-patient relationship. Income statement B. ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). However, it does not protect against aspiration. d. market value. 1) Depreciation expense is: e. None of these. Revenue c. Stockholders' equity d. Liability, Which of the following accounts will appear on the company's income statement? (Provide paragraph citations.) d) $2,560, 1) Which of the following accounting principles is concerned with offsetting revenue with the expenses incurred in producing that revenue? Adjusting entries can be divided into the following four types. B) What are the variables of interest? Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. a. b. c) Debit Accrued Interest Payable $6,300. Over the phone, a new customer thinks her dog is pregnant and asks the veterinary receptionist what the total fee will be for obstetric care. The 6% rate is appropriate in this situation. (a) A power. a) A debit to Child Care Fees Receivable of $9,000. 1) Which of the following statements is not true regarding prepaid expenses? b) $41,160. c) An overstatement of liabilities offset by an understatement of owners' equity. The customer claims he can't pay today, but he hopes to be able to pay next month. b. Suppose Dr. Milton's checking account has a balance of $3,458.92. Briefly summarize the meaning of this term and how it relates to an entity's financial statements. c. debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100 (1). On January 31, Ramona's Nursery paid the interest owed on a note payable for January. D. Revenues, liabilities, capital b. C. Received $3,800 for fees earned. c) Net income will be understated and total assets will be overstated. Identify where the following item would be reported in the financial statements. providing equipment, services or support. Expenses increase stockholders' equity. a) To record unrecorded expenses. a) $1,800 is paid in January for a two-year fire insurance policy. D. Paid $4,000 for o, Which of the following is not considered a type of long-lived asset? a) Before financial statements and after a trial balance has been prepared. A) An entry to convert a liability to a revenue. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. 31,2017$105,000. c) As an asset on the balance sheet. Do nothing yet; Mr. Brown's account is current. Duration Open ended subject to satisfactory performance and the availability of funds. The monthly rent is $6,000. Pages 3 Ratings 100% (13) 13 out of 13 people found this document helpful; Account adjustments, also known as adjusting entries, are entries that are made in the general journal at the end of an accounting period to bring account balances up-to-date. .c) A credit to Child Care Fees Earned of $4,500. c. common stock b) An understatement of assets, net income, and owners' equity. Payables a. . If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? a. debit Insurance Expense, $3,000; credit Prepaid Insurance, $3,000 (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method?