HELP WITH THESE QUESTIONS!
1.Which basic principle of accounting states that assets areinitially recorded at the amounts paid to acquire the assets?
Select one:
A. Objectivity principle
B. Cost principle
C. Measuring unit concept
D. Going concern concept
E. None of the above
2.Urbana Company signed a one-year lease on April 1, 2016, andpaid the $22,800 total yearâs rent in advance. Urbana recorded thetransaction as a debit to Prepaid Rent and a credit toCash.
What adjusting entry should Urbana make on December 31, 2016 (noprevious adjustment has been made)?
Select one:
A.
Rent Expense 17,100
Prepaid Rent 17,100
B.
Prepaid Rent 17,100
Rent Expense 17,100
C.
Rent Expense 5,700
Prepaid Rent 5,700
D.
Prepaid Rent 5,700
Rent Expense 5,700
3.On January 1, 2016, Sirius Black Corporation's retainedearnings account had a balance of $1,570,000. During 2016 thecompany had revenues of $270,000 and expenses of $186,000. OnDecember 31, the companyâs retained earnings had a balance of$1,601,000.
Determine the amount of dividends paid during 2016.
Select one:
A. $85,000
B. $53,000
C. $26,500
D. $61,500
4.Which one of the following is not a reason for whichadjusting entries are made?
Select one:
A. To accrue expenses to reflect expenses incurred in the periodthat are not yet paid or recorded
B. To allocate the earned portion of unearned revenue to reflectrevenues earned during the period
C. To close the income statement accounts and prepare them forthe following year's activity
D. To allocate used or expired assets to reflect expensesincurred in the period
5.A trial balance that balances is useful because it indicateswith certainty that:
Select one:
A. All entries into accounts during the period were madecorrectly.
B. All accounts have normal balances.
C. Total debits in the general ledger equal total credits.
D. All of the above
HELP WITH THESE QUESTIONS!
1.Which basic principle of accounting states that assets areinitially recorded at the amounts paid to acquire the assets?
Select one:
A. Objectivity principle
B. Cost principle
C. Measuring unit concept
D. Going concern concept
E. None of the above
2.Urbana Company signed a one-year lease on April 1, 2016, andpaid the $22,800 total yearâs rent in advance. Urbana recorded thetransaction as a debit to Prepaid Rent and a credit toCash.
What adjusting entry should Urbana make on December 31, 2016 (noprevious adjustment has been made)?
Select one:
A.
| Rent Expense | 17,100 |
| Prepaid Rent | 17,100 |
B.
| Prepaid Rent | 17,100 |
| Rent Expense | 17,100 |
C.
| Rent Expense | 5,700 |
| Prepaid Rent | 5,700 |
D.
| Prepaid Rent | 5,700 |
| Rent Expense | 5,700 |
3.On January 1, 2016, Sirius Black Corporation's retainedearnings account had a balance of $1,570,000. During 2016 thecompany had revenues of $270,000 and expenses of $186,000. OnDecember 31, the companyâs retained earnings had a balance of$1,601,000.
Determine the amount of dividends paid during 2016.
Select one:
A. $85,000
B. $53,000
C. $26,500
D. $61,500
4.Which one of the following is not a reason for whichadjusting entries are made?
Select one:
A. To accrue expenses to reflect expenses incurred in the periodthat are not yet paid or recorded
B. To allocate the earned portion of unearned revenue to reflectrevenues earned during the period
C. To close the income statement accounts and prepare them forthe following year's activity
D. To allocate used or expired assets to reflect expensesincurred in the period
5.A trial balance that balances is useful because it indicateswith certainty that:
Select one:
A. All entries into accounts during the period were madecorrectly.
B. All accounts have normal balances.
C. Total debits in the general ledger equal total credits.
D. All of the above
