If the number of an account is 211, this probably means that the account is the...
If the number of an account is 211, this probably means that the account is the first account in the
Select one:
a. Owner's Equity section.
b. Assets section.
c. Revenues section.
d. Liabilities section.
e. Expenses section.
Homework Answers
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Option D is the answer Liabilities section |
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If the no of acc is 211,it probably means that the acc is the first account in the liabilities section of balance sheet. Comment if you face any issues |
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If the number of an account is 211, this probably means that the
account is the...
Which of the following accounts is an owner's equity account? Cash Accounts Payable Prepaid Insurance Ross...
Which of the following accounts is an owner's equity account? Cash Accounts Payable Prepaid Insurance Ross Morris, Capital 2. The gross increases in owner's equity attributable to business activities are called a. assets b. liabilities c. revenues d. expenses 3. The debit side of an account a. depends on whether the account is an asset, liability, or owner's equity b. can be either side of the account depending on how the accountant set up the system c. is the right...
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...
In a basic chart of accounts, each account number has two digits. The first digit indicates...
In a basic chart of accounts, each account number has two digits. The first digit indicates the major account group to which the account belongs. Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5? Oa. 1-Assets, 2-Liabilities, 3-Stockholders' Equity, 4-Revenues, 5-Expenses Ob. 1-Assets, 2-Stockholders' Equity, 3-Revenues, 4-Expenses, 5-Dividends Oc. 1-Assets, 2-Liabilities, 3-Stockholders' Equity, 4-Expenses, 5-Revenues Od. 1-Stockholders' Equity, 2-Dividends, 3-Revenues, 4-Expenses, 5-Common Stock
1. An account is made up of which three characteristics? a. A title, the left side...
1. An account is made up of which three characteristics? a. A title, the left side (debit side), and the right side (credit side). b. The T account, the left side (debit side), and the right side (credit side). c. A title, the T account and the right side (credit side). d. A title, the left side (debit side) and the T account. 23514 2. There are 5 major types of accounts. They are: a. Assets, Liabilities, Drawing, Revenue, and...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." c. Cash...
Q1-5 Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
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...
In a basic chart of accounts, each account number has two digits. The first digit indicates the major account group to which the account belongs. Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5? Oa. 1-Assets, 2-Liabilities, 3-Stockholders' Equity, 4-Revenues, 5-Expenses Ob. 1-Assets, 2-Stockholders' Equity, 3-Revenues, 4-Expenses, 5-Dividends Oc. 1-Assets, 2-Liabilities, 3-Stockholders' Equity, 4-Expenses, 5-Revenues Od. 1-Stockholders' Equity, 2-Dividends, 3-Revenues, 4-Expenses, 5-Common Stock
1. An account is made up of which three characteristics? a. A title, the left side (debit side), and the right side (credit side). b. The T account, the left side (debit side), and the right side (credit side). c. A title, the T account and the right side (credit side). d. A title, the left side (debit side) and the T account. 23514 2. There are 5 major types of accounts. They are: a. Assets, Liabilities, Drawing, Revenue, and...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." e. Cash...
39. Cash was paid by Janer's Cleaning Service to creditors on account. Which of the following entries for Janer's Cleaning Service records this transaction? a. Cash, debit; Debbi Janer, Capital, credit b. Accounts Payable, debit; Cash, credit c. Accounts Receivable, debit; Cash, credit d. Accounts Payable, debit; Accounts Receivable, credit 40. Which of the following statements is not true about liabilities? a. Liabilities are debts owed to outsiders. b. Account titles of liabilities often include the term "payable." c. Cash...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
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