Question

Please help, quick accounting questions.

If a netloss occurs, it appears in the income Statement credit column and Statement of Retained Earnings debt column Select one True False Which of the following accounts is least likely to be adjusted on the work sheet? Select one or more a. Unearned Delivery Fees b. Land c Supplies on Hand d. Prepaid Rent When the substance of a transaction differs from its legal form, the accountant should record the economic substance Select one True False Which of the following statements is true regarding the classified balance sheet? Select one or more a Stockholders' equity is subdivided into current and long term categories b. Current assets include cash, accounts receivable, and equipment c Current liabilities include accounts payable, salaries payable, and notes receivable d. Plant, property, and equipment is one category of long-term assets After the closing process is complete, no balance can exist in any revenue expense, Dividends, or Income Summary account. Select one O True O False Immaterial items do not have to be recorded at all. Select one: O True O False

Answer 1

1]	If a net loss occurs…........debit column.
	TRUE
2]	Which of the following….....................work sheet?
	Land
3]	When the substance…..................economic
	substance?
	TRUE
4]	Which of the following statements is true …......
	classified balance sheet?
	d] Plant, property and equipment is one category
	of long term assets.
5]	After the closing…....................income summary
	account.
	TRUE
6]	Immaterial items do not…...............................
	FALSE