Only Want The Correct Option in these MCQs can u please help me
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I Only Want The Correct Option in these MCQs can u please help me
Transcribed Image Text:27. Sami returned faulty goods to Yasmin, the supplier.
Which document did Sami send to Yasmin?
a. credit note
b. debit note
c. invoice
d. statement of account
The totals of a trial balance did not agree. The total of the debit column was $13 400. It was
found that the purchases journal had been overcast by $195 and goods bought from supplier X
for $85 had been incorrectly credited
28. What was the total of the credit column of the trial balance?
a. $13 120
b. $13 205
c. $13 595
d. $13 680
29. Jon paid $18 000 for machinery on 1 January 2016. He depreciated this asset using the
diminishing (reducing) balance method at 5% per annum.
What was the balance on the provision for depreciation account on 1 January 2018?
a. $1755 credit
b. $1755 debit
c. $1800 credit
d. $1800 debit
30. A trader spreads the cost of a machine over the years which benefit from the use of that
machine. Which accounting principle is being applied?
a. accounting year
b. dual aspect
c. matching / accruals
d. materiality
31. Performing services on account will have the following effects on the components of the
basic accounting equation:
a. increase assets and decrease owner's equity.
b. increase assets and increase owner's equity.
c. increase assets and increase liabilities.
d. increase liabilities and increase owner's equity
8
Transcribed Image Text:32. During 2012, Gibson Company's assets decreased $50,000 and its liabilities decreased
$90,000. Its owner's equity therefore:
a. increased $40,000
b. decreased $140,000
c. decreased $40,000
d. increased $140,000
33. An account that will have a zero balance after closing entries have been journalized and
posted is:
a. Service Revenue.
b. Supplies.
c. Prepaid Insurance.
d. Accumulated Depreciation-Equipment.
34. The trial balance shows Supplies $0 and Supplies Expense $1,500. If $800 of supplies are on
hand at the end of the period, the adjusting entry is:
a. Debit Supplies $800 and credit Supplies Expense $800.
b. Debit Supplies Expense $800 and credit Supplies $800.
c. Debit Supplies $700 and credit Supplies Expense $700.
d. Debit Supplies Expense $700 and credit Supplies $700
35. Adjustments for accrued revenues:
a. have a liabilities and revenues account relationship.
b. have an assets and revenues account relationship.
c. decrease assets and revenues.
d. decrease liabilities and increase revenues.
36. When Alexander Company purchased supplies worth $500, it incorrectly recorded a credit to
Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:
a. Cash is overstated and Supplies is overstated.
b. Cash is understated and Supplies is understated.
c. Cash is understated and Supplies is overstated.
d. Cash is overstated and Supplies is understated
9.
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