Question 1 :

A reviewer note on Lantern Fox Cycle Shop Ltd.'s May 31, 2026 bank reconciliation says Laurent Blais of Rivermoss Balance Office found cheque 311 for C$1,120 has been outstanding since February 14, 2026. Which support is most useful before deciding whether it should stay outstanding, be reissued, or be reversed?

A copy of the current month's bank balance summary only

The original invoice plus vendor follow-up confirming whether payment was received

The prior-year trial balance showing accounts payable

The next month's revenue report from the sales system

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Question 2 :

Riverstone Floral Studio Ltd., a private company, paid $2,400 on April 1, 2026 for a 12-month design software subscription. At June 30, what amount should still appear as a prepaid asset?

$600

$1,200

$1,800

$2,400

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Question 3 :

Tidewell Interiors Ltd. has an email from legal counsel saying fees will be billed when the lease dispute is settled. The latest invoice mixes prior-month work with future strategy work and does not show hours by date. What should the reviewer do before finalizing the May 31, 2027 close?

Accrue the full latest invoice because it is the only external document on file

Accrue half of the latest invoice because the matter was active during May

Escalate for better support because the current-period amount cannot be measured from the available evidence

Clear the item with no follow-up because no invoice has been issued yet

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Question 4 :

Pine Borough Property Care Ltd. received C$4,800 in March 2027 for lawn services to be performed in April. How should the amount be presented at March 31?

As March revenue on the statement of income because cash was received

As unearned revenue within current liabilities on the statement of financial position

As accounts receivable on the statement of financial position until work is completed

As owner's capital on the statement of financial position because no invoice was issued

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Question 5 :

Pinewater Dental Supplies Ltd. posted April amortization of C$540 on equipment as a credit to the equipment account instead of accumulated amortization. The debit to amortization expense was correct. What correcting entry is needed?

Debit accumulated amortization, equipment C$540 and credit equipment C$540

Debit amortization expense C$540 and credit accumulated amortization, equipment C$540

Debit equipment C$540 and credit accumulated amortization, equipment C$540

Debit equipment C$540 and credit amortization expense C$540

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Accounting Fundamentals & Bookkeeping

MCQ

0

5

Riverstone Floral Studio Ltd., a private company, paid $2,400 on April 1, 2026 for a 12-month design software subscription. At June 30, what amount should still appear as a prepaid asset?

MCQ

0

5

Tidewell Interiors Ltd. has an email from legal counsel saying fees will be billed when the lease dispute is settled. The latest invoice mixes prior-month work with future strategy work and does not show hours by date. What should the reviewer do before finalizing the May 31, 2027 close?

MCQ

0

5

Pine Borough Property Care Ltd. received C$4,800 in March 2027 for lawn services to be performed in April. How should the amount be presented at March 31?

MCQ

0

5

Pinewater Dental Supplies Ltd. posted April amortization of C$540 on equipment as a credit to the equipment account instead of accumulated amortization. The debit to amortization expense was correct. What correcting entry is needed?

MCQ

0

5