Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Income summary account is also known as:

A. the dosing account
B. the clearing account
C. the nominal account
D. the temporary account

2. Which of the given account groups are all considered nominal accounts?

A. Cash, Fees Earned, Unearned Revenues
B. Prepaid Expenses, Unearned Revenues, Fees Earned
C. Capital Account, Drawing Account, Income Summary
D. Drawing Account, Fees Earned, Rent Expense

3. All of the closing entries will adjust to update that account.

A. the drawing account
B. the capital account
C. the cash account
D. the income summary account

4. The entry to close suitable Insurance account at the end of accounting period is.:

A. debIt Income Summary; credit Prepaid Insurance
B. debit Prepaid Insurance; credit Income Summary
C. debit Insurance Expense; credit Income Summary
D. debit Income Summary; credit Insurance Expense

5. Red Rock Stone bought one-year liability insurance policy on January 1st of this year for $3,600 and recorded it as prepaid expense. From selections of a. through d., choose value which would be used in the closing entry for insurance expense and prepaid insurance in closing process at the end of first fiscal period on January 31st.

A. $3,600
B. $36
C.$300
D. $360

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922099

Have any Question? 


Related Questions in Accounting Basics

Consider the following scenarioandre has asked you to

Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-h ...

On december 31 2017 buffalo company signed a 1137500 note

On December 31, 2017, Buffalo Company signed a $1,137,500 note to Carla Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Un ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

Taskas part of the planning process for your new accounting

TASK As part of the planning process for your new accounting information system, your manager has asked that you prepare flowcharts. This graphic presents the flow of information through the accounting cycles. • Using th ...

Assignment descriptiona manufacturing company is thinking

Assignment Description A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "Forecasting" Please respond to the following: • Assess the financial performance forecasting proc ...

The company uses a periodic inventory system for specific

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 190 are from the January 30 purchase, 80 are from the January 20 purchase, and 105 are from beginni ...

Module 1 1 page topic selectionselect any topic in

Module 1 ( 1 Page ) Topic Selection Select any topic in accounting of interest that connects to the subject matter of this course. If you have already selected the area of your doctoral research, you may choose a topic i ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

You are the auditor for a company and need to review the

You are the auditor for a company and need to review the company's accounts receivable using probability proportional to size (PPS) sampling. In addition, the board of directors has requested that you and your team prese ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen