1. If equity equals $100,000, which of the following is true? a. Assets exceed liabilities by...

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1. If equity equals $100,000, which of the following is true? a. Assets exceed liabilities by...

1. If equity equals $100,000, which of the following is true?

a. Assets exceed liabilities by $100,000.

b. Liabilities exceed equity by $100,000.

c. Assets + liabilities equal $100,000.

d. None of the above is true.

2. Which of the following pairs of accounts are impacted the same with debits and credits?

a. Electricity Expense and Office Supplies

b. Cash and Unearned Service Revenue

c. Accounts Receivable and Accounts Payable

d. Buildings and Common Stock

3. ________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger).

a. Posting

b. Hitching

c. Vetting

d. Laxing

4. Which of the following accounting records is the main source of information used to prepare the financial statements?

a. trial balance

b. journal entries

c. T-accounts

d. chart of accounts

5. Which of these accounts is an asset?

a. Supplies

b. Common Stock

c. Accounts Payable

d. Fees Earned

business accounting

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Answer 1

Answer #1

1.
Answer is a. Assets exceed liabilities by $100,000.
Assets = Liabilities + Equity

2.
Answer is b. Cash and Unearned Service Revenue
Cash received in advance

3.
Answer is a. Posting
Transactions from journal are posted to general ledger in separate accounts

4.
Answer is a. Trial Balance
From ledger, trial balance is prepared and then from it financial statements are prepared.

5.
Answer is a. Supplies
Supplies is an asset for company, till it is consumed in business

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Answer 2

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