NEEDS ANSWERES ASAP

Question 17

A three column form of account is so named because it hascolumns for

debit, credit, and balance.

debit, credit, and date.

debit, credit, and account name.

debit, credit, and reference.

3 points

Question 18

The first step in designing a computerized accounting system isthe creation of the

general ledger.

general journal.

trial balance.

chart of accounts.

3 points

Question 19

Chik Chik Company showed the following balances at the end ofits first year:

Cash

$ 6,000

Prepaid insurance

$ 9,400

Accounts receivable

$ 7,000

Accounts payable

$ 5,600

Notes payable

$ 8,400

Common stock

$ 2,800

Dividends

$ 1,400

Revenues

$ 44,000

Expenses

$ 35,000

What did Chik Chik Company show as total credits on its trialbalance?

$51,400

$60,800

$62,200

$70,200

3 points

Question 20

Which of the following time periods would notbe referred to as an interim period?

Monthly

Quarterly

Semi-annually

Annually

3 points

Question 21

Crue Company had the following transactions during the calendaryear:
Sales of $4,800 on account
Collected $2,000 for services to be performed in the followingyear
Paid $1,625 cash in salaries
Purchased airline tickets for $250 in December for a trip to takeplace in the following year
What is Crue's current net income using accrual accounting?

$2,925.

$3,175.

$4,925.

$5,175.

3 points

Question 22

If an adjusting entry is not made for an accruedrevenue,

revenues will be overstated.

assets will be overstated.

stockholders' equity will be understated.

expenses will be understated

Question

NEEDS ANSWERES ASAP

Question 17

A three column form of account is so named because it hascolumns for

		debit, credit, and balance.
		debit, credit, and date.
		debit, credit, and account name.
		debit, credit, and reference.

3 points

Question 18

The first step in designing a computerized accounting system isthe creation of the

		general ledger.
		general journal.
		trial balance.
		chart of accounts.

3 points

Question 19

Chik Chik Company showed the following balances at the end ofits first year:

Cash	$ 6,000
Prepaid insurance	$ 9,400
Accounts receivable	$ 7,000
Accounts payable	$ 5,600
Notes payable	$ 8,400
Common stock	$ 2,800
Dividends	$ 1,400
Revenues	$ 44,000
Expenses	$ 35,000

What did Chik Chik Company show as total credits on its trialbalance?

		$51,400
		$60,800
		$62,200
		$70,200

3 points

Question 20

Which of the following time periods would notbe referred to as an interim period?

		Monthly
		Quarterly
		Semi-annually
		Annually

3 points

Question 21

Crue Company had the following transactions during the calendaryear:
Sales of $4,800 on account
Collected $2,000 for services to be performed in the followingyear
Paid $1,625 cash in salaries
Purchased airline tickets for $250 in December for a trip to takeplace in the following year
What is Crue's current net income using accrual accounting?

		$2,925.
		$3,175.
		$4,925.
		$5,175.

3 points

Question 22

If an adjusting entry is not made for an accruedrevenue,

		revenues will be overstated.
		assets will be overstated.
		stockholders' equity will be understated.
		expenses will be understated

		Customers
		Investors
		Regulatory agencies
		All of these are external users

		identify and analyze the principal elements in thesituation.
		identify the alternatives.
		recognize an ethical situation and the ethical issuesinvolved.
		weigh the impact of each alternative on variousstakeholders.

		income tax regulations of the Internal Revenue Service.
		standards that indicate how to report economic events.
		theories that are based on physical laws of the universe.
		principles that have been proven correct by academicresearchers.

		Issuance of stock in exchange for cash.
		Hired employees.
		Incurred utility expenses for the month.
		Earned revenue for services provided.

		depletions.
		consumptions.
		dividends.
		a credit line.

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		assets must have decreased by $8,000.
		stockholders' equity must have increased by $8,000.
		assets must have increased by $8,000, or stockholders' equitymust have decreased by $8,000.
		assets and stockholders' equity each increased by $4,000.

		$50,000 decrease
		$10,000 decrease
		$10,000 increase
		$50,000 increase

Revenues	$ 340,000
Retained Earnings, Beginning	$ 60,000
Equipment	$ 80,000
Expenses	$ 250,000
Cash	$ 90,000
Dividends	$ 20,000
Supplies	$ 10,000
Accounts payable	$ 40,000
Accounts receivable	$ 70,000
Common Stock	$ 80,000

		assets, liabilities, and stockholders' equity.
		expenses, dividends, and stockholders' equity.
		revenues, expenses, and dividends.
		revenues, liabilities, and stockholders' equity.

		Credit an asset account for $500.
		Credit the Retained Earnings account for $500.
		Credit another liability account for $500.
		Debit the Retained Earnings account for $500.

		Credit an asset account for $400.
		Credit another liability account for $400.
		Credit the retained earnings account for $400.
		Debit the retained earnings account for $400.

		must be accompanied by a debit to an asset account.
		indicates an increase in the amount owed to creditors.
		is an error.
		indicates a decrease in the amount owed to creditors.

		business documents.
		the Internal Revenue Service.
		the public relations department.
		the SEC.

		make a simple entry.
		use two journal entries.
		make a compound entry.
		list the credit entries first, which is proper form for thistype of transaction.

		$180,000.
		$250,000.
		$360,000.
		$ 490,000.

		$200,000.
		$100,000.
		$250,000.
		$300,000.

		$136,000
		$142,000
		$8,000
		$137,000