Question 1 of 20 0.0/ 5.0 points bringing account balances up to date

Question 1 of 200.0/ 5.0 PointsBringing account balances up to date before preparing financial reports is called [removed]A. posting. [removed]B. adjusting. [removed]C. journalizing. [removed]D. analyzing. Question 2 of 200.0/ 5.0 PointsThe entry to record the expiration of part of the prepaid rent will _______ at the end of the month. [removed]A. decrease total assets and increase total expenses [removed]B. decrease total assets and decrease total expenses [removed]C. increase total assets and increase total expenses [removed]D. increase total assets and decrease total expenses Question 3 of 205.0/ 5.0 PointsIncome Summary [removed]A. is a temporary account. [removed]B. is a permanent account. [removed]C. summarizes revenue and expenses and transfers the balance to Capital. [removed]D. Both A and C Question 4 of 200.0/ 5.0 PointsAt the start of this year, 18 months’ rent was paid. At the year’s end, how will this affect the balance sheet? [removed]A. Assets will be decreased. [removed]B. Liabilities will be increased. [removed]C. Owner’s equity will be increased. [removed]D. This has no effect on the period-end balance sheet. Question 5 of 205.0/ 5.0 PointsNot recording the Prepaid Rent used causes [removed]A. assets to be too high. [removed]B. assets to be too low. [removed]C. expenses to be too high. [removed]D. revenue to be too high. Question 6 of 200.0/ 5.0 PointsThe depreciation of equipment will require an adjustment that results in [removed]A. total assets increasing and total expenses increasing. [removed]B. total assets increasing and total expenses decreasing. [removed]C. total assets and expenses decreasing. [removed]D. total assets decreasing and total expenses increasing. Question 7 of 200.0/ 5.0 PointsAs Prepaid Rent is used, the asset becomes a/an [removed]A. liability. [removed]B. expense. [removed]C. contra-asset. [removed]D. revenue. Question 8 of 205.0/ 5.0 PointsClosing entries are prepared [removed]A. to clear all temporary accounts to zero. [removed]B. to update the Capital balance. [removed]C. at the end of the accounting period. [removed]D. All of the above Question 9 of 200.0/ 5.0 PointsIf the adjustment for Supplies used during the period wasn’t made, [removed]A. expenses would be too low. [removed]B. assets would be too low. [removed]C. expenses would be too high. [removed]D. revenue would be too high. Question 10 of 205.0/ 5.0 PointsIt is the end of the year but not the end of the pay period. How will this affect the balance sheet? [removed]A. Assets will be increased. [removed]B. Liabilities will be increased. [removed]C. Owner’s equity will be increased. [removed]D. This has no effect on the period-end balance sheet. Question 11 of 200.0/ 5.0 PointsThe income statement debit column of the worksheet showed the following expenses: Supplies Expense$600Depreciation Expense400Salaries Expense300  [removed]A.   Income Summary1,300Supplies Expense600Depreciation Expense400Salaries Expense300 [removed]B.   Income Summary1,200Capital1,200 [removed]C. Supplies Expense500Depreciation Expense400Salaries Expense300Income Summary1,200  [removed]D.   Capital1,200Income Summary1,200 Question 12 of 200.0/ 5.0 PointsIf the balance of supplies at the start of the month was $900 and at the end of the month there was $450 on hand, the adjustment for Supplies would be [removed]A. $450. [removed]B. $550. [removed]C. $350. [removed]D. $900. Question 13 of 200.0/ 5.0 PointsThe adjustment to record supplies used during the period would be which of the following? [removed]A. Debit Supplies; credit Supplies Expense [removed]B. Debit Supplies Expense; credit Cash [removed]C. Debit Supplies Expense; credit Supplies [removed]D. Debit Supplies; credit Cash Question 14 of 200.0/ 5.0 PointsWhich of the following would cause a contra-asset to be credited and an expense debited? [removed]A. Recording an accrued expense [removed]B. Recording the consumption of supplies [removed]C. Recording the building depreciation [removed]D. All of the above Question 15 of 205.0/ 5.0 PointsAssets that aren’t expected to provide benefits for a number of accounting periods are called [removed]A. current assets. [removed]B. fixed assets. [removed]C. long-term assets. [removed]D. property, plant, and equipment. Question 16 of 205.0/ 5.0 PointsAn account in which the balance isn’t carried over from one accounting period to the next is called a _______ account. [removed]A. permanent [removed]B. real [removed]C. temporary [removed]D. zero Question 17 of 200.0/ 5.0 PointsClosing entries [removed]A. need not be journalized since they appear on the worksheet. [removed]B. need not be posted if the financial statements are prepared from the worksheet. [removed]C. aren’t needed if adjusting entries are prepared. [removed]D. must be journalized and posted. Question 18 of 205.0/ 5.0 PointsWhich of the following would cause total assets to decrease and total expense to increase? [removed]A. Recording the depreciation of equipment [removed]B. Recording the consumption of supplies [removed]C. Recording the expiration of prepaid rent [removed]D. All of the above Question 19 of 200.0/ 5.0 PointsIt’s the end of the accounting period, and no electric bill has been received (but the expense has been incurred); you should record an entry that [removed]A. increases the total assets and increases the total expenses. [removed]B. decreases the total assets and increases the total expenses. [removed]C. increases the total liabilities and increases the total expenses. [removed]D. decreases the total liabilities and increases the total expenses. Question 20 of 200.0/ 5.0 PointsWhich of the following would cause a liability to be credited and an expense to be debited? [removed]A. Recording the adjustment for the expiration of rent [removed]B. Recording the depreciation of equipment [removed]C. Recording the accrual of salaries incurred [removed]D. Purchasing equipment