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PART I: TRUE OR FALSE (10 Points): Indicate the best answer by entering "T" or "F"...
TRUE OR FALSE PARTI TRUE OR FALSE QUESTION (20 Points) 1. T F Rent paid in...
TRUE OR FALSE
PARTI TRUE OR FALSE QUESTION (20 Points) 1. T F Rent paid in advance is an expense. 2. T F Posting means transferring information from the ledger to the journal. 3. T F Compound journal entries must have no more than three credits. 4. T F Posting can only be done once a month. 5. T F The trial balance is in the same order as the chart of account. 6. T F If a journal entry...
True or False questions for Accounting ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question....
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 23) On December 14, 2015, Kinsmen Company received 57,700 for consulting 23) services that will be performed in January 2016. Prepare a general journal entry to record the receipt. TRUE FALSE. Write T if the statement is true and F if the statement is false. 24) A work sheet is prepared before entering the adjustments in the accounts. 25) Closing entries are normally entered...
Instructions: Choose the best answer (True or False) for record a "T" for True or a...
Instructions: Choose the best answer (True or False) for record a "T" for True or a "F" for False corresponding letters on the line to the lef "A" for True or a "B" for False on the SCANTRON sheet for rows 16 thru 50 21. In incremental analysis, total variable costs will always change under alternative courses of action, and total fixed costs will always remain constant. Decision-making involves choosing among altemative courses of action. 22. 23. A special one-time...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Quick accounting questions! Please answer all thank you! I will rate highly. All accounting systems currently...
Quick accounting questions!
Please answer all thank you! I will rate highly.
All accounting systems currently in use are computerized Select one True False The amounts in the Adjustments Columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns Select one True False If the Balance Sheet columns do not balance, the error is most likely to exist in the Select one or more a Last six columns...
12. Under the new method of accounting, service revenues are reported on the income statement in...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4 options: 1) True 2) False Question 5 (0.5 points) An expense account is closed with a credit to the expense account and a debit to the Income Summary account. Question 5 options: 1) True 2) False Question 6 (0.5 points) Cash is a temporary account. Question 6 options: 1) True 2) False Question 7 (0.5 points) Adjusting entries are often made because some business...
Part A. True/False Determine whether each statement below is True (T) or False (F). Your answers...
Part A. True/False Determine whether each statement below is True (T) or False (F). Your answers should be recorded on the Scan-Tron answer sheet. Using a No. 2 pencil: • Darken Box A for a True statement • Darken Box B for a False statement 1. Paula and her husband are getting a divorce. In connection with splitting up their assets, Paula transfers stock to her spouse when the fair market value of the stock is $95.000. Paula's tax cost...
MULTIPLE CHOICE PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
TRUE OR FALSE
PARTI TRUE OR FALSE QUESTION (20 Points) 1. T F Rent paid in advance is an expense. 2. T F Posting means transferring information from the ledger to the journal. 3. T F Compound journal entries must have no more than three credits. 4. T F Posting can only be done once a month. 5. T F The trial balance is in the same order as the chart of account. 6. T F If a journal entry...
True or False questions for Accounting
ACCT-1001 Financial Accounting Part 1 Chapter 2 Analyzing and Recording Transactions Module #2 - Chapter #2 Assignment 2C-2020 True / False The steps covered in the Accounting Cycle in this module were adjustments, prepare adjusted trial balance and prepare financial statements The account is a detailed record of the increases and decreases in a specific asset, liability or equity item. A ledger is a group of all the accounts used by a business and...
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 23) On December 14, 2015, Kinsmen Company received 57,700 for consulting 23) services that will be performed in January 2016. Prepare a general journal entry to record the receipt. TRUE FALSE. Write T if the statement is true and F if the statement is false. 24) A work sheet is prepared before entering the adjustments in the accounts. 25) Closing entries are normally entered...
Instructions: Choose the best answer (True or False) for record a "T" for True or a "F" for False corresponding letters on the line to the lef "A" for True or a "B" for False on the SCANTRON sheet for rows 16 thru 50 21. In incremental analysis, total variable costs will always change under alternative courses of action, and total fixed costs will always remain constant. Decision-making involves choosing among altemative courses of action. 22. 23. A special one-time...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Quick accounting questions!
Please answer all thank you! I will rate highly.
All accounting systems currently in use are computerized Select one True False The amounts in the Adjustments Columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns Select one True False If the Balance Sheet columns do not balance, the error is most likely to exist in the Select one or more a Last six columns...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
Part A. True/False Determine whether each statement below is True (T) or False (F). Your answers should be recorded on the Scan-Tron answer sheet. Using a No. 2 pencil: • Darken Box A for a True statement • Darken Box B for a False statement 1. Paula and her husband are getting a divorce. In connection with splitting up their assets, Paula transfers stock to her spouse when the fair market value of the stock is $95.000. Paula's tax cost...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
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