Mr__Bitter asked:
I know I can get a credit report and felony convictions.
Would I also be told if the Individual had been court ordered to a mental hospital or drug rehab?
Would I find out of they had a drunk driving charge?
Would I find out if they had an aggravated assault charge? (Those are not felonies)
oppo asked:
2. At the end of an accounting period Coram Co. has the following account balances listed on its Adjusted Trial Balance.
Wages:$200,000
Service Revenue:$250,000
Supplies Expense:$ 75,000
Retain Earnings:$525,000
Assume there are no other revenue and expense accounts, and that revenues and expenses are closed with a single journal entry. Which of the following is the correct closing entry for Coram Co.?
A) Service Revenue:$250,000
Retained Earnings:$ 25,000
Wages:$200,000
Supplies Expense:$ 75,000
B) Service Revenue:$250,000
Wages:$250,000
C) Service Revenue:$ 25,000
Retained Earnings: $ 25,000
D) Retain Earnings:$525,000
Wages:$200,000
Service Revenue:$250,000
Supplies Expense:$ 75,000
3. Eye Steal Financial Advisors Ltd. has had large losses for the past 10 yrs. It also appears they’ll be unable to meet both current and long-term financial commitments. Which of the following traditional assumptions of accounting model dose Eye Steal appear to be in danger of violating?
A) Accounting period
B) Economic entity
C) Going concern
D) Stable monetary units
4. At the end of an accounting period, Honesdale Co. has the following account balances listed on its Adjusted Trial Balance.
Salaries:$120,000
Supplies:$175,000
Retained Earnings:$425,000
Service Revenue:$300,000
Assume there are no other revenues and expenses, and that no dividends were paid. After recording the closing entry for Honesdale Co., What is the correct Retained Earnings account balance?
A) $430,000
B) $425,000
C) $420,000
D) $300,000
5. A routine payment of a phone bill listed on the accounts payable schedule was recorded and posted as a debit to Telephone Expense and a credit to Cash. The journal entry to correct this error would be a debit to
A) Telephone Expense and a credit to Accounts Payable
B) Accounts Payable and credit to Cash
C) Cash and a credit to Telephone Expense
D) Accounts Payable and a credit to Telephone Expense
6. Accountants prepare financial statements at arbitrary points in time during a company’s lifetime in accordance with the accounting concept of
A) matching
B) comparability
C) accounting periods
D) materiality
7. Hawley Co. reported an allowance for doubtful accounts of $23,000 (credit) at Dec 31, 2006, before performing an aging of accounts receivable. As a result of the aging, Hawley determined that an estimated $19,000 of the Dec 31, 2006, accounts receivable would prove uncollectible. The adjusted entry required at December 31, 2006, would be which of the following?
A) Allowance for Doubtful Accounts4,000
Doubtful Accounts Expense 4,000
B) Doubtful Accounts Expense19,000
Accounts Receivable19,000
C) Allowance for Doubtful Accounts 19,000
Doubtful Accounts Expense 19,000
D) Doubtful Accounts Expense 4,000
Allowance for Doubtful Accounts4,000
8. A routine billing of a customer’s account was recorded and posted as a debit to Cash and a credit to Sales Revenue. The journal entry to correct this error would be a debit to
A) Accounts Receivable and a credit to Cash
B) Sales Revenue and a credit to Cash
C) Cash and a credit to Accounts Receivable
D) Accounts Receivable and a credit to Sales Revenue
9. Financial information exhibits the characteristics of consistency when
A) accounting procedures that smooth net income and make results consistent between years are adopted
B) extraordinary gains and losses are shown separately on the income statement
C) accounting entries give similar events the same accounting treatment each period
D) expenditures are reported as expenses and netted against revenue in the period in which they’re paid
10. An investor relies upon which of the following to issue opinions on the fairness of the financial statements used in making decision regarding potential investments?
A) An internal auditor
B) The board of directors
C) The SEC
D) An external auditor
11. Once FASB has established an accounting standard,
A) the standard is continually reviewed to see if modification is necessary
B) the standard isn’t reviewed unless the SEC makes a complaint
C) the task of reviewing the standards to see if modification is necessary is given to the AICPA
D) the principle of consistency requires that no revision ever be made to the standard
15. Wilson Insurance Co. received $10,000 from a customer on Dec 1 for three months’ premium on an insurance policy. This insurance policy was for Dec, Jan and Feb. If Wilson Insurance Co. debited Cash and credited Premium Income for $10,000 on Dec 1, what necessary adjustment would be made on Dec 31?
