Junior Accountant Position, Am Inc. Part 1

Assets are items owned by a business that have monetary value and can be used to generate future economic benefits. These can include tangible assets like land, supplies, and equipment, as well as intangible assets like patents or trademarks. Liabilities, on the other hand, are debts or obligations that the business owes to external parties. Owner's equity represents the owner's investment in the business and the accumulated profits or losses. Revenue refers to the income generated from the business's main activities. Therefore, the correct answer is assets, as it represents the items owned by the business.

This button in the Excel application represents the AutoSum button. The AutoSum button is used to automatically calculate the sum of selected cells in a column or row. It is a convenient tool for quickly adding up numbers without having to manually enter the formula.

The residual value refers to the estimated value of an asset at the end of its useful life. It is the amount that the asset is expected to be worth after it has been fully depreciated. This value is important in determining the depreciation expense of the asset over its useful life.

To multiply items in Excel, the asterisk (*) symbol is used.

The person responsible for managing the financial analysis, establishing the financial planning, and managing the financial risk of the corporation is the CFO (Chief Financial Officer). The CFO is a senior executive who oversees the financial operations of the company, including budgeting, forecasting, financial reporting, and risk management. They play a crucial role in making strategic financial decisions and ensuring the financial health and stability of the organization.

An operating system is essential for a computer to function properly. It manages the computer's hardware and software resources, allowing users to interact with the computer and run applications. Without an operating system, the computer would not be able to perform tasks, manage files, or communicate with other devices. While word processing software, keyboard, and modem are important components, they are not necessary for a computer to have in order to be considered a computer.

A corporation is a business entity that is owned by stockholders. This means that the ownership of the corporation is divided into shares of stock, which are owned by individuals or other entities. The stockholders have the right to vote on important decisions, such as the election of the board of directors, and they also have the potential to receive dividends based on the profits of the corporation. Therefore, the correct answer is that a corporation is owned by stockholders.

Salaries Expense would be found on the Income Statement. The Income Statement is a financial statement that shows a company's revenues, expenses, and net income or loss for a specific period of time. Salaries Expense represents the amount of money that a company has paid to its employees for their services during that period. It is considered an expense because it reduces the company's net income.

The correct sequence of events to remove a spreadsheet from a workbook is to right click on the spreadsheet tab and select DELETE. This action will delete the specific spreadsheet from the workbook.

The CEO, or Chief Executive Officer, is the person in charge of setting the direction and overseeing the operations of an organization. They are responsible for making major corporate decisions, managing the overall strategy, and ensuring the organization's success. The CFO, or Chief Financial Officer, is typically responsible for managing the financial aspects of the organization, while a Senior Accountant may have a more specialized role in managing accounting functions. However, the CEO is the ultimate authority and has the highest level of responsibility in an organization.

Profit increases capital because profit is the excess of revenue over expenses, and it is considered a source of funds for a business. When a business earns a profit, it adds to its capital or owner's equity. This increase in capital allows the business to have more resources to invest, expand operations, or distribute dividends to shareholders. Therefore, profit is an essential factor in growing and strengthening the capital base of a business.

The CEO, or Chief Executive Officer, is the person in charge of carrying out the strategic plans and policies established by the board of directors. This role is responsible for the overall management and direction of the company, making important decisions that align with the organization's goals and objectives. The CEO is accountable for the company's performance and is typically the highest-ranking executive in the organization.

The correct answer is CPU because it stands for Central Processing Unit, which is the main component of a computer that performs most of the processing inside the computer. It carries out instructions of a computer program by performing basic arithmetic, logical, control, and input/output (I/O) operations. The CPU is often referred to as the brain of the computer because it controls and coordinates all the activities of the computer system. RAM, Cache, and Windows are not the brain of the computer but rather other components or software involved in computer operations.

The reason you might fail to send or receive an attachment is that the attachment is too big. Large attachments can exceed the file size limit set by email providers, causing them to fail to send or be rejected upon receipt.

The amount of net sales minus the amount of cost of goods sold measures gross profit. Gross profit represents the profit a company makes after deducting the direct costs associated with producing or purchasing the goods sold. It reflects the profitability of the company's core operations without considering other expenses such as operating expenses or taxes. By calculating gross profit, a company can assess its ability to generate revenue from its products or services and determine the efficiency of its production or purchasing processes.

Withdrawals would not be reported on the income statement because withdrawals represent the owner's personal use of business funds and are not considered business expenses or revenue. The income statement is used to report the revenues, expenses, and net income or loss of a business, but withdrawals are not considered part of the business's financial performance. Instead, withdrawals are reported on the owner's equity statement or statement of changes in equity to reflect the decrease in the owner's investment in the business.

