Accounting Homework: Principles, Quiz, True/False, and Solutions

This document presents the solutions to an accounting homework assignment. The assignment includes multiple-choice questions on accounting principles, a quiz covering fundamental accounting concepts, and a true/false question section. The principles section provides answers to questions related to various accounting topics, such as financial statements, journal entries, and asset valuation. The quiz assesses understanding of key terms like the balance sheet and trial balance. The true/false section tests the comprehension of basic accounting concepts. The document also provides a bibliography of sources used in preparing the solutions. This assignment is a valuable resource for students seeking to understand and solve accounting problems. The assignment covers topics from intermediate accounting, which will help students get a good grasp of the subject.

Running head: ACCOUNTING
Accounting
Name of the Student:
Name of the University:
Authors Note:

ACCOUNTING
1
Table of Contents
Accounting Principle:.................................................................................................................2
Accounting Quiz:.......................................................................................................................3
True and False:...........................................................................................................................3
Bibliography:..............................................................................................................................5

ACCOUNTING
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Accounting Principle:
1. (2) $1,274
2. (1) $11,000
3. (3) $439,000
4. (4) $1,920
5. (4) $5,350
6. (4) 6.0 and 61 days
7. (1) $94,000
8. (2) $97,600
9. (1) Original cost
10. (2) $35,000
11. (4) Overstated by $70,000
12. (4) Decreasing the amount of inventory on hand and increasing cost of goods sold
13. (2) Debt investment, Gain on Sale of debt investments, and Bond interest receivable
14. (3) a reduction of an asset of $5,000 in the current assets section and an unrealised loss of
$5,000 in “Other expenses and losses”.
15. (3) Debit Market Adjustment—Available-for-Sale for $2,400 and credit Unrealized Gain
or Loss—Equity for $2,400
16. (2) Creates a $10,000 debt balance

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17. (2) $139,000
18. (3) $15,000
19. (2) $1,200
20. (3) Debit to depletion expense of $1,200,000
Accounting Quiz:
1. Journal
2. Balance Sheet
3. Trial Balance
4. Time period assumption
5. Deferrals
6. Closing entries
7. Cash and cash equivalents
8. Net realizable value
9. Depreciation
10. Current maturities of long term debt
True and False:
11. O (True)
12. O (True)

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13. X (False)
14. X (False)
15. O (True)
16. O (True)
17. X (False)
18. O (True)
19. O (True)
20. O (True)

ACCOUNTING
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Bibliography:
Kaplan, R. S., & Atkinson, A. A. (2015). Advanced management accounting. PHI Learning.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate accounting. John Wiley
& Sons.