Reversing entries Study guides, Class notes & Summaries

In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? Liabilities increased by $1.0 million in 2018 Liabilities increase...

Participants that may initiate a reversing file. - correct answer 1)Originator 2) ODFI 3) ACH Operator Participants that may initiate a reversing entry. - correct answer 1) Originator 2) Effective June 30, 2021 ODFI Reversals are prohibited to be initiated under these circumstances - correct answer 1) Originator or Third-Party Sender fails to fund the payment(s), or 2) Beyond 5 banking days from the Settlement Date of the erroneous entry/file. An RDFI is required to provide funds ...

Participants that may initiate a reversing file. - correct answer 1)Originator 2) ODFI 3) ACH Operator Participants that may initiate a reversing entry. - correct answer 1) Originator 2) Effective June 30, 2021 ODFI Reversals are prohibited to be initiated under these circumstances - correct answer 1) Originator or Third-Party Sender fails to fund the payment(s), or 2) Beyond 5 banking days from the Settlement Date of the erroneous entry/file. An RDFI is required to provide funds ...

SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 2 K 17. 4 K 25. 6 C sg33. 2 K 2. 1 K 10. 2 K 18. 4 C 26. 6 K sg34. 3 K 3. 1 C 11. 2 K 19. 5 C 27. 6 K sg35. 6 C 4. 1 C 12. 2 K 20. 5 K 28. 6 K sg36. 6 K 5. 1 K 13. 2 K 21. 5 C 29. 6 K sg37. 6 K 6. 1 K 14. 2 K 22. 6 K a 30. 7 K 7. 1 C 15. 3 C 23. 6 C sg31. 1 K 8. 2 K 16. 3 K 24. 6 C sg32. 2 K Multiple Choice Questions 38. 1 K 62. 2 K 8...

ACCCOB1 Module 1 Questions And Answers 2023 Update AICPA definition of accounting - ANS-The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events that are, in part at least, of a financial character, and interpreting the results thereof PICPA definition of accounting - ANS-A system that measures business activities, processes given information into reports, and communicates those findings to decisionmakers 9 basic steps ...

Principles Of Accounting Test Questions And Answers The following comments all relate to the recording process. Which of these statements is correct? - ANSWER- The general ledger is posted from transactions recorded in the general journal. Of the following account types, which would be increased by a debit? - ANSWER- Assets and expenses The following comments each relate to the recording of journal entries. Which statement is true? - ANSWER- Journalization is the process of converting t...

BOOKKEEPING FOR SMALL BUSINESS EXAM QUESTIONS WITH CORRECT ANSWERS 20. Journal entries generally fall into two categories: standard journal entries and adjusting journal entries. Which of the following statements regarding journal entries is false? Incorrect A) Standard journal entries are prepared to make regular entries to the general ledger. B) Adjusting journal entries are made to correct errors noted in the general ledger. C) As a general rule, standard journal entries are made earli...

Intermediate Accounting: Chapter 2 Debits increase asset accounts and decrease liability accounts. - correct answer True Adjusting journal entries are required to comply with the realization and matching principles. - correct answer True The adjusted trial balance contains only permanent accounts. - correct answer False A reversing entry at the beginning of a period for salaries would include a debit to salaries expense. - correct answer False The sale of merchandise on account ...

Wall Street Prep The Premium Package Review: Accounting & Financial Statement Analysis Exam Latest 2023/2024 Questions and Answers (Score: 95%, 38 correct out of 40). Score: 95%, 38 correct out of 40 Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages ...

Chapter 3 Adjusting Accounts For Financial Statements True/False Questions 1. A company’s fiscal year must correspond with the calendar year. Answer: False Blooms: Remember AACSB: Communication AICPA BB: Industry AICPA FN: Decision Making Difficulty: 1 Easy Learning Objective: 03-C1 Topic: Timing 2. The time period assumption assumes that an organization’s activities can be divided into specific time periods such as months, quarters, or years. Answer: True Blooms...