In Excel, when typing an equation into a cell, the first thing that must be entered is an equal sign. The equal sign is necessary to indicate that the content in the cell is a formula or equation, and not just a regular text entry. Without the equal sign, Excel will treat the input as a text string rather than a mathematical calculation.

The correct answer is debit Cash $200 and Accounts Receivable $1,000; credit Catering Service Fees $1,200. This is the correct journal entry because $200 was received in cash, reducing the amount owed by the customer, and $1,000 was charged to the customer's Accounts Receivable, representing the amount they still owe. The Catering Service Fees account is credited for the total price of $1,200 to record the revenue earned from the reception.

Signatures is the feature that allows you to set up your name and other details to automatically appear at the end of your emails. This feature is commonly used in email clients to add a personalized touch to your messages and save time by not having to manually type the same information every time you send an email.

The most appropriate formula to calculate a 7% tax is =A2*0.07. This formula multiplies the value in cell A2 by 0.07, which represents 7% as a decimal. This will give the amount of tax to be added to the original value.

The trial balance is a statement that lists all the debit and credit balances of accounts in the general ledger. It is prepared to ensure that the total of all debit balances equals the total of all credit balances, thus ensuring that the accounting equation (assets = liabilities + equity) is in balance. If the trial balance totals do not agree, it indicates that there is an error in the recording or balancing of accounts. Therefore, the correct answer is that the trial balance totals should always agree.

When Ellen's Bakery collects $3,500 of its accounts receivables, it means that the bakery is receiving cash from its customers who owed money. This results in an increase in the cash account because the bakery now has more cash on hand. At the same time, the accounts receivable balance decreases because the bakery has received payment and no longer has outstanding receivables. Therefore, the correct answer is "Cash increases and Accounts Receivable decreases, $3,500".

The symbol "######" in Excel indicates that the cell is not wide enough to display the entire contents of the cell. This typically happens when the content of the cell is too long or when the column width is too narrow. To fix this, you can either increase the width of the column or decrease the font size in the cell.

Freezing is the process of identifying specific rows and columns in Excel so that they remain visible on the screen even when scrolling through large amounts of data. This allows users to keep important information in view while navigating through the spreadsheet. Freezing is commonly used when working with large datasets or when comparing data in different parts of the spreadsheet.

The advantage of a sole proprietorship form of business is that the owner has complete control over decision-making. Unlike other forms of business, where decisions may need to be made by a board or multiple owners, a sole proprietor has the freedom to make all the decisions independently. This allows for quick and efficient decision-making, as the owner does not need to consult or seek approval from others.

Revenue is considered a temporary account because it represents income earned by a company during a specific accounting period. At the end of the period, revenue is closed out and transferred to the retained earnings account, which is a permanent account. This process ensures that revenue is properly recorded and accounted for in the financial statements. In contrast, assets, liabilities, and owner's equity are considered permanent accounts as they represent the ongoing financial position of the company.

The correct answer is debit Depreciation Expense $50, credit Accumulated Depreciation $50 because this journal entry reflects the monthly depreciation expense for the microscope. Depreciation is the process of allocating the cost of an asset over its useful life, and in this case, the microscope has an expected life of 30 months with no residual value. By debiting Depreciation Expense, we record the expense for the month, and by crediting Accumulated Depreciation, we accumulate the total depreciation expense over time. This journal entry follows the matching principle in accounting, which requires expenses to be recognized in the same period as the related revenue or asset usage.

The correct answer is book value. Book value refers to the net value of a fixed asset after deducting its accumulated depreciation. It represents the cost of the asset that has not yet been depreciated. It is an important concept in accounting as it helps determine the true value of an asset on a company's balance sheet.

The correct answer is debit to Salaries Expense, credit to Cash. This is because when office salaries are paid, it is an expense for the company, so it should be debited to the Salaries Expense account. The company is using cash to make the payment, so it should be credited to the Cash account. This entry reflects the outflow of cash for the payment of salaries.

Payment of two months' insurance in advance is most likely to result in an adjusting entry at the end of the period because it involves the prepayment of an expense that will be incurred over a period of time. The adjusting entry is necessary to recognize the portion of the prepaid insurance that has expired during the period as an expense. This ensures that the financial statements accurately reflect the expenses incurred during the period.

The correct entry to correct the error is to debit Supplies for the correct amount of $540 and credit Cash for the correct amount of $540. This will adjust the accounts to reflect the correct amount spent on supplies and the correct amount of cash paid.

