Because of automation, which component of product cost is declining?

a. Manufacturing overhead
b. Direct materials
c. Advertising
d. Direct labor

If an income summary amount in a worksheet is adjusted, the debit column represents a/an:

a) increase in the merchandise inventory
b) decrease in the merchandise inventory
c) opening balance of the merchandise inventory
d.) closing balance of the merchandise inventory

Which one of the following accounts will not appear in a balance sheet?

a.) temporary account
b.) permanent account
c.) asset account
d.) owners equity account

A chart of accounts does NOT include

a) assets
c) owners equity
b) liabilities
d) names of customers

Which of the following would be accounted for using a job order cost system

a. The production of personal computers
b. The production of automobiles
c. The refining of petroleum
d. The construction of a new campus building

By matching revenue earned during the accounting period to related incurred expenses,

a. net income or loss will always be overestimated
b. net income or loss will always be underestimated
c. net income or loss will not be determined
d. net income or loss will be properly reported on the income statement

A statement that shows the updated balances of all general ledger accounts is called an/a?

a.) balance sheet
b) income summary
c.) trial balance
d) adjusted trial balance

Which one of the following entries are recorded at the end of a fiscal period to update the general ledger accounts?

a) closing
b) adjusting
c) reversing
d) posting

A land and building account is an example of an:

a) temporary account
b.) permanent account
c) liability account
d) expenses account

If the allowance method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer's account as uncollectible?

a. Uncollectible Accounts Expense
b. Allowance for Doubtful Accounts
c. Accounts Receivable
d. Interest Expense

The first item appearing on the statement of owner's equity is

a. net income
b. the ending balance of owner's equity
c. owner withdrawals
d. the beginning balance of owner's equity

Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $55000. If the balance of the Allowance for Doubtful Accounts is an$11000 debit before adjustment, what is the balance after adjustment?

a. $55000
b.$11000
c. $44000
d.$66000

The ending balance of Retained Earnings can best be described as:

A) The amount of net income over the life of the company.
B) The amount of dividends paid over the life of the company.
C) The amount of cash received from stockholders over the life of the company.
D) The amount of net income over the life of the company not paid to owners in the form of dividends.

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $340,000 and Allowance for Doubtful Accounts has a balance of$51,000. What is the net realizable value of the accounts receivable?

a. $51,000
b.$289,000
c. $340,000
d.$391,000