A Debit to Common Stock Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
A Debit to Common Stock Assignment
- The journal entry to record the payment of the current month utility bill would include
A) a debit to Utilities Expense and a credit to Stock.
B) a debit to stockholders’ equity and a credit to Cash.
C) a debit to Utilities Expense and a credit to Cash.
D) a debit to Utilities Expense and a credit to Accounts Payable.33. The journal entry to record the payment of dividends for the month is:
A) a debit to Common Stock and a credit to Cash.
B) a debit to cash and a credit to dividends.
C) a debit to dividends and a credit to Cash.
D) a debit to dividends and a credit to common stock.34. The journal entry to record the payment of salaries should include
A) debit to Salaries Expense and a credit to Cash.
B) a debit to Stock and a credit to Cash.
C) a debit to Cash and a credit to Salaries Expense.
D) a debit to Salaries Expense and a credit to Accounts Payable.35. On a balance sheet, Accumulated Depreciation—Equipment is reported
A) as a deduction from the cost of the equipment.
B) as a liability.
C) as an expense.
D) as a deduction from the total of the asset36. If the prepaid expenses are not adjusted, assets on the balance sheet
A) will be overstated.
B) will be understated.
C) will not be affected.
D) may be either overstated or understated.37. If long-term assets are not adjusted, expenses on the income statement
A) will be overstated.
B) will be understated.
C) will not be affected.
D) may be either overstated or understated.
38. The entry to replenish a petty cash fund includes
A) a debit to Cash and a credit to Petty Cash.
B) a debit to Petty Cash Fund and a credit to Cash.
C) debits to various expense accounts and a credit to Petty Cash Fund.
D) debits to various expense accounts and a credit to Cash.39. On May 1, 20–, a firm purchased a 1-year insurance policy for $1,800 and paid the full premium in advance. The insurance expense associated with this policy for 20—is
A) $600.
B) $1,200.
C) $1,800.
D) $1,050.40. To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be
A) added to the bank statement balance.
B) added to the book balance.
C) deducted from the bank statement balance.
D) deducted from the book balance41. A firm appropriately wrote a check for $78 but entered the amount as payment of $87. On a bank reconciliation statement this error would be shown as
A) deduction of $9 from the book balance.
B) an addition of $9 to the book balance.
C) a deduction of $9 from the bank statement balance.
D) an addition of $9 to the bank statement balance.42. The entry to record a purchase of merchandise on credit using a perpetual inventory system Includes
A) a debit to Merchandise Inventory and a credit to Accounts Payable.
B) a credit to Merchandise Inventory and a debit to Accounts Payable.
C) a debit to Accounts Payable and a credit to Purchases.
D) a debit to Purchases (COGS) and a credit to Accounts Payable.43. A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of the ending inventory of 3,000 units?
A) $27,000
B) $24,000
C) $21,000
D) $36,00044. A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $16,000 Early in the year, 8,000 units were purchased at $6 each. Using LIFO, what is the value of the ending inventory of 2,000 units?
A) $12,000
B) $10,000
C) $8,000
D) $24,00045. Which of the following is allowed under generally accepted accounting principles?
A) A company was offered $60,000 for land that it had purchased for $15,000. The company did not sell the land but increased the Land account to $60,000.
B) An owner lists the full cost of his or her personal automobile, which is occasionally used for business purposes, on the company’s balance sheet.
C) A large company recorded the $20 cost of a tool as an expense, although the item is expected to be used for 3 years.
D) The Equipment ledger account shows a balance of $55,000. This amount represents the original cost of $75,000 less the accumulated depreciation of $20,000.46. An accountant who records revenue when a credit sale is made rather than waiting for the receipt of cash from the customer is
A) following the accrual principle.
B) following the conservatism convention.
C) violating generally accepted accounting principles.
D) following the consistency principle.47. The FASB has concluded that financial reporting rules should
A) help companies minimize the taxes they must pay.
B) be in compliance with income tax law.
C) concentrate on providing helpful information to management.
D) concentrate on providing helpful information to present and potential investors and creditors.48. Keeping the personal assets of the owner of a business separate from the assets of the firm is an example of
A) following the going concern assumption.
B) applying the realization principle.
C) following the separate entity assumption.
D) applying the conservatism convention49. Internal control is:
A) The act of stealing a business’ assets.
B) The preparation of fraudulent financial statements.
C) The process that helps a business achieve its objectives such as operating efficiently and effectively.
D) The reconciliation of the bank’s cash balance to the book’s cash balance.50. Separation of duties refers to separating all of these functions except which of the following?
A) Authorizing transactions
B) Keeping accounting records
C) Hiring personnel
D) Maintaining custody of assets51. Which of the following is not a control activity?
A) Mandatory vacations
B) Risk assessment
C) Security measures
D) Proper authorizationAnswer the following questions based upon the information provided in the adjusted trial balance data from the Cameron White Company spreadsheet for the year ended December 31. The balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. The beginning Retained Earnings account for the period was $49,000. The ending retained earnings for the period from the statement of retained earnings is $56,150. There were no dividends paid.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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