Homework Answers
2. The answer is false as the entry once done can not be deleted once its posted in the system however a correcting entry can be passed to correct the impact of the transaction.
3. True, Preparing of financial statements and performing year-end close refers to close of the books as the business has to report the outcome of the business and report to the investors and stakeholders, and this is done by closing the books as on a particular date and reporting the outcome of the business for that year.
4. False, any person having the basic knowledge of accounting will be able to account the transactions without errors, however an audit of the same may be required but not a certified account. This again differs from business to business.
5. False, Temporary accounts do not have any balance at the end of one fiscal year as the balances are moved to another account at the closing of every financial year and they are also called as nominal accounts.
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Question 2: You can delete a list entry after all transactions for that list entry have...
Question 22: While your accountant is working with an “accountant's copy” of your file, you can...
Question 22: While your accountant is working with an “accountant's copy” of your file, you can still: Answer: O edit and delete accounts O reconcile accounts c. O add, edit, and delete transactions dated on or before the dividing date D. O None of these options Question 23: It's a good idea to set the dividing date about week(s) after the last day of whichever fiscal period you need. Answer: A. 01 B. 02 C. 03 104 Question 24: Match...
Solve QUESTION 8 A list of all account names used to record transactions of a company...
Solve
QUESTION 8 A list of all account names used to record transactions of a company is referred to as a T-account. O True O False QUESTION 9 Selling common stock for cash is recorded with a debit to common stock. True False QUESTION 10 A credit to an account balance always results in the balance decreasing. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Question 25: Match these QuickBooks Online terms with their descriptions. Expenses center Money bar Vendors list...
Question 25: Match these QuickBooks Online terms with their descriptions. Expenses center Money bar Vendors list New Vendor Displays vendor names, contact information, and opening balances Displays vendor information, including transactions with them Provides a quick snapshot of Accounts Payable Create by entering information in a purchase or expense form Question 26: What is a product or service linked to? Answer: A. At least one categorized asset account B. At least one uncategorized asset account C. At least one account...
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...
Question 10: When importing an accountant's changes into your company file, you are prompted to create...
Question 10: When importing an accountant's changes into your company file, you are prompted to create a portable copy of your file. Answer: А. True В. False Question 11: Where do you make adjusting entries? Answer: А. In the Make Adjustment window В. In the Make General Journal Entries window C. In the Account Register window D. In the Accounts Receivable window Question 12: The last four steps of the accounting cycle deal with: Answer: А. recording journal transactions В....
1 Cash is a temporary account and it should be zero after all closing entries have...
1 Cash is a temporary account and it should be zero after all closing entries have been posted. True False 2 The accounting cycle begins at the start of a new accounting period. True False 3 Crane Company has the following year-end account balances on November 30, 2017: Service Revenue $37,000; Insurance Expense $2,700; Rent Expense $8,000; Supplies Expense $1,350; L. Wilfrid, Capital $42,000; and L. Wilfrid, Drawings $28,000. Prepare the closing entries. (Credit account titles are automatically indented when...
Matching question 228 - obligations that a company expects to pay after one year... etc MESSAGE...
Matching question 228 - obligations that a company expects to pay
after one year... etc
MESSAGE HY İNSTRUCTOR FULL SCREEN PRINTER Matching Question 228 Match the following statements to the appropriate terms. Obligations that a company expects to pay after one year A part of owners' equity in a corporation. An optional tool which facilitates the preparation of financial statements. A temporary account used in the dosing process. Balance sheet accounts whose balances are carried forward to the next period....
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...
Can you help me from question 2 to question 10 please? TRANSACTIONS This should match the...
Can you help me from question 2 to question 10 please?
TRANSACTIONS This should match the last 5 digits of July $XX XXX of common shares in the new company are sold for cash. Purchased land and building, worth $120,000 and $240,000 respectively by borrowing all the funds from the bank on a long-term loan. Paid $10,800 for the premium on a one-year insurance policy effective today. Purchased $5,600 of office supplies for cash. Paid an employee $1,800 for two...
plz solve all the answer Question 5 Transactions are initially recorded in the Answer saved Marked...
plz solve all the answer
Question 5 Transactions are initially recorded in the Answer saved Marked out of LOO Select one: Tra question O general ledger O none of the above statement of financial position Otrial balance general journal Clear my choice Previous page Type here to search o Question 6 Answer saved Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25.678 while total credits are $30,034. Which of the following errors has Jane likely...
Question 22: While your accountant is working with an “accountant's copy” of your file, you can still: Answer: O edit and delete accounts O reconcile accounts c. O add, edit, and delete transactions dated on or before the dividing date D. O None of these options Question 23: It's a good idea to set the dividing date about week(s) after the last day of whichever fiscal period you need. Answer: A. 01 B. 02 C. 03 104 Question 24: Match...
Solve
QUESTION 8 A list of all account names used to record transactions of a company is referred to as a T-account. O True O False QUESTION 9 Selling common stock for cash is recorded with a debit to common stock. True False QUESTION 10 A credit to an account balance always results in the balance decreasing. True False Click Save and Submit to save and submit. Click Save All Answers to save all answers.
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...
Question 10: When importing an accountant's changes into your company file, you are prompted to create a portable copy of your file. Answer: А. True В. False Question 11: Where do you make adjusting entries? Answer: А. In the Make Adjustment window В. In the Make General Journal Entries window C. In the Account Register window D. In the Accounts Receivable window Question 12: The last four steps of the accounting cycle deal with: Answer: А. recording journal transactions В....
Matching question 228 - obligations that a company expects to pay
after one year... etc
MESSAGE HY İNSTRUCTOR FULL SCREEN PRINTER Matching Question 228 Match the following statements to the appropriate terms. Obligations that a company expects to pay after one year A part of owners' equity in a corporation. An optional tool which facilitates the preparation of financial statements. A temporary account used in the dosing process. Balance sheet accounts whose balances are carried forward to the next period....
Can you help me from question 2 to question 10 please?
TRANSACTIONS This should match the last 5 digits of July $XX XXX of common shares in the new company are sold for cash. Purchased land and building, worth $120,000 and $240,000 respectively by borrowing all the funds from the bank on a long-term loan. Paid $10,800 for the premium on a one-year insurance policy effective today. Purchased $5,600 of office supplies for cash. Paid an employee $1,800 for two...
plz solve all the answer
Question 5 Transactions are initially recorded in the Answer saved Marked out of LOO Select one: Tra question O general ledger O none of the above statement of financial position Otrial balance general journal Clear my choice Previous page Type here to search o Question 6 Answer saved Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25.678 while total credits are $30,034. Which of the following errors has Jane likely...
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