Use the Following Information to Answer Questions

question 23

Multiple Choice

Use the following information to answer questions
Bayne Inc.bought bonds at a cost of $12,000 on March 1, 2011.At the end of the first quarter, March 31, Waba prepared financial statements and the bonds had a market value of $12,800.Bayne sold the bonds for $12,100 on May 18 before receiving any interest for them.
-On their second quarter financial statements prepared for the period ending June 30 Bayne should have recognized a) :

• A)$700 realized loss.
• B)$300 realized loss.
• C)$300 realized gain and a $400 unrealized gain.
• D)$12,100 cash.

Identify the correct order of accounts to close.

Analyze the impact of closing entries on temporary and permanent accounts.

Differentiate between temporary and permanent accounts.

Apply journal entries to close various types of accounts, including revenue, expense, and withdrawal accounts.

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Definitions:

Specific Performance Objectives

Explicitly stated targets or goals that are intended to be achieved within a certain timeframe, often used to measure work performance.

Task Performance

Consists of the quantity and quality of work produced.

Delphi Technique

A structured communication method, usually involving surveys and questionnaires, used for systematic forecasting and decision-making by gaining consensus from a panel of experts.

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