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1.Use the following information as of December 31 to determine equity.
1. A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in:
-$200 less in net income.
-$200 more in net income.
-$200 difference between the debit and credit columns of the
Unadjusted Trial Balance.
-$200 of prepaid insurance.
1. On April 1, 2007, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2007?
1. The accrual basis of accounting:
-is generally accepted for external reporting because it is more useful for most business decisions.
-is flawed because it gives complete information about cash flows.
-recognizes revenues when received in cash.
-recognizes expenses when paid in cash.
1. Two common subgroups for liabilities on a classified balance sheet are:
-current liabilities and intangible liabilities.
-present liabilities and operating liabilities.
-general liabilities and specific liabilities.
-current liabilities and long-term liabilities.
1. Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:
-debit Office Supplies $105 and credit Office Supplies Expense $105.
-debit Office Supplies Expense $105 and credit Office Supplies $105.
-debit Office Supplies Expense $254 and credit Office Supplies $254.
-debit Office Supplies $254 and credit Office Supplies Expense $254.
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