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1.The entry necessary to establish a petty cash fund should include:A)A debit to Cash and a credit to Petty Cash.B)A debit to Cash and a credit […]

1. FASB has had the responsibility for developing accounting principles since the earlya. 1900s.b. 1920s. c. 1940s.d. 1970s.2. Which one of the following is primarily interested […]

1. Acceptable inventory costing methods include:A)LIFO method.B)FIFO method.C)Lower of cost or market method.D)A & B.E)A B & C.2. A company had inventory on November 1 of […]

1. A machine costs $40000 has a salvage value of $8000 and is expected to have a useful life of 100000 hours. If it is utilized […]

1. The _________ system is also know as the General Depreciation System and applies to all tangible property placed in service after 1986.A. asset valuationB. fair […]

1. Adjusting entries area. not necessary if the accounting system is operating properly. b. usually required before financial statements are prepared.c. made whenever management desires to […]

1. Closing entries are necessary fora. permanent accounts only. b. temporary accounts only.c. both permanent and temporary accounts.d. permanent or real accounts only.2. A post-closing trial […]

1. Accountants refer to an economic event as aa. purchase.b. sale.c. transaction.d. change in ownership.2. The use of computers in recording business eventsa. has made the […]

1. _________ is used to depreciate assets when the actual service rendered by the asset is a more appropriate base for depreciation than its years of […]