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Question 5.5. (TCO 3) Which statement about a trial balance is NOT tru
e? (Points : 6)
Question 6.6. (TCO 3) The normal balance of Common Stock is a _____
because it is a(n) _____ account. (Points : 6)
Question 7.7. (TCO 4) Adjusting entries are (Points : 6)
Question 8.8. (TCO 4) A journal entry contains a debit to a liability acco
unt and a credit to a revenue account. This is an example of a(n) (Points :
6)
Question 9.9. (TCO 5) In a bank reconciliation, items recorded by the co
mpany, but not yet recorded by the bank, include (Points : 6)
Question 10.10. (TCO 5) All of the following are purposes of internal co
ntrol EXCEPT (Points : 6)
Question 1.1. (TCO 6) Allowance for Uncollectible Accounts is classifie
d as a(n) (Points : 6)
Question 2.2. (TCO 6) Net accounts receivable is calculated as (Points :
6)
Question 3.3. (TCO 7) If a company is using a perpetual inventory syste
m, the balance in its inventory account three-
quarters of the way through an accounting period would be equal to (Poi
nts : 6)
Question 4.4. (TCO 7) When the FIFO method is used, ending inventory
is assumed to consist of the (Points : 6)
Question 5.5. (TCO 8) On January 2, 2013, PO Corporation acquired eq
uipment for $200,000. The estimated life of the equipment is 5 years. Th
e estimated residual value is $30,000. What is the book value of the asset
on December 31, 2014, if PO Corporation uses the straight-
line method of depreciation? (Points : 6)
Question 6.6. (TCO 8) When computing depreciation for a plant asset, w
hich of the following must be estimated? (Points : 6)
Question 7.7. (TCO 9) The journal entry to record accrued interest on a s
hort-term note payable must include a (Points : 6)
Question 8.8. (TCO 9) Monthly sales were $100,000. It was estimated th
at 4% of the units sold would have to be replaced under warranty. On the
date of sale, the company should record a debit to (Points : 6)
Question 9.9. (TCO 10) The 940 is filed (Points : 6)