Instruction: Choose the letter af the correct answer and encirde it.1. All of the following are assets excepta. unearned revenueb. cashC. equipmentd. inventory2. Entries recorded in the right side of any account are called.a. increases b. creditsc. decreasesd. debits3. Credits are used to recorda. decreases in liabilitiesb. decreases in owner's equityd, increases in incomec. increases in expenses4, The withdrawal account of a sole proprietorship is debited whena. the owner invest cashb, the owner withdraws cashc an expense is paidd. a liability is paid5. Payment of insurance premiums in advance gives rise toa, unearned incomeb. prepaid expenseC. accrued incomed, accrued expense6. Credit to