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A high debt-to-asset ratio may indicate that a company has a high level of debt risk.

A) True
B) False

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Which of the following shows how the adjusting entry to recognize services provided to a client who paid for the services prior to the work being performed?


A) Which of the following shows how the adjusting entry to recognize services provided to a client who paid for the services prior to the work being performed? A) B) C) D)
B) Which of the following shows how the adjusting entry to recognize services provided to a client who paid for the services prior to the work being performed? A) B) C) D)
C) Which of the following shows how the adjusting entry to recognize services provided to a client who paid for the services prior to the work being performed? A) B) C) D)
D) Which of the following shows how the adjusting entry to recognize services provided to a client who paid for the services prior to the work being performed? A) B) C) D)

E) C) and D)
F) B) and D)

Correct Answer

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Pizitz Company experienced a business event that affected its financial statements as indicated below. Pizitz Company experienced a business event that affected its financial statements as indicated below. Which of the following events could have caused these effects? A) Paid cash to reduce supplies payable B) Recognized supplies expense C) Paid cash to purchase supplies D) Purchased supplies on account Which of the following events could have caused these effects?


A) Paid cash to reduce supplies payable
B) Recognized supplies expense
C) Paid cash to purchase supplies
D) Purchased supplies on account

E) A) and C)
F) A) and B)

Correct Answer

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Which of the following shows how adjusting the accounts to recognize supplies expense will affect a company's financial statements?


A) Which of the following shows how adjusting the accounts to recognize supplies expense will affect a company's financial statements? A) B) C) D)
B) Which of the following shows how adjusting the accounts to recognize supplies expense will affect a company's financial statements? A) B) C) D)
C) Which of the following shows how adjusting the accounts to recognize supplies expense will affect a company's financial statements? A) B) C) D)
D) Which of the following shows how adjusting the accounts to recognize supplies expense will affect a company's financial statements? A) B) C) D)

E) All of the above
F) C) and D)

Correct Answer

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A deferral


A) exists when a company receives cash after recognizing the associated revenue.
B) exists when a company receives cash at the same time the associated revenue is recognized.
C) exists when a company receives cash before recognizing the associated revenue.

D) None of the above
E) B) and C)

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Accumulated depreciation is reported on the income statement.

A) True
B) False

Correct Answer

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Which of the following shows how paying cash to lease an office building for the upcoming year affects a company's financial statements?


A) Which of the following shows how paying cash to lease an office building for the upcoming year affects a company's financial statements? A) B) C) D)
B) Which of the following shows how paying cash to lease an office building for the upcoming year affects a company's financial statements? A) B) C) D)
C) Which of the following shows how paying cash to lease an office building for the upcoming year affects a company's financial statements? A) B) C) D)
D) Which of the following shows how paying cash to lease an office building for the upcoming year affects a company's financial statements? A) B) C) D)

E) A) and B)
F) A) and D)

Correct Answer

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How would a payment for rent paid in advance be classified?


A) Asset source transaction
B) Asset use transaction
C) Asset exchange transaction
D) Claims exchange transaction

E) B) and D)
F) All of the above

Correct Answer

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Amelia Consulting Services collected $12,000 cash for services to be provided in the future.Which of the following shows how recognizing the cash receipt will affect the company's ledger accounts? Amelia Consulting Services collected $12,000 cash for services to be provided in the future.Which of the following shows how recognizing the cash receipt will affect the company's ledger accounts? A) Option A B) Option B C) Option C D) Option D


A) Option A
B) Option B
C) Option C
D) Option D

E) A) and D)
F) None of the above

Correct Answer

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On August 1,Year 1,Carson Company collected $84,000 for services to be provided for one year beginning immediately.The company's fiscal closing date is December 31.Based on this information,the amount of service revenue and the cash flow from operating activities shown on the Year 1 financial statements would be


A)  Service Revenue  Cash Flow 35,00084,000\begin{array} { | c | c | } \hline \text { Service Revenue } & \text { Cash Flow } \\\hline 35,000 & 84,000 \\\hline\end{array}
B)  Service Revenue  Cash Flow 42,00084,000\begin{array} { | c | c | } \hline \text { Service Revenue } & \text { Cash Flow } \\\hline 42,000 & 84,000 \\\hline\end{array}
C)  Service Revenue  Cash Flow 35,00035,000\begin{array} { | c | c | } \hline \text { Service Revenue } & \text { Cash Flow } \\\hline 35,000 & 35,000 \\\hline\end{array}
D)  Service Revenue  Cash Flnw 84,00049,000\begin{array} { | c | c | } \hline \text { Service Revenue } & \text { Cash Flnw } \\\hline 84,000 & 49,000 \\\hline\end{array}

E) A) and B)
F) A) and C)

Correct Answer

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Calculating the debt-to-assets ratio measures how efficiently a company is using its assets in the normal scope of business.

A) True
B) False

Correct Answer

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