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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...

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

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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

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