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Accounting HW help?

Discussion in 'Business, Careers & Education' started by junior varsity, Oct 24, 2011.

  1. junior varsity

    junior varsity Senior member

    Messages:
    1,437
    Joined:
    Jul 14, 2010
    Location:
    Philly Suburbs & Cambridge, MA
    taking an online course on accounting... need some help on HW...

    T or F

    1. If the period revenues are less than the period expenses, and there are no gains or losses, then Retained Earnings must decrease during the period.
    2. In a pre-closing trial balance, revenue and expense accounts must have a zero balance..
    3. If debits equal credits on the trial balance, you know with certainty that your records are correct.
    4. At the end of the first year of ownership of a long-term asset, if straight-line depreciation is used, the net book value of the asset will always be equal to or greater than the market value of the asset.
    5. If prices are increasing then LIFO, compared with FIFO,
    will show a higher net income for the period.
    6. At the end of the second year of ownership of a long-term
    asset, the balance in the accumulated depreciation account must be equal to or greater than the balance in the
    depreciation expense account
     
  2. DaveB

    DaveB Senior member

    Messages:
    119
    Joined:
    Mar 19, 2009
    Not sure if you still need this but
    1. T?
    2. F, pre-closing I'm assuming before adjusting/closing entries were made so they are not closed yet
    3. F, fraud, errors
    4. F depreciation and market value have no correlation
    5. F higher priced items will be in your cogs reducing NI
    6. F depreciation expense closes out each year acc/dep doesnt
     
  3. Flambeur

    Flambeur Senior member

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    Mar 19, 2008
    What do people have against doing their own homework? :confused:
     
  4. Blackhood

    Blackhood Senior member

    Messages:
    2,904
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    Feb 5, 2010
    Location:
    Cambridge, UK
    These also seem like thing I'd like my Accountant to know, rather than ask for help with.
     
  5. tesseract

    tesseract Senior member

    Messages:
    1,883
    Joined:
    Dec 6, 2009
    these were painfully easy questions, i hope this is an introductory online course.
     

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