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1. If business has received cash in advance of services performed and credits liability account, adjusting entry required after services are performed will be

a. debit Unearned Revenue and credit Revenue Earned.
b. debit Unearned Revenue and credit Accounts Receivable.
c. debit Unearned Revenue and credit Prepaid Expense.
d. debit Unearned Revenue and credit Cash.

2. All the following are required for calculations of depreciation except

a. cost.
b. training costs of manufacturing personnel.
c. estimated useful life.
d. salvage value.

3. LIFO inventory method suppose that cost of the latest units purchases are:

a. first to be allocated to cost of goods sold.
b. first to be allocated to ending inventory.
c. last to be allocated to cost of goods sold.
d. allocated to cost of goods sold or ending inventory.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921384

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