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AC 499 Unit 5 MidTerm Answers

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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:
  •  
  •  
  • Cash balance per books, 5/31
  • $4,500
  •  
  •  
  • Deposits in transit
  • 375
  •  
  •  
  • Notes receivable and interest collected by bank
  • 650
  •  
  •  
  • Bank charge for check printing
  • 40
  •  
  •  
  • Outstanding checks
  • 2,400
  •  
  •  
  • NSF check
  • 140
  1. The adjusted cash balance per books on May 31 is:
  2. The debit balance in Cash Short and Over at the end of an accounting period is reported as :
  3. The notification accompanying a check that indicates the specific invoice being paid is called a :
  4. 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?

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