Category Archives: Best essays and Research Papers

Which of the following is a correct accounting equ...

Which of the following is a correct accounting equation?

Assets + Revenue = Liabilities + Expenses

Assets + Liabilities = Owner’s equity

Assets + Revenue = Owner’s equity

Assets = Liabilities + Owner’s equity
Question
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Which of the following financial statements lists the entity’s assets, liabilities, and owner’s equity as of a specific date?

income statement

balance sheet

statement of owner’s equity

statement of cash flows
Question
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David has decided to open an auto-detailing business. He will pick up an automobile from the client, take it to his parents’ garage, detail it, and return it to the client. If he does all of the work himself and takes no legal steps to form a special organization, which type of business organization, in effect, has he chosen?

corporation

partnership

limited liability company

proprietorship
Question
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Net income is $29, 000. Beginning owner’s equity is $34, 000. Ending owner’s equity is $55, 000. What were cash withdrawals?

$60, 000

$18, 000

$ 5, 000

$ 8, 000
Question
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Accounting information may be generated for a variety of purposes. The key product(s) of accounting is (are) which of the following documents?

financial statements

work papers

remittance advices

spreadsheets
Question
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A business purchased $200 of supplies on account and recorded the following journal entry:
Supplies 200
Accounts payable 200

Supplies Accounts Payable

Supplies Accounts Payable

Supplies Accounts Payable

Supplies Accounts Payable

Question
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Which of the following is a method used to detect errors when the two columns of the trial balance are NOT equal?

Compute the difference in the columns and search the trial balance for a transposition if the difference is evenly divisible by 9.

Compute the difference in the columns, divide the difference between total debits and total credits by 2 and search for the amount in the trial balance.

Compute the difference in the columns and search the trial balance for the missing amount.

All of the above are suggested methods for detecting errors.
Question
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Which of the following journal entries would be recorded if a business received cash of $1000 on account for services performed at an earlier date?

Cash 1,000
Service Revenue 1,000

Accounts Receivable 1,000
Service Revenue 1,000

Service Revenue 1,000
Accounts Receivable 1,000

Cash 1,000
Accounts Receivable 1,000

Question
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Which of the following statements about revenue is correct?

Revenues decrease owner’s equity, so a revenue account’s normal balance is a credit balance.

Revenues decrease owner’s equity, so a revenue account’s normal balance is a debit balance.

Revenues increase owner’s equity, so a revenue account’s normal balance is a credit balance.

Revenues increase owner’s equity, so a revenue account’s normal balance is a debit balance.
Question
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Which of the following statements about expenses is correct?

Expenses decrease owner’s equity, so an expense account’s normal balance is a credit balance.

Expenses increase owner’s equity, so an expense account’s normal balance is a credit balance.

Expenses increase owner’s equity, so an expense account’s normal balance is a debit balance.

Expenses decrease owner’s equity, so an expense account’s normal balance is a debit balance.
Question
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If a company is using the accrual method of accounting, when is revenue recorded?

When services are rendered, even though cash may be received at a later date.

When cash is received, even though services may be rendered at a later date.

Only when cash is received at the completion of the services.

Only when cash is received after the completion of the services.
Question
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Under which of the following methods of accounting is an expense recorded when it is incurred, regardless of when cash is paid?

Receivable

Deferral

Cash

Accrual
Question
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The accountant for Hobson Electrical Repair Company failed to make an adjusting entry to record $5,000 of unpaid salaries for the last two weeks of the year. Which of the following is true?

Total revenue is overstated.

Total revenue is understated.

Total expenses are overstated.

Total expenses are understated.
Question
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Which of the following accounts would appear in the Income Statement credit column on the work sheet?

Prepaid insurance

Unearned service revenue

Depreciation expense

Service revenue earned
Question
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Totals of various columns from the worksheet are shown below. What is the net income or loss?
Income Statement Balance Sheet
Debit
$8,500 Credit
$6,750 Debit
$4,300 Credit
$6,050

Net income of $4,300

Net income of $1,750

Net loss of $1,750

Net loss of $4,300
Question
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Revenues total $10,200. Expenses total $7,300. Owner’s withdrawals total $2,600. What is the balance in the Income Summary account prior to closing net income or loss to the owner’s capital account?

Credit balance of $300

Balance of $0

Debit balance of $2,900

Credit balance of $2,900
Question
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Which of the following is NOT a long-term asset?

Accounts receivable

Buildings

Land

Equipment
Question
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Which of the following correctly describes the rate of inventory turnover?

The rate of inventory turnover indicates how many days it takes from the time an order is received to the day it is shipped.

The rate of inventory turnover indicates how quickly inventory is received from the supplier after the order is placed.

The rate of inventory turnover indicates how many days it takes the inventory to travel between the seller’s warehouse and the buyer’s warehouse.

