Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. On January 1, a machine with useful life of five years and residual value of $2,000 was bought for $10,000. Compute the depreciation expense for year 2 under straight-line depreciation?

a. $2,000.
b. $6,000.
c. $1,600.
d. $4,800.

2. Net income results when:

a. Assets > Liabilities
b. Revenues > Expenses
c. Revenues = Expenses
d. Revenues < Expenses

3. Retained earnings at the end of the period is equal to:

a. Retained earnings at the starting of period plus net income minus liabilities.
b. Net income.
c. Assets plus liabilities.
d. Retained earnings at the beginning of the period plus net income minus dividends.

4. Respective normal account balances of Purchases, Freight-In and Purchases Discount are:

a. Credit, credit, credit.
b. Credit, debit, debit.
c. Debit, credit, debit.
d. Debit, debit, credit.

5. Allowance for Doubtful Accounts is essential because:

a. When recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay.
b. Uncollectible accounts that are written off should be accumulated in separate account.
c. Liability results when a credit sale is made.
d. Management needs to accumulate all the credit losses over years.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920461

Have any Question? 


Related Questions in Accounting Basics

Discussionaccounting irregularities please respond to the

Discussion "Accounting Irregularities" Please respond to the following: • Imagine that you were auditing accounts receivable balances to confirm sales and found significant discrepancies between the recorded account bala ...

Assignmentusing a 5 discount rate calculate the net present

Assignment Using a 5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below (note, the inflows are for each year). Based on your calculations rank ...

Accounting assignmentbullemployee theft is a major problem

Accounting Assignment • Employee theft is a major problem in the U.S. retail industry. Information obtained from SecurityInfoWatch reported that twenty three (23) major retailers alone apprehended over 1.1 million shopli ...

Accounting and societyrequirementsbackgroundin their annual

Accounting and Society Requirements: Background: In their annual report, companies are required to include a remuneration report that documents the remuneration packages of the chief executive officer, other key executiv ...

Palmona co establishes a 220 petty cash fund on january 1

Palmona Co. establishes a $220 petty cash fund on January 1. On January 8, the fund shows $125 in cash along with receipts for the following expenditures: postage, $41; transportation-in, $11; delivery expenses, $13; and ...

Transactions and fasb standards1 the new city college

Transactions and FASB Standards 1. The New City College reported deferred revenues of $612,000 as of July 1, 2014, the first day of its fiscal year. Record the following transactions related to student tuition and fees a ...

Dq1respond to the ethics discussion case at the end of

DQ1 Respond to the Ethics Discussion Case at the end of chapter 5 in the textbook. Dan owns a successful sports bar in downtown Providence. The state is considering legislation that would restrict the sale of alcohol in ...

Answer the following questionduring 2012 nasa co produced a

Answer the following question. During 2012, NASA Co. produced a new line of computers that carry a three-year warranty against manufacturer's defects. Based on industry experience, NASA Co. estimated warranty costs at 1% ...

Accountinguse the internet to research an annual report of

Accounting Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most impor ...

Standard prices for medicineread the article magic pill

Standard Prices for Medicine Read the article, "Magic Pill, Magical Accounting." Based on the content presented in the article, describe some of the issues with not having an industry-wide standard price for a medicine. ...

  • 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