1. Known as the ping service, icmp is a(n) __________ and should be ___________.

2. Which of the following statements is true?

3. Wonder Corporation Ltd. failed to record the purchase of merchandise in their account books. The merchandise and related accounts payable should have been recorded but were not. What would be the effect of these errors on assets, liabilities, retained earnings, and net income respectively?

4. The correct journal entry to reconcile an NSF check returned by the bank is:

5. The sales account and the purchase account should include:

6. Which of the following is NOT a fundamental of accounting?

7. Russell Merchandising Ltd. uses the perpetual inventory system. Which of the following statements would be correct?

8. What is the purpose of applying overhead costs to work in process?

9. Using the following information, determine the adjusted bank balance: bank statement balance $5,000, bank service charges $15, NSF check $500, checks outstanding $1,000, deposits in transit $2,000.

10. The Sales Day Book is best described as:

11. Failure to record the receipt of a utility bill for services already received will result in _____.

12. The theoretically correct method of allocating under or over applied overhead is to:

13. An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the final inventory valuation is:

14. Increasing the credit period from 30 to 60 days, in response to a similar action taken by all of our competitors, is likely to result in:

15. An increase in a firm's receivable turnover ratio means that:

16. Which of the following would not be included in a balance sheet?

17. What does Accounts Payable show?

18. Documents used to control a bank account include the following except

19. Home Depot. Inc. had net purchases of $50,000, closing inventory of $25,000, net sales of $100,000, and gross profit of $32,000. How much was their opening inventory?

20. If a bank account does not reconcile, what's the best thing to do?

21. Wilson & Co. owns land which has cost it $100,000. If a "quick sale" of the land were necessary to generate cash, the Co. feels it would receive only $80,000. The Co. continues to report the asset on the balance sheet at $100,000. Under which of the following concepts is it justified?

22. Mike is the payee of a $20,000, 180-day, 8% note. On maturity, the note maker fails to pay. How much interest income should Mike receive on the dishonored note?

23. A payment of cash for the purchases of services should be recorded in the:

24. What is the primary goal of an Accounts Payable department?

25. By which of the following formulas should interest on a loan be computed?

26. Why would a company choose to invoice customers weekly rather than monthly?

27. Under normal circumstances, the Work in Process account used in a job costing system:

28. If you want to make sure that your money should remain safe when checks sent are lost in the post, you should:

29. Accounts payable refer to the current

30. Which of the following is a liability?

31. Which of the following errors will be disclosed in the preparation of a trial balance?

32. "Honest errors can result in an entry to this account."

33. The following statements are true regarding the Cash short and Over account except

34. Of the following manufacturing operations, which is best suited to the utilization of a job order system?

35. The entry to record the declaration of dividends is:

36. Investments by stockholders.

37. Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in them (Retained Earnings)?

38. The basic sequence in the accounting process can best be described as:

39. If the supplies account (assets), before adjustment on May 31, indicated a balance of $2,250, and the supplies on hand on May 31 totaled $950, the adjusting entry would be:

40. Which of the following comments relating to the recording process is correct?

41. A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified in a multiple-step income statement?

42. With the job order cost system, a credit balance in the Factory Overhead account at the end of an accounting period would indicate:

43. The appropriate journal entry to record the application of overhead in a job costing system involves a debit to Work in Process and a credit to:

44. How does a company ensure that their physical inventory matches what is there in the account books?

45. Of the following account types, which would be increased by a debit?

46. Lindy & Co. use an allowance method to account for bad debts. They estimate that 5% of the outstanding accounts receivable will be uncollectible. At the end of the year, they have outstanding accounts receivable of $750,000, and a debit balance in the Allowance for Uncollectible Accounts of $9,000. They should record an uncollectible accounts expense of:

47. In which section of the balance sheet should inventory accounts be classified?

48. Office Mart's financial statements revealed an uncollectible accounts expense of $8,000, accounts receivable of $140,000, and allowance for uncollectible accounts of $12,000. The net realizable value of Office Mart's accounts receivable is:

49. Which of the following statements concerning job cost sheets is incorrect?

50. The primary private sector agency that oversees external financial reporting standards is the______.

51. Which of these items would be accounted for as an expense?

52. Gerber Departmental Store uses the retail inventory method. Their opening inventory had cost $140,000 and its retail price was fixed at $280,000. Purchases for the period amounted to $390,000 and were priced to sell at twice that amount. Sales for the period, all at the normal retail price, were $600,000. How much is the estimated cost of their closing inventory?

