ACCT 5312 EXAM 1 With Questions
And Answers 2026|100% Correct
The balance in the Wages Payable account was $25,000 at the beginning of the month. Wages accrued during the
month totaled $54,000. Wages paid during the month were $63,000. - ANSWER>The balance of the Wages Payable
account at the end of the month was $16,000. (25000 + 54000 - 63000 = 16000)
When a firm purchases supplies for its business: - ANSWER>an adjustment will probably be required as supplies are
used.
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month totaled
$72,000. The balance in the Accounts Receivable account at the end of the month was $31,000. No accounts
receivable were written off as uncollectible during the month. The balance in the Accounts Receivable account at the
beginning of the month was: - ANSWER>25000 (Beginning balance + $78,000 − $72,000 = $31,000 ending balance
Solve for the missing amount: Beginning balance + $6,000 = $31,000 ending balance Beginning balance = $25,000)
The effect of an adjustment on the financial statements is usually to: - ANSWER>increase the accuracy of both the
balance sheet and income statement.
, Which of the following is not one of the 5 questions of transaction analysis? - ANSWER>Is this an accrual?
Alpha Bot Industries has 30 employees who work Monday through Friday each week; each employee earns $150 per
day and is paid every Friday. The end of the accounting period is on a Tuesday. How much wages expense should the
firm accrue at the end of the period? - ANSWER>9,000 ($150 × 30 employees = $4,500 per day. $4,500 × 2 days =
$9,000)
A ledger: - ANSWER>is where transactions are posted to after they are initially recorded.
In the buyer's records, the purchase of merchandise on account would: - ANSWER>increase assets and increase
liabilities.
An expanded version of the accounting equation could be: - ANSWER>Assets = Liabilities + Paid-in Capital + Beginning
Retained Earnings + Revenues − Expenses − Dividends
Which of the following entities would not require accounting information pertaining to their economic activities? -
ANSWER>All of these (social clubs, non for profits, government)
And Answers 2026|100% Correct
The balance in the Wages Payable account was $25,000 at the beginning of the month. Wages accrued during the
month totaled $54,000. Wages paid during the month were $63,000. - ANSWER>The balance of the Wages Payable
account at the end of the month was $16,000. (25000 + 54000 - 63000 = 16000)
When a firm purchases supplies for its business: - ANSWER>an adjustment will probably be required as supplies are
used.
Sales on account during the month totaled $78,000. Cash collections of accounts receivable during the month totaled
$72,000. The balance in the Accounts Receivable account at the end of the month was $31,000. No accounts
receivable were written off as uncollectible during the month. The balance in the Accounts Receivable account at the
beginning of the month was: - ANSWER>25000 (Beginning balance + $78,000 − $72,000 = $31,000 ending balance
Solve for the missing amount: Beginning balance + $6,000 = $31,000 ending balance Beginning balance = $25,000)
The effect of an adjustment on the financial statements is usually to: - ANSWER>increase the accuracy of both the
balance sheet and income statement.
, Which of the following is not one of the 5 questions of transaction analysis? - ANSWER>Is this an accrual?
Alpha Bot Industries has 30 employees who work Monday through Friday each week; each employee earns $150 per
day and is paid every Friday. The end of the accounting period is on a Tuesday. How much wages expense should the
firm accrue at the end of the period? - ANSWER>9,000 ($150 × 30 employees = $4,500 per day. $4,500 × 2 days =
$9,000)
A ledger: - ANSWER>is where transactions are posted to after they are initially recorded.
In the buyer's records, the purchase of merchandise on account would: - ANSWER>increase assets and increase
liabilities.
An expanded version of the accounting equation could be: - ANSWER>Assets = Liabilities + Paid-in Capital + Beginning
Retained Earnings + Revenues − Expenses − Dividends
Which of the following entities would not require accounting information pertaining to their economic activities? -
ANSWER>All of these (social clubs, non for profits, government)