A debit in accounting refers to an entry made on the left side of an account, indicating an increase in an asset or an expense, or a decrease in a liability or equity. In this case, the correct answer is a decrease in liability accounts because a debit entry would reduce the amount owed by the company to its creditors or other parties.

A trial balance is a list of balances on the books, which means it includes all the account balances in a company's general ledger. It is used to ensure that the debits and credits in the accounting system are equal and to identify any errors or discrepancies in the recording of financial transactions. By comparing the total debits and credits in the trial balance, accountants can verify the accuracy of the company's financial records and prepare accurate financial statements.

The cell labeled F5 refers to the intersection of column F and row 5 in the Excel application. This means that it is the cell located in the fifth row of column F.

The senior accountant is the person in charge, most of the time, with the fulfillment of GAAP (Generally Accepted Accounting Principles). They are responsible for ensuring that the financial statements and records of the company are prepared in accordance with GAAP guidelines. The CFO (Chief Financial Officer) and CEO (Chief Executive Officer) may have oversight and decision-making authority, but the day-to-day responsibility lies with the senior accountant.

The given statement "Liabilities + Assets = Capital" is incorrect. According to basic accounting principles, the equation should be "Assets - Liabilities = Capital." This equation represents the fundamental accounting equation, which states that the total assets of a business are equal to the total liabilities and owner's equity.

The correct answer is debit Travel Expense, $400; credit Accounts Payable, $400. This is because the purchase of the ticket is an expense for the business, which is recorded as a debit to the Travel Expense account. Since the purchase was made on account, it is recorded as a credit to the Accounts Payable account, representing the amount owed to the supplier.

The correct answer is a credit to Accumulated Depreciation for $100. This is because the adjusting entry for depreciation involves increasing the Accumulated Depreciation account, which is a contra-asset account that represents the total depreciation expense incurred over time. By crediting Accumulated Depreciation, the account balance is increased, reflecting the accumulated depreciation for the office equipment.

Sending a purchase order to a vendor to purchase items for re-sale is an example of a non-financial transaction because it involves the ordering of goods rather than the actual exchange of money. It is a request for the purchase of goods, indicating the quantity, description, and price of the items, but does not involve any financial transaction or payment.

The formula =vlookup(B1;A4:B8;2) is a VLOOKUP function in Excel. It searches for the value in cell B1 in the range A4:B8 and returns the corresponding value from the second column (column B) of that range. The result will be the value in column B that corresponds to the value in B1.

The correct answer is $75,000. This is because the question asks for the total assets after the new baking equipment is purchased for $10,000 cash. Since the purchase is made in cash, it does not affect the total assets. Therefore, the total assets remain at $75,000.

This button in the Excel application is used to group together the selected cells and center the content. It allows the user to combine multiple cells into a single cell and align the text in the center of the merged cell. This can be useful for organizing and formatting data in a spreadsheet.

The correct answer is "Tasks/Receipts/type transaction date in deposit ticket ID box/Apply to revenues/record cash sale" because in Peachtree, to record a cash sale, the user needs to go to the Tasks menu, then select Receipts. They should then type the transaction date in the deposit ticket ID box and apply it to revenues before recording the cash sale.

A prior period adjustment refers to a correction made to the financial statements of a company for errors or omissions in previous periods. It is not reported as a separate component on the income statement because it is considered an adjustment to the opening balance of retained earnings or other appropriate equity accounts. It does not represent the ongoing operations or activities of the company in the current period. Instead, it is a retrospective adjustment that corrects the errors of previous periods and ensures the accuracy of the financial statements.

MS Outlook is not just an email client, but also a personal information manager that includes features such as calendar, task manager, contact manager, note-taking, journal, and web browsing. It is used for managing personal information, scheduling appointments, and organizing tasks, in addition to checking, sending, and receiving emails. Therefore, the statement that MS Outlook is used solely for checking, sending, and receiving emails is false.

When you copy a formula in Excel to another cell, the cell references in the formula will adjust accordingly. In this case, since the formula being copied is "=B38", both the column (B) and the row (38) references will change based on the new location of the copied formula. So, if you copy the formula to a different cell, the new formula will reference a different column and row.

When the formula =$B38 is copied into another cell, the column part (B) will remain the same. This is because the dollar sign ($) in front of the column reference locks it in place, preventing it from changing when the formula is copied to a different column. However, the row part (38) is not locked with a dollar sign, so it will change relative to the new cell location.

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The SUM function in B7 shows zero because it contains a circular reference. A circular reference occurs when a formula refers back to the cell it is located in, creating an infinite loop. In this case, the SUM function in B7 is referring to itself, causing it to continuously calculate and result in zero.