41 an example of a transposition is a presenting the cash account at 1 500 instead o 4313982

41 an example of a transposition is a presenting the cash account at 1 500 instead o 4313982

41.An example of a transposition is

a.presenting the cash account at $1,500 instead of $15,000.

b.presenting prepaid insurance at $920 instead of $290.

c.incorrectly posting a credit amount as a debit amount in the general ledger.

d.not journalizing a sales transaction at all.

42.If the trial balance does not balance and the difference between debits and credits is evenly divisible by 9, there is a good chance that

a.a transaction has not been recorded.

b.a transaction has been journalized to the wrong account.

c.a transposition or a slide has occurred.

d.only one side of the transaction has been recorded.

43.A trial balance does not identify all types of errors. Which of the following are errors that are not identified using the trial balance?

a.incorrectly recording the transaction amount, but the debits still equal the credits

b.incorrectly posting part of a journal entry to the wrong account

c.not recording a transaction

d.All of these answer choices represent errors that are not identified using the trial balance.

44.Posting is the procedure of transferring information from the

a.journal to the ledger

b.trial balance to the worksheet

c.ledger to the journal

d.worksheet to the financial statements

45.Which of the following errors is not identified by using the trial balance?

a.an unposted transaction

b.a transposition

c.a slide

d.recording a debit amount that differs from the credit amount recorded

46.A prepaid expense is

a.a payment received by the company in advance for the future sale of inventory or performance of services

b.an item of goods or services purchased by the company for use in its operations but not fully consumed by the end of the accounting period

c.an expense that has been incurred during the accounting period but has been neither paid nor recorded

d.an item that has been earned by the company during the accounting period but has been neither received nor recorded

47.Which of the following is an economic resource that should be depreciated over the accounting periods estimated to be benefited?

a.salaries incurred but unpaid at year-end

b.rent collected in advance for a three-year rental period

c.equipment purchased for use in the business operations

d.interest revenue accrued on investment in bonds

48.Adjusting journal entries are made

a.at the beginning of the accounting period

b.at the end of the accounting period

c.when revenue is realized (or realizable)

d.anytime we need to adjust an account

49.The Oliver Construction Company received $18,000 for six months rental income in advance on November 1, 2015, and credited the Rental Revenue account. The required adjusting entry on December 31, 2015, would include a

a.credit to Rental Revenue for $6,000

b.debit to Rental Revenue for $12,000

c.credit to Rental Receivable for $12,000

d.debit to Rental Revenue for $6,000

50.Which of the following adjusting entries involves the recognition of an accrued expense?

a.recording depreciation on a long-lived asset

b.writing off the portion of an insurance policy that has expired

c.recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period

d.recognition of bad debt losses that are expected to result from making sales on credit terms

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