ACCT EXAM 2 Reviewed
Questions And Correct
Answers 2025-2026
GRADED A+
a company pays wages every two weeks. wages amount to $100 a day, 7 days a
week. on march 31, the company pays wages for the two weeks ending march
24. at the end of the month, the related adjusting journal entry will include a
A.debit to wages payable for $1400 and a credit to wages expense for $1400
B.debit to wage expense for $700 and a credit to wages payable for $700
C.debit to wages payable for $700 and a credit to wages expense for $700
D.debit to wages expense for $1400 and a credit to wages payable for $1400 -
ANS-B
declared dividends:
A. are an expense
B. are not a legal obligation that a company must pay
c. are a way to distribute the company's profits to its stockholders
D. are reported on the balance sheet - ANS-C
If certain assets are partially used up during the accounting period, then:
A.
nothing is recorded on the financial statements until they are completely used
up.
B.
a liability account is decreased or eliminated and an expense is recorded.
C.
an asset account is decreased or eliminated and an expense is recorded.
, D.
nothing is recorded on the financial statements until they are replaced or
replenished. - ANS-C
If an expense has been incurred but will be paid later, then:
A.
nothing is recorded on the financial statements.
B.
a liability account is created or increased and an expense is recorded.
C.
an asset account is decreased or eliminated and an expense is recorded.
D.
a revenue and an expense are accrued. - ANS-B
Shockglass Company had a beginning inventory of $15,000. During the year, the
company recorded inventory purchases of $45,000 and cost of goods sold of
$50,000. The ending inventory must equal:
A) $10,000.
B) $25,000.
C) $26,000.
D) $27,000. - ANS-A
A company starts the period with 100 computers in inventory, purchases 30
more, returns 4 of them to suppliers, and has 83 in inventory at the end of the
period. If there is no shrinkage, how many computers were sold?
A) 47
B) 43
C) 17
D) 83 - ANS-B
Questions And Correct
Answers 2025-2026
GRADED A+
a company pays wages every two weeks. wages amount to $100 a day, 7 days a
week. on march 31, the company pays wages for the two weeks ending march
24. at the end of the month, the related adjusting journal entry will include a
A.debit to wages payable for $1400 and a credit to wages expense for $1400
B.debit to wage expense for $700 and a credit to wages payable for $700
C.debit to wages payable for $700 and a credit to wages expense for $700
D.debit to wages expense for $1400 and a credit to wages payable for $1400 -
ANS-B
declared dividends:
A. are an expense
B. are not a legal obligation that a company must pay
c. are a way to distribute the company's profits to its stockholders
D. are reported on the balance sheet - ANS-C
If certain assets are partially used up during the accounting period, then:
A.
nothing is recorded on the financial statements until they are completely used
up.
B.
a liability account is decreased or eliminated and an expense is recorded.
C.
an asset account is decreased or eliminated and an expense is recorded.
, D.
nothing is recorded on the financial statements until they are replaced or
replenished. - ANS-C
If an expense has been incurred but will be paid later, then:
A.
nothing is recorded on the financial statements.
B.
a liability account is created or increased and an expense is recorded.
C.
an asset account is decreased or eliminated and an expense is recorded.
D.
a revenue and an expense are accrued. - ANS-B
Shockglass Company had a beginning inventory of $15,000. During the year, the
company recorded inventory purchases of $45,000 and cost of goods sold of
$50,000. The ending inventory must equal:
A) $10,000.
B) $25,000.
C) $26,000.
D) $27,000. - ANS-A
A company starts the period with 100 computers in inventory, purchases 30
more, returns 4 of them to suppliers, and has 83 in inventory at the end of the
period. If there is no shrinkage, how many computers were sold?
A) 47
B) 43
C) 17
D) 83 - ANS-B
