100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MGT 103 Midterm 1 Practice Problems Questions And Answers £9.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. MGT 103
  4.  
  5. MGT 103

Exam (elaborations)

MGT 103 Midterm 1 Practice Problems Questions And Answers
 2 views  0 purchase
  • Module
  • MGT 103
  • Institution
  • MGT 103

MGT 103 Midterm 1 Practice Problems Questions And Answers Accrued interest on a note receivable at the end of the period equals $120. Omission of this entry would cause which of the following: a. Net income is understated and retained earnings is understated b. Net income is overstated and r...

[Show more]

Preview 2 out of 7  pages

Document information

  • October 23, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • questions and answers
  • mgt 103 midterm 1 practice problems

Written for

  • MGT 103
  • MGT 103

Seller

avatar-seller
UpperClass

Reviews received

Content preview

MGT 103 Midterm 1 Practice Problems
Questions And Answers

Accrued interest on a note receivable at the end of the period equals $120. Omission of this entry

would cause which of the following:

a. Net income is understated and retained earnings is understated

b. Net income is overstated and retained earnings is overstated

c. Net income is understated and retained earnings is overstated


d. No effect on the income statement a. Net income is understated and retained earnings is

understated




Employees are owed $3,000 of wages at the end of the year. Omission of the adjusting entry

would include:

a. Net income is overstated and assets are overstated

b. Net income is overstated and liabilities are understated

c. Net income overstated and liabilities are overstated


d. None of the above b. Net income is overstated and liabilities are understated




A general journal:

a. contains one record for each account

, MGT 103 Midterm 1 Practice Problems
Questions And Answers
b. chronologically lists all transactions expressed in debits and credits


c. lists all the increases and decreases in each account in one place b. chronologically lists

all transactions expressed in debits and credits

(a = trial balance, c = general ledger)




A journal entry to record a payment on account would include:

a. debit to Accounts Receivable

b. debit to Cash

c. credit to Accounts Receivable


d. debit to Accounts Payable d. debit to Accounts Payable (credit cash)




A manager who takes a less conservative position because their bonus is at stake is violating:

a. understandability

b. neutrality

c. materiality


d. full disclosure b. neutrality

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84146 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£9.99
  • (0)
  Add to cart