Chapter 14

Front 1

which of the following accounts never debited or credited during the accounting periods

Back 1

merchandise inventory

Front 2

actually counting the goods on hand at the end of the accounting period and determining the cost is these goods by reviewing the accounting records is called

Back 2

the physical inventory

Front 3

a beginning inventory of 75,000 is removed from the merchandise inventory account by

Back 3

crediting 75,000 in merchandise inventory

Front 4

unearned revenue is reported as a(n)

Back 4

current liability on the balance sheet

Front 5

the income summary account after adjusting entries are posted reflects the

Back 5

beginning and ending inventory amounts

Front 6

if the ending inventory is overstated for any reason

Back 6

net income will be overstated

Front 7

which accounts balance is not used to complete the cost of goods sold

Back 7

sales

Front 8

sports inc, plans to sell season football tickets for 10 games played from September through November. this tickets sell $5 each at the gate or 45 per season package purchased before April 30. On April 30, the office reports 200 season tickets packages and has only 50 left, the correct entry to record the sale of the season tickets is

Back 8

debit cash and credit Unearned Revenue for 9,000

Front 9

Under the perpetual inventory method, when inventory is purchased, Merchandise inventory

Back 9

is debited and cash or accounts payable is credited

Front 10

cash received prior t delivering a product or performing a service is called a(n)

Back 10

unearned revenue

Front 11

if a difference is found between the physical count an the amount in the perpetual inventory records, an adjusting entry is made to which of the following accounts

Back 11

Inventory short and over

Front 12

A typical account found under the heading of "Revenue" in a chart of accounts

Back 12

Sales

Front 13

an example of contra-revenue is

Back 13

Sales returns and allowance

Front 14

which of the following accounts would NOT be found under the heading "Cost of Goods Sold" in a chart of accounts.

Back 14

Supplies

Front 15

in preparing a work sheet, the amounts for the Trial Balance columns are copied from the

Back 15

general ledger

Front 16

if purchases is account no.501, the correct account number for the purchases return and allowance is

Back 16

501.1

Front 17

both the debit and credit amounts from which of the following accounts are extended to the Adjusted Trial Balance columns of the work sheet

Back 17

Income summary

Front 18

during the accounting period, the Unearned Revenue account had a balance of 50,000 for computer equipment and software yet to be delivered, On March 31, a delivery of all of the equipment was made, living 5,000 worth of software pending. the correct journal entry to record this activity on March 31, is

Back 18

debit unearned revenue and credit Revenue for 45,000

Front 19

A work sheet is prepared

Back 19

for the (period) ended (date)

Front 20

merchandise inventory is listed as a(n)

Back 20

current asset

Front 21

on a work sheet, the debit column of the Income Statement totals 550,356 and the Credit columns totals 734,225 this presents

Back 21

A net income for the business

Front 22

at the end of the accounting period, the correct entry in the general journal to adjust for ending inventory is to

Back 22

debit merchandise inventory and credit income summary

Front 23

which if the following is not a formal part of the accounting system

Back 23

the work sheet

Front 24

on a work sheet, the Debit columns of the Income Statement an the Balance Sheet both total more than the credits column. this represent

Back 24

an error in the accounting procedures for the period

Front 25

on a work sheet the amount entered in the Credit columns of the Balance Sheet to balance the debits and is credit is 56,000 this represents

Back 25

a net income of 56,000

Front 26

at the end of the accounting period the correct entry in the general journal to adjust for beginning inventory is to

Back 26

debit income summary and to credit merchandise inventory