Question 11: Which Of The Following Accounts Is Credited By

Question 11 Which Of The Following Accounts Is Credited By The Seller

Question . Which of the following accounts is credited by the seller when tax is collected on retail sales? Accounts Payable Payroll Tax Sales Tax Payable Unearned Revenue 5 points

QUESTION . Which of the following is the amount the borrower must pay back to the bondholders at maturity? Market value Present value Stated interest value Principal amount 5 points

QUESTION . Which of the following describes a serial bond? A bond that matures in installments at regular intervals A bond that gives the bondholder a claim for specific assets A bond that matures at one specified time A bond that is not backed by specific assets 5 points

QUESTION . If bonds with a face value of $205,000 are issued at par, the amount of cash proceeds is __________. $204,895 $205,000 $215,250 $225, points

QUESTION . Which of the following is a liability account? Prepaid Advertising Cash Building Unearned Rent 5 points

QUESTION . Which of the following would be included in the journal entry to record the payment of sales tax payable? A debit to Sales Tax Payable A credit to Sales Tax Expense A debit to Sales Tax Expense A credit to Sales Tax Payable 5 points

QUESTION . Pluto Corp. sold goods, with a selling price of $9,021, for cash. The state sales tax rate is 10%. What amount is credited to the Sales Revenue account? $9,021 $9,923 $902 $8, points

QUESTION . Barter, Inc. sold goods for $894,500 on account. The company operates in a state that imposes a 6% sales tax. What is the amount of the sales tax payable to the state? $53,670 $26,835 $13,418 $107, points

QUESTION . Amounts owed for products or services purchased on account are called __________. accounts payable unearned revenue accrued expense warranty payable 5 points

QUESTION . Which of the following is a characteristic of a current liability? It creates a present obligation for future payment of cash or services. It cannot be settled with services. It is an avoidable obligation. It occurs because of a future transaction or event. 5 points

QUESTION . Which term refers to the process by which businesses prepare their financial statements? Post-closing balance journaling Trial balance calculation The accounting cycle Tax preparation 5 points

QUESTION . Justice Company purchased a machine for $50,000 two years ago. The machine had no residual value and had an estimated useful life of 10 years. If the company uses the straight-line depreciation method, calculate the current book value of the machine. $30,000 $40,000 $35,000 $45, points

QUESTION . Which of the following is recorded on the left side of a T-account? Residual value Book value Credits Debits 5 points

QUESTION . Dynamic Production Services started the year with total assets of $180,000 and total liabilities of $80,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $150,000 and $75,000, respectively. During the year, there were no new capital contributions and the owner withdrew $60,000. Calculate Dynamic's net income for the year. $80,000 $100,000 $60,000 $75, points

QUESTION . What are the two types of inventory accounting systems used by businesses? FIFO and LIFO Perpetual and periodic Wholesale and retail Manufacturer and producer 5 points

QUESTION . The goal of reporting realistic figures and never overstating assets or net income applies to the __________. conservatism principle materiality concept disclosure principle consistency principle 5 points

QUESTION . Which of the following keeps accountants from having to report every item in strict accordance with the accounting principles? Conservatism Materiality concept Disclosure principle Consistency principle 5 points

QUESTION . The equity of Capital Company is $200,000 and the total liabilities are $30,000. The total assets are ___________. $170,000 $200,000 $30,000 $230, points

QUESTION . The expected value of a depreciable asset at the end of its useful life is called __________. residual value book value accrued revenue depreciation 5 points

QUESTION . Which of the following organizations published standards that serve as global accounting guidelines used by over 120 countries? International Accounting Standards Board (IASB) Public Company Accounting Oversight Board (PCAOB) Financial Accounting Standards Board (FASB) American Institute of Certified Public Accountants (AICPA) 5 points