The expense recognition principle relates to credit losses

Assignment Help Accounting Basics

Reference no: EM13239015

1. If a check correctly written and paid by the bank for $628 is incorrectly recorded on the company's books for $682, the appropriate treatment on the bank reconciliation would be to
subtract $54 from the book's balance.
deduct $54 from the bank's balance.
deduct $628 from the book's balance.
add $54 to the book's balance.

2. A $200 petty cash fund has cash of $37 and receipts of $160. The journal entry to replenish the account would include a
credit to Cash for $160.
debit to Cash Over and Short for $3.
debit to Cash for $160.
credit to Petty Cash for $163.

3. A $200 petty cash fund has cash of $26 and receipts of $170. The journal entry to replenish the account would include
credit to Cash for $174.
debit to Petty Cash for $174.
credit to Petty Cash for $170.debit to Cash for $170.

4.The expense recognition principle relates to credit losses by stating that bad debt expense should be recorded
in the period of the sale.
or an exact amount.
in the period of the loss.
in the same period as allowed for tax purposes.

5. Equipment with a cost of $225,000 has an estimated salvage value of $15,000 and an estimated life of 4 years or 10,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 2,700 hours?
$56,700.
$56,250.
$54,375.
$52,500. Required minimum-1 page

Reference no: EM13239015

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