The rate of inventory turnover indicates how rapidly inventory is sold.
Question
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Which of the following statements concerning the Inventory account is true?

a) The Inventory account is used only for goods purchased for resale.

b) Inventory is an asset until it is sold.

c) The Inventory account is used for goods purchased for resale and for supplies to be used by the business.

d) Both A and B are true.
Question
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Ending inventory for the current accounting period is overstated by $2,700. What effect will this error have on cost of goods sold and net income?
Cost of Goods Sold Net Income
Option A) Understated Overstated
Option B) Understated Understated
Option C) Overstated Understated
Option B) Overstated Overstated

A

B

C

D
Question
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Ending inventory for the current period is understated. What effect will this error have on owner’s equity?

Owner’s equity will be overstated at the end of the current period and understated at the end of the next period.

Owner’s equity will be overstated at the end of the current period, but is will be correct at the end of the next period.

Owner’s equity will be overstated at the end of the current period and overstated at the end of the next period.

Owner’s equity will be understated at the end of the current period, but it will be correct at the end of the next period.
Question
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Table 1.3
The following is a list of account balances (all except owner’s equity) for Wilson Mowing Company, as of December 31 of the first year of operation:
Accounts receivable $2,500
Accounts payable 3,500
Salary expense 4,500
Repairs expense 800
Truck 8,500
Equipment 6,300
Notes payable 8,200
Cash 6,800
Supplies expense 1,600
Service revenue 31,900
Gasoline expense 3,800
Salary payable 200
The owner, J.D. Wilson, invested $3, 000 at the beginning of the year and withdrew $12, 000 during the year for his personal use.
Refer to Case 1.3. At the end of the year, what is net income?

$12, 200

$21, 200

$24, 100

$11, 900
Question
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Which of the following concepts (principles) would be most likely to require an assumption that the entity will remain in operation for the foreseeable future?

entity concept

going-concern concept

reliability concept

cost principle
Question
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Which of the following statements correctly describes a trial balance?

A trial balance is also known as a balance sheet.

A trial balance is also known as the chart of accounts.

A trial balance is the first step in the accounting cycle.

A trial balance is a list of all accounts with their balances.
Question
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The accountant for Duman Legal Services failed to make an adjusting entry for supplies inventory that had been used for the year. Which of the following is true?

Total liabilities are overstated.

Total liabilities are understated.

Total assets are overstated.

Total assets are understated.
Question
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Which of the following is the time span during which cash is paid for goods and services, which are then sold to customers from whom the business then collects cash?

Long-term asset

Liquidity

Operating cycle

Current ratio
Question
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Which of the following accounts is an asset?

Service Revenue

Salary Expense

Accounts Payable

Prepaid Expenses
Question
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What is TRUE if the Income Statement debit column on the worksheet exceeds the income statement credit column on a worksheet?

a) The owner’s capital account increased during the period.

b) The company has net income.

c) The company has a net loss.

d) Both A and C are true.
Question
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Which of the following is the most popular inventory costing method in the United States?

Specific unit cost

Average cost

Last in first out

First in first out
Question
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A $5, 000 account payable is paid. How is the accounting equation affected?

Assets decrease $5, 000; liabilities decrease $5, 000.

Assets increase $5, 000; liabilities increase $5, 000.

Assets increase $5, 000; owner’s equity decreases $5, 000.

Assets decrease $5, 000; owner’s equity increases $5, 000 .
Question
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Which of the following accounts is a liability?

Service Revenue

Accounts Payable

Salary Expense

Prepaid Expenses
Question
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Accrued revenue is which of the following?

Revenue that the business has collected but not yet earned

Revenue that will be collected and earned in the future

Revenue that the business has earned but not collected

Revenue that has been collected and earned
Question
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Which of the following does “FOB Destination” mean?

a) The seller pays the transportation costs.

b) The buyer pays the transportation costs.

c) Both A and B are true

d) Neither A nor B are true.
Question
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Under which of the following methods of accounting is an expense recorded ONLY when cash is paid?

Receivable

Accrual

Deferral

Cash
Question
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Which of the following entries would be recorded ONLY if a company is using the accrual method of accounting?

a)
Cash 1,000
Service Revenue 1,000

b)
Salary Expense 1,000
Cash 1,000

c)
Cash 1,000
Accounts Receivable 1,000

d) Both A and C
Question
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Which of the following is the revenue principle?

The principle that ensures that information is reported at regular intervals

The principle that determines when to record revenue

The principle that determines when to record expenses

None of the above
Question
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An accrued expense is which of the following?

An expense that the business has paid but not yet incurred

An expense that has been paid and incurred

An expense that the business has incurred but not yet paid

An expense that will be incurred and paid in the future
Question
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A prepaid expense is which of the following?

An expense that will be incurred and paid in the future

An expense that has been paid and incurred

An expense that the business has incurred but not yet paid

An expense that the business has paid but not yet incurred

Describe a local environmental issue facing your t...

Describe a local environmental issue facing your town, country, or state. What are your ideas for the proper resolution of the issue? Which school of ethics does your proposed resolution adhere to? Why did you choose that school?

Select one Case-In-Point presented in Ch. 3–5 of...