53. The accounting profession can be divided into three major categories; specifically, the public accounting, private accounting, and governmental accounting. A somewhat unique and important service of public accountants is _____.

54. Why is cyclical counting a better method of inventory taking than the annual count?

55. Johnson Manufacturing Ltd. use the job order cost system. Overhead is applied at the rate of $20 per direct labor hour. Job #777 includes $2,000 of direct labor cost and 150 direct labor hours. $1,500 of indirect labor cost was actually incurred. The proper journal entry to record the wage related cost is:

56. '2/10, net 30' is an example of:

57. A check issued by you, but not yet passed through the banking system, is:

58. Sorting the accounts Payable into current, 1-30 days past due, 31-60 days past due, and so on, is known as

59. Using the following information, determine the adjusted book balance: cash account balance on the books $27,000, bank service charges $200, NSF check $2,000, checks outstanding $3,000, deposits in transit $1,000.

60. The purpose of Accrued Expenses is:

61. Lundstrom & Co. began making sales on credit during 20X1. The Co. used the direct write-off method for uncollectible accounts. A material amount of uncollectible accounts resulting from the sales made during 20X1 were written off during 20X2. What was the effect of this write-off on the net income for 20X1 and 20X2? 20X1 20X2

62. Why do companies hold back paying invoices until due?

63. Ritz & Co. agreed to purchase certain inventory items from Hostess Corporation. The Hostess shipped the goods F.O.B. destination. On December 31, the Ritz's accounting year-end, they were aware that the goods had been shipped and would be received any day.

64. Which of the following equations properly represents a derivation of the fundamental accounting equation?

65. The entry to record the payment of dividends is:

66. Which of the following best describes the meaning of 'Purchases'?

67. The correct journal entry to reconcile the interest earned on a bank balance is:

68. If a customer pays an invoice twice, the best way to handle the error is:

69. Purchasers of merchandise may be dissatisfied with the quality of goods purchased on account, and return the goods to the seller with an indication that payment will not be forthcoming. In such a case, the document prepared by the purchaser is called:

70. The amount of cash reported in the financial statements is the closing balance of cash reported in the ______________.

71. The overhead application rate is calculated by:

72. What is accounts payable aging report?

73. What are the adjustments most common to bank reconciliation?

74. The following comments relate to the recording of journal entries. Which statement is true?

75. If a customer is not paying their invoices, the best first step to encourage them to pay is:

76. Which of the following transactions would have no impact on the stockholders' equity?

77.

Remington Inc. has provided the following information about its balance sheet:

Cash                                 $ 100

Accounts receivable       $  500

Stockholders' equity       $  700

Accounts payable           $  200

Bank loans                       $ 1,000

Based on the information provided, how much do their liabilities amount to?

78. Trade accounts receivable:

79. Which of the following is a personal account?

80. Which of the following is a typical prepaid expense?

81. Gerald's had opening total stockholders' equity of $160,000. During the year, total assets increased by $240,000 and total liabilities increased by $120,000. Their net income was $180,000. No additional investments were made. However, some amount was paid as dividend during the year. What was the amount of the dividend paid?

82. Why is the Accounts Receivable function important?

83. The Factory Overhead account in a job costing system is credited for the:

84. The trial balance __________.

85. Which of the following inventory methods will always produce the same results under both a periodic and a perpetual system?

86. The best inventory method to adopt for a company that sells a product in large quantities, for example nails, would be:

87. Which of the following statements concerning job costing systems is incorrect?

88. The correct journal entry to reconcile an EFT payment of insurance expense is:

89. How often can a company change its inventory valuation methodology and still be compliant with GAAP?

90. If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing:

91. Which of the following is NOT generally used as an alternative name for an 'Income Statement'?

92. When using the FIFO inventory costing method, the most recent costs are assigned to the cost of goods sold. True or False?

93. Investments securities held for the purpose of retiring bonds payable shall be classified as:

94. Which of the following is NOT considered a function of accounting?

95. Which account is NOT part of the trading account?

96. The 'Discount allowed' account records the ....?

97. Assuming a "T account" setup in the general ledger, on which side of the subsidiary account must an entry in the control account be posted?

98. When using the moving average method of inventory valuation, a new unit cost must be computed after each:

99. Under the IFRS, the value of land is recorded at ________ on the balance sheet.

100. Which of the following transactions are recorded in the purchases journal?