A) Premium Income6,667
Unearned Premium Income6,667
B) Premium Income3,333
Unearned Premium Income3,333
C) Unearned Premium Income6,667
Premium In
Misha asked:
I just found an apt today, and we paid security right away. We told him that this weekend we were going to pay up until June so we wouldn’t have to worry about rent as well. He agreed and gave us an application form for credit check and evictions and all that good stuff. He also said that if we switch the electric over tomorrow he’ll give us the keys and we can move in early for no fee. He said he wasnt too worried about credit reports but was worried about evictions. We lied and said we have never been evicted before. Since he knows were paying so much upfront and he gave us a green light to transfer the utilities, is it safe to assume that he’s not going to do the eviction check? How does he get that info (its not on our credit report at all)? Thanks for any information you can provide!!!
Belkel asked:
I’m using the Annual Report from: http://phx.corporate-ir.net/phoenix.zhtml?c=107357&p=irol-index
It is the 2009 form 10-K/A filed January 25th 2010….
Here’s what I have so far, if anyone could help or take a look to see what I have incorrect, I’d really appreciate it! Thanks!
Apple, Inc.
Septemeber 26, 2009
Trial Balance
Account Debit Credit
Cash and cash equivalents 5,263 debit
Short-term marketable securities 18,201 debit
Accounts receivable 3,361 debit
Inventories 455 debit
Deferred tax asset 1,135 debit
Other current assets 3,140 debit
Long-term marketable securities 10,528 debit
Property, plant and equipment, net 2,954 debit
Goodwill 206 debit
Acquired intangible assets, net 247 debit
Other assets 2,011 debit
Accounts payable 5,601 credit
Accrued expenses 3,852 credit
Deferred revenue 2,053 credit
Deferred revenue- non current 853 credit
Other non current liabilities 3,502 credit
Common stock 8,210 credit
Retained earnings 15,129 credit
Accumulated other comprehensive income/(loss) 77 credit
Net sales 42,509 credit
Cost of sales 25,683 debit
Research and development 1,333 debit
Selling, general and administrative 4,149 debit
Operating income 11,740 credit
Other income and expense 326 credit
Income before provision for income taxes 12,066 debit
Provision for income taxes 3,831 debit
Total 94,563 93,852
Am I missing something or am I crediting or debiting something incorrect? Thanks for you time! 
Marvin_J asked:
i hate those songs and cant stand the fake band playing them….give me your opinion
Kavan asked:
They say a man should always dress for the job he wants
So why am I dressed like a pirate in this restaurant
It’s all because some hacker stole my identity
Now I’m in here every evening serving chowder and ice tea
Should’a gone to free credit report dot com
I could’a seen this comin’ at me like an atom bomb
They monitor your credit and send you e-mail alerts
So you don’t end up selling fish to tourists in t-shirts
Amy thank you! Ive been told I look like him =)
Tennille_K asked:
Currently I have several credit cards with $1-2,000 on each. I am a student and work 2 jobs part time and so I don’t make enough to just pay several hundred on each per month. I am getting hosed on finance charges on one of my cards, so much so that the monthly balance is going up just from finance charges alone.
I am never late on payments and have great credit (according to my score and reports). Where can I get a $10,000 debt consolidation loan to put all these on so I can just pay ONE monthly payment?
I’m not asking for judgement, and I didn’t get these expenses from frivilous purchases. My parents fell on hard times and I had to help them out. Don’t make assumptions about someone else’s debt. I am asking for advice, not why you think I’m so stupid for having credit cards - RICK.
william asked:
I got my free credit reports (from experion, transunion and equifax’s website) and was wondering if it is a full report or partial report. Do you have to actually buy your credit report to see everything that’s on it? I don’t want to have to buy it if all its going to show is what I have already seen on the free report.
EagleLanding asked:
Hi. I am coming to settlement terms with a collection agency. I made an offer with the stipulation that I MUST have something in writing before I pay them a penny which states they will delete the entire history of their entry. The lady told me I’d have to take her word for it. I was like BS! I need that in writing. So here’s my question…
WHY o WHY if a collection agency agrees on a settlement amount do they not want to provide you a letter which states they’ll remove the collection from your report upon payment? They say they can do it, but won’t put it into writing. Why? It would seem like a small request after settling. What do they have to gain by not removing it? Unless they intend to use that as a way to collect the rest down the line. Is that it??
Amanda_V asked:
How will my credit score look after each situation? Will have have bad credit and for how long?
1. A Settled debt paid off for 30% of what is owed after no payment for 60 days.
2. A full payment made to credit card company after 180 days late, right before being sold to a collection agency.
3. A debt paid (whatever %) after being sold to collection agency.
Thank you I am curious scenario along on the credit report and what it will mean and do for my score.