Select one Case-In-Point presented in Ch. 3–5 of Environment.
Write a 700- to 900-word analysis of the selected case. In your analysis, include the following:

Identify any unintended consequences of humankind’s activities that have led to environmental problems.
Describe how scientific or technological activities are exacerbating or improving the existing situation.
Discuss how a proper application of the scientific method could have helped the problem.
Address any alternative solutions beyond the scientific method.
Please use at least 1 additional outside source.

Format your analysis consistent with APA guidelines.

This assignment is a five full paged, double space...

This assignment is a five full paged, double spaced, typed paper on the process of an oppressed group changing social welfare policy. The film Iron Jawed Angels must be used as a reference point for you to describe and analyze, a current movement that is struggling for equal rights by changing social policy such as women’s rights (equal compensation for work, pro-choice rights), gay rights movement (end of discrimination, gay marriage), or injustices to an ethnic minority peoples. Compare and contrast a modern effort to change policy with the historical struggle of women to obtain the right to vote. You must include the following points in your paper: 1. identify what the problem is; 2. who is for change and why; 3 who is against change and why; 4. how is the modern movement similar to the suffrage movement and in what ways is it different; 5. how is consciousness-raising developed both for the group and for individual members; 6. how are leaders developed; 7. is there evidence or horizontal hostility in the group; 8. develop you own position based on facts and logical reasoning. Use critical thinking!

• Step 1: Choosing a Topic The Research pro...

• Step 1: Choosing a Topic

The Research project has a number of important goals. It will take you the entire semester to assemble the project. In this area you will submit the various pieces you have created.

The project has the following goals:

To introduce you to the valuable online databases to which NYIT subscribes.
To further develop your understanding of academic disciplines, research methods, and evidence.
To develop a deeper understanding of an issue, and take a stand on the issue, using both newspaper and academic sources.

The first step is to choose a topic that interests you and describe it below.

1. Describe the topic/issue in your own words (100 word minimum):
2. Why does this topic interest you and/or why it is important? (100 word minimum)

• Step 2: Collecting Data

In the second step of the process you will begin collecting data from 2 main sources: newspapers (in particular, the New York Times that you already subscribe to as part of the class) and academic, refereed (peer-reviewed) journals available to you through the NYIT library database. Your instructor and librarians will work with you in searching through databases.

For each source that you cite you must provide basic citation material including date of publication, author, publication name, and page numbers.

1. Summarize and cite 5 articles on your topic from the New York Times.
2. Summarize and cite 3 articles in 3 different disciplines on your topic (for a total of nine articles total)

Make sure to put the findings in your own words because this program will check for plagiarism.

• Step 3: Research Methods Analysis

In this section you will demonstrate your general awareness of research methods.

1. Describe the research methods in both the popular and academic sources that you have assembled. By research methods we mean archival work, fieldwork, experiments, observation, statistical analysis, etc.
2. Describe the types of evidence that these research methods produce.

(250 words minimum)

• Final Research Project

In the final step you will “take a stand” on your topic using the material you have gathered this semester. For your individual points you must refer to findings in the journals and New York Times. You are not required to agree with the findings, of course, but you must make them part of your final submission. This article should be helpful for your oral presentation on the “take a stand” project.
(500 words minimum)

The role of the microsystem in shaping children’...

The role of the microsystem in shaping children’s effortful control is important and parents play a critical role. What would you recommend to a parent who asks you what he or she can do to promote his or her preschool child’s self-regulation skills? Now turning to the mesosystem, identify examples of influences on the child’s effortful control you can share with the parent.

Provide examples of influences on children’s effortful control that you have observed in your own family and other families who are close to you.

Guided Response: Respond to at least two of your classmates and share examples of self-regulation skills you have observed in your family or other families who are close to you regarding self-regulation skills.

Cultural and Linguistic Differences Listen to the...

Cultural and Linguistic Differences

Listen to the Cultural and Linguistic Differences podcast from The IRIS Center, or view the transcript. Consider what Donna Ford has to say about prejudice and stereotyping.

Discuss how educators can positively influence a school-age child to not hold biases or prejudices against others. Give an example of how you can create a community of learners who support one another by fostering positive attitudes. Give an example of how you could teach your students the importance of acceptance. Your post must address the children in the concrete operational stage.

Bullying is a prevalent issue during middle childh...

Bullying is a prevalent issue during middle childhood. Watch The Power of One – School Video Sample. Choose one of the situations presented: Diego, Timmy, or Kendra. Briefly describe the situation. Offer suggestions that can be put into place by the teacher, school, and the parents at least one for each. Use the following sources to support your response:

Bullies: What is Bullying
Stopbullying

You must address what should be said to the child who is targeted and to the child exhibiting the bullying behavior. You must include what should not be said as well. Include at least one suggestion to be used in the classroom and one suggestion that can be reinforced at home.

Guided Response: Respond to at least two of your classmates and comment on whether or not you think the suggestions are interchangeable. Could the lesson for school be taught at home and vice versa? Why do you think this lesson would or would not work in the alternate setting?