Accounting: Tools for Business Decision Making (7th Edition)

Chapter 4

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The two generally accepted accounting principles ... more

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The steps for the revenue recognition process are ... more

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Following the revenue recognition principle, the ... more

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The firm should deduct expenses of $4,700 in the ... more

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Agree, the adjustment entries are required when ... more

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The need for adjustment entries arises due to the ... more

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The two categories of adjusting entries are ... more

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The adjusting entry for the prepaid expense is a ... more

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Disagree, depreciation is recorded to show the ... more

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Depreciation expense is the proportion of the ... more

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The balance sheet shows the financial position of ... more

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The adjusting entry for unearned revenue is ... more

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An asset and a revenue account are involved in the... more

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The adjusting entry for the accrued expense is a ... more

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The accrued revenue of $780 understated the ... more

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A journal entry is used to record day-to-day ... more

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Expenses are understated as they are not realized ... more

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Disagree. The adjusting entry affects only one ... more

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The accounts receivable in the balance sheet of ... more

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The balances in adjusted trial balance can be used... more

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The relationship between the balance of the ledger... more

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In the four closing entries, the accounts that are... more

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The virtual close of financial statements helps in... more

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The income summary account is a temporary account... more

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The post-closing trial balance is constructed ... more

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Depreciation expense, dividends, and service ... more

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The steps in the accounting cycle that involves ... more

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The trial balance that are prepared in the ... more

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Earnings management is the proper management of ... more

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The worksheet is a tool that makes the process of ... more

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The worksheet is a multiple-column sheet where the... more

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Allocation of transaction price refers to the ... more

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Adjusting entry: ; Supplies account: ; Supplies ... more

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Journal entry: ; Depreciation expense account: ; ... more

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Journal entry: ; Insurance expense account: ; ... more

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Journal entry: ; Unearned service revenue account... more

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Adjusting journal entry is made at the end of the ... more

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Adjusting journal entry is made at the end of the ... more

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Income statement determines the net income of the ... more

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The statement of retained earnings shows the ... more

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The accumulated depreciation, accounts payable and... more

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First step is to analyze the business transactions... more

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Companies that follow the cash basis accounting ... more

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Global Explanation: Adjusting journal entry is ... more

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Adjusting journal entry is made at the end of the ... more

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The service revenue and the utilities expense ... more

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Global Explanation: A journal entry is used to ... more

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The assets are not shown at the liquidation value ... more

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$34,180 ; Prepare a table to compute the net ... more

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Global Explanation: Adjusting journal entry is ... more

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Global Explanation: Adjusting journal entry is ... more

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Adjusting journal entry is made at the end of the ... more

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Global Explanation: Adjusting journal entry is ... more

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Global Explanation: The income statement ... more

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a) July transactions: ; b) Adjustment entries: ; A... more

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Following are the effects of each transaction on ... more

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Contra asset accounts are the accounts that have ... more

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Global Explanation: A closing entry is used to ... more

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Adjusting journal entry is made at the end of the ... more

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Income statement:  ; Statement of retained ... more

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A closing entry is used to record transactions at ... more

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Global Explanation: Adjusting journal entry is ... more

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Global Explanation: Income statement determines ... more

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Under accrual basis of recording, all the revenues... more

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The practice opted by the president is unethical, ... more

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The periodicity assumption divides the economic ... more

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The revenue recognition principle states that ... more

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Under IFRS, total income includes both revenue and... more

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Accrual basis of accounting is mandatory under ... more

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