ACG Exam 1 USF
All but which of the following are on a balance sheet?
A: Expenses
B: Assets
C: Payables
D: Retained earnings - ✔✔A
All but which of the following accounts are liabilities on the balance sheet?
A: N
...
ACG Exam 1 USF
All but which of the following are on a balance sheet?
A: Expenses
B: Assets
C: Payables
D: Retained earnings - ✔✔A
All but which of the following accounts are liabilities on the balance sheet?
A: Notes payable
B: Unearned Revenues
C: Accrued liabilities
D: Dividends - ✔✔D
Which of the following statements is FALSE?
A: A trial balance is prepared at the end of the month, after items have been posted to the general
ledger.
B: Journal entries are posted in the general journal, and then amounts are posted to the general
ledger.
C: The balance sheet is prepared first, then the income statement, then the statement of retained
earnings.
D: A trial balance ensures that all debits = all credits. - ✔✔C
Ryan receives $500 on 1/1/16 to cut the grass for a subdivision weekly for the next 5 weeks. On
1/31, four weeks have now passed. What adjusting entry does he need to make on 1/31, if any?
A: Debit: Cash $500 and Credit: Revenues $500
B: Debit: Revenues $500 and Credit: Unearned Revenues $500
C: Debit: A/R $400 and Credit: Revenues $400
D: Debit: Unearned Revenues $400 and Credit: Revenues $400
E: No entry is necessary until all 5 weeks have passed. - ✔✔D
ABC Company borrowed on a 6 month, 10% note payable for $5,000 on 10/1/15. Assuming no
adjusting entries were made yet, what adjusting entry for interest will they need to make at year
end on 12/31?
A: Debit: Interest expense $500 and Credit: Interest Payable $500
B:Debit: Interest expense $250 and Credit: Int. Payable $250
C: Debit: Interest receivable $250 and Credit: Int. Income $250
D: Debit: Interest expense $125 and Credit: Interest Pay. $125 - ✔✔D
Cainas Cookies purchases Supplies on 1/1/16 for $800. Upon a count of the supplies, Cainas
determines there are $250 of supplies on hand at 1/31. What entry does she need to make?
A: Debit: Supplies $800 and Credit: Cash $800
B: Debit: Supplies Expense $250 and Credit: Supplies $250
C: Debit: Supplies Expense $550 and Credit: Supplies $550
D: Debit: Prepaid Supp
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