Question #1: ABC Company has two stores and for each one it pays a separate insurance policy.
The first policy for $80,000 was paid on October 1, 2019 for 12 months, and the second policy
for $40,000 was paid on October 31, 2019 for 10 months. The company closes the books on June
30 of each year. Determine the balance of the Prepaid Insurance account on June 30, 2020.
Select one: a.$64,000
b. $120,000
c. $28,000
d. $66,400
Question #2: Which of the following accounts will NOT appear on a Post-Closing Trial Balance?
Select one:
to.
Unearned Income (Unearned Revenue)
b.
Salaries payable (Salaries Payable)
c.
Accounts receivable (Accounts Receivable)
d.
Dividend Income (Dividend Revenue)
Question #3:
One of the limitations of the Statement of Income and Expenses is that
Select one:
to.
Some of the amounts reported may be manipulated by company management.
b.
It does not allow predicting the future performance of the company.
c.
It helps the company's competition to assess the company's past performance.
d.
presents the earnings per share (earnings per share) at the end of the statement..
Salient Features of India constitution especially power and functions
Question #1 ABC Company has two stores and for each one it pays a s.pdf
1. Question #1: ABC Company has two stores and for each one it pays a separate insurance policy.
The first policy for $80,000 was paid on October 1, 2019 for 12 months, and the second policy
for $40,000 was paid on October 31, 2019 for 10 months. The company closes the books on June
30 of each year. Determine the balance of the Prepaid Insurance account on June 30, 2020.
Select one: a.$64,000
b. $120,000
c. $28,000
d. $66,400
Question #2: Which of the following accounts will NOT appear on a Post-Closing Trial Balance?
Select one:
to.
Unearned Income (Unearned Revenue)
b.
Salaries payable (Salaries Payable)
c.
Accounts receivable (Accounts Receivable)
d.
Dividend Income (Dividend Revenue)
Question #3:
One of the limitations of the Statement of Income and Expenses is that
Select one:
to.
Some of the amounts reported may be manipulated by company management.
b.
It does not allow predicting the future performance of the company.
c.
It helps the company's competition to assess the company's past performance.
d.
presents the earnings per share (earnings per share) at the end of the statement.
