会计英语Chapter 04

Chapter 004 Completing the Accounting Cycle

88. If in preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is: A. An expense amount placed in the Balance Sheet Credit column. B. A revenue amount placed in the Balance Sheet Debit column. C. A liability amount placed in the Income Statement Credit column. D. An asset amount placed in the Balance Sheet Credit column. E. A liability amount placed in the Balance Sheet Debit column.

AACSB: Technology AICPA BB: Industry

AICPA FN: Leveraging Technology Difficulty: Medium Learning Objective: P1

89. If the Balance Sheet and Statement of Owner's Equity columns of a work sheet fail to balance when the amount of the net income is added to the Balance Sheet and Statement of Owner's Equity Credit column, the cause could be:

A. An expense amount entered in the Balance Sheet and Statement of Owner's Equity Debit column.

B. A revenue amount entered in the Balance Sheet and Statement of Owner's Equity Credit column.

C. An asset amount entered in the Income Statement and Statement of Owner's Equity Debit column.

D. A liability amount entered in the Income Statement and Statement of Owner's Equity Credit column.

E. An expense amount entered in the Balance Sheet and Statement of Owner's Equity Credit column.

AACSB: Analytic AICPA BB: Industry

AICPA FN: Leveraging Technology Difficulty: Medium Learning Objective: P1

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Chapter 004 Completing the Accounting Cycle

90. The following items appeared on a company's December 31 work sheet for the current period. Based on the following information, what is net income for the current period?

A. $1,400. B. $1,855. C. $1,905. D. $2,060. E. $4,670.

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Chapter 004 Completing the Accounting Cycle

AACSB: Analytic AICPA BB: Industry

AICPA FN: Leveraging Technology Difficulty: Medium Learning Objective: P1

91. Which of the following errors would cause the Balance Sheet and Statement of Owner's Equity columns of a work sheet to be out of balance?

A. Entering an asset amount in the Income Statement Debit column. B. Entering a liability amount in the Income Statement Credit column.

C. Entering an expense amount in the Balance Sheet and Statement of Owner's Equity Debit column.

D. Entering a revenue amount in the Balance Sheet and Statement of Owner's Equity Debit column.

E. Entering a liability amount in the Balance Sheet and Statement of Owner's Equity Credit column.

AACSB: Analytic AICPA BB: Industry

AICPA FN: Leveraging Technology Difficulty: Medium Learning Objective: P1

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Chapter 004 Completing the Accounting Cycle

92. The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustments columns contain entries for the following:

1. Office supplies used during the period, $1,200. 2. Expiration of prepaid rent, $700. 3. Accrued salaries expense, $500. 4. Depreciation expense, $800.

5. Accrued service fees receivable, $400.

The Adjusted Trial Balance columns total is: A. $80,400. B. $84,000. C. $85,700. D. $85,900. E. $87,600.

AACSB: Analytic AICPA BB: Industry

AICPA FN: Leveraging Technology Difficulty: Medium Learning Objective: P1

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