Accrual Basis of Accounting 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
Accrual Basis of Accounting Assignment
Please answer the following questions. Thanks
- The Sales Returns and Allowances
A) account is presented on the balance sheet as a deduction from Accounts Receivable.
B) on the income statement as a deduction from Sales.
C) on the income statement as an addition to Sales.
D) on the balance sheet as a deduction from Capital.2. If a firm had sales of $50,000 during a period and sales returns and allowances of $4,000, its net sales were
A) $54,000.
B) $50,000.
C) $46,000.
D) $4,000.3. The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes:
A) a debit to Return Expense and a credit to Accounts Receivable.
B) a debit to Sales and a credit to Sales Returns and Allowances.
C) a debit to Sales Returns and Allowances and a credit to Accounts Receivable.
D) a debit to Accounts Receivable and a credit to Sales Returns and Allowances.4. With the accrual basis of accounting, it is appropriate to recognize revenue from a credit sale
A) on the date of the sale.
B) on the date the account is collected in full.
C) each time a payment on an account balance is received.
D) either on the date of the sale or when the amount of the sale is collected.5. On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An age analysis of the accounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for
A) $800.
B) $1,000.
C) $1,200
D) $2006. When the allowance method of recognizing losses from uncollectible accounts is used, the entry to record the write-off ofa specific account consists of
A) a debit to Uncollectible Accounts Expense and a credit to Accounts Receivable.
B) a debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable.
C) a debit to Uncollectible Accounts Expense and a credit to Allowance for Doubtful Accounts.
D) a debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts.7. A firm reported sales of $300,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end. Prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $300. The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for
A) $1,200
B) $1,500
C) $1,800
D) $3,0008.8.When a firm uses the allowance method to provide for losses, the collecting of an account previously written off as uncollectible requires an entry
A) to reinstate the account receivable.
B) to increase the balance of the Sales account.
C) to reduce the balance of Uncollectible Accounts Expense.
D) to decrease the balance of the Allowance for Doubtful Accounts.9. On December 31, prior to adjustments, the balance of Accounts Receivable is $16,000 and Allowance for Doubtful Accounts has a credit balance of $95. The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for
A) $705.
B) $800.
C) $895.
D) $95.10. The adjusting entry to record accrued interest on a note receivable requires
A) a debit to Interest Income and a credit to Notes Receivable.
B) a debit to Interest Receivable and a credit to Interest Revenue.
C) a debit to Interest Revenue and a credit to Cash.
D) a debit to Interest Revenue and a credit to Interest Receivable.11. When a company issues a promissory note, the accountant records an entry that includes a credit to Note Receivable for
A) the face value of the note.
B) the face value of the note plus the interest that will accrue.
C) the face value less the interest that will accrue.
D) the maturity value of the note.12. How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year (based on a 360 day year)?
A) $300
B) $1,800
C) $450.
D) $900.13. Notes payable which are to be satisfied with current assets and are due within one year are usually shown
A) in the Current Assets section of the balance sheet.
B) in the Current Liabilities section of the balance sheet,
C) in the Other Expenses section of the income statement.
D) in the Long-Term Liabilities section of the balance sheet.14. Upon collection of the amount due on a $6,000 face value, 90-day note with interest at 10 percent a year, the Note Receivable account is
A) debited for $6,600.
B) credited for $6,000.
C) credited for $6,150.
D) debited for $6,000.15. The balance sheet shows
A) the results of business operations.
B) all revenues and expenses.
C) the amount of net income or loss.
D) the financial position of a business at a given time.16. Amounts that a business must pay in the future are known as
A) accounts receivable.
B) accounts payable.
C) stock.
D) expenses.17. Examples of assets are
A) cash and accounts receivable.
B) cash and revenue.
C) cash and rent expense.
D) investments by the owner and revenue.18. A net loss results
A) when expenses are greater than revenue.
B) when assets are greater than liabilities.
C) when revenue is greater than expenses
D) when expenses are greater than assets.19. The income statement shows
A) the financial position of a business on a specific date.
B) revenue and stockholders’ equity.
C) the results of operations for a period of time.
D) the total value of the business.20. If liabilities are $4,000 and stockholders’ equity is $15,000, assets are
A) $9,000.
B) $15,000.
C) $19,000
D) $4,00021. Assets and liabilities are reported on
A) the balance sheet.
B) the income statement.
C) the statement of stockholders’ equity.
D) both the balance sheet and the income statement.22. The rent paid for future months is a (n)
A) asset.
B) liability.
C) expense.
D) revenue.23. Credits are used to record
A) decreases in assets and stockholders’ equity and increases in liabilities.
B) decreases in assets, liabilities, and stockholders’ equity.
C) decreases in liabilities and increases in assets and stockholders’ equity.
D) increases in liabilities and stockholders’ equity.24. Debits are used to record increases in
A) assets and revenue
.B) revenue and stockholders’ equity.
C) assets and expenses.
D) assets and liabilities.25. A firm paid cash to apply against a debt. To record this transaction, the accountant would
A) debit Accounts Receivable and credit Cash.
B) debit Accounts Payable and credit Cash.
C) debit Cash and credit Accounts Payable.
D) Debit Cash and credit Accounts Receivable.26. When charge customers pay cash to apply against their accounts, the amount is recorded
A) on the debit side of the Cash account and the credit side of the Fees Income account.
B) on the debit side of the Accounts Payable account and the credit side of the Cash account.
C) on the debit side of the Cash account and the credit side of the Accounts Receivable account.
D) on the debit side of the Accounts Receivable account and the credit side of the Cash account.27. The account used to record increases in stockholders’ equity from the sale of goods or services is
A) the revenue account.
B) the Cash account.
C) the stock account.
D) the dividends account.28. Which of the following types of accounts normally have debit balances?
A) assets and revenue.
B) assets, liabilities, and stockholders’ equity.
C) expenses and assets.
D) liabilities and Stockholders’ equity.- Which of the following groups contain only accounts that normally have credit balances?
A) accounts receivable and fees income.
B) salaries expense and accounts payable.
C) fees income and stock.
D) accounts payable and equipment.
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
CLICK ON THE LINK HERE: https://www.perfectacademic.com/orders/ordernow
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!!