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单选题 A company purchased a piece of equipment by paying $5,000 cash. Shipping cost of $400 to get the equipment to its factory was also incurred. The fair value of this equipment is $7,000. For what amount should the company record the equipment? ( )
学科：默认课程
时间：2025-12-14 03:57:05
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题目1单选题
A company purchased a piece of equipment by paying $5,000 cash. Shipping cost of $400 to get the equipment to its factory was also incurred. The fair value of this equipment is $7,000. For what amount should the company record the equipment? ( )A. $5,000B. $5,400C. $7,000D. $7,400
题目2单选题
Double-entry accounting is an accounting system: ( )A. That records each transaction twiceB. That records the effects of transactions and other events in at least two accounts with equal debits and creditsC. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no creditsD. That insures that errors never occur
题目3单选题
During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. The February 28 cash balance was $1,800. What was the January 31 beginning cash balance? ( )A. $700B. $1,100C. $2,900D. $0
题目4单选题
Silica Corporation purchased office supplies on credit. The general journal entry made by Silica Corporation will include a:( )A. Debit to Accounts PayableB. Debit to Accounts ReceivableC. Credit to Accounts PayableD. Credit to Accounts Receivable
题目5单选题
The total amount of depreciation recorded against an asset or group of assets during the entire time the asset or assets have been owned: ( )A. Is referred to as depreciation expenseB. Is referred to as accumulated depreciationC. Is shown on the income statement of the final periodD. Is only recorded when the asset is disposed of
题目6单选题
At the end of the fiscal year, Accounts receivable has a balance of $100,000 and Allowance for Doubtful Accounts has a balance of $7,000. The expected net realizable value of the accounts receivable is:( )A. $7,000B. $100,000C. $93,000D. $107,000
题目7单选题
Plant assets are defined as: ( )A. Intangible assets used in the operations of a business that have a useful life of less than one accounting periodB. Tangible assets used in the operation of business that have a useful life of less than one accounting periodC. Intangible assets used in the operations of a business that have a useful life of more than one accounting periodD. Tangible assets that have a useful life of more than one accounting period and are used in operation of a business
题目8单选题
A company had no office supplies available at the beginning of the year. During the year, the company purchased $250 worth of office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year? ( )A. $175B. $75C. $125D. $250
题目9单选题
A business issued a $7,800, 60-day, 10% note to the bank. The amount due at maturity is ( )A. $8,050B. $7,930C. $7,800D. $130
题目10单选题
The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the: ( )A. Time-period assumptionB. Business entity assumptionC. Going-concern assumptionD. Revenue recognition principle
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