AC 499 Unit 5 MidTerm (Kaplan)

1. An acceleration in the collection of receivables will tend to cause the accounts receivable turnover to :
2. Accounts
3. Which of the following is true regarding normal balances of accounts?
4. The classified Balance Sheet will subsection the assets section as follows :
5. Adjusting entries are:
6. During the end-of-period processing which of the following best describes the logical order of this process :
7. Unearned Fees appear on the :
8. Which of the following account groups are all considered nominal accounts?
9. The type of account and normal balance of Accumulated Depreciation is:
10. Which of the following is an example of accrued revenue?
11. Fees receivable would appear on the balance sheet as a(n) :
12. Short-term liabilities are those liabilities that :
13. Which of the following is an example of an accrued expense?
14. The gross increases in owner's equity attributable to business activities are called :
15. Which of the following entries records the receipt of a utility bill from the water company?
16. Short-term creditors are typically most interested in assessing:
17. An analysis in which all the components of an income statement are expressed as a percentage of net sales is called :
18. The post-closing trial balance differs from the adjusted trial balance in that it :
19. The matching concept:
20. Which of the following would appear as an extraordinary item on the income statement?
21. Which of the following would be subtracted from the balance per bank on a bank reconciliation?
22. The term cash includes :
23. The objectives of internal control are to :
24. The amount of deposits in transit is included on the bank reconciliation as a(n) :
25. The amount of deposits in transit is included on the bank reconciliation as a(n) :
26. When a firm uses internal auditors, it is adhering to which one of the following internal control elements?
27. Meredith Company gathered the following reconciling information in preparing its May bank reconciliation:

2. The adjusted cash balance per books on May 31 is:
3. The debit balance in Cash Short and Over at the end of an accounting period is reported as :
4. The notification accompanying a check that indicates the specific invoice being paid is called a :
5. A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. What entry is required in the company's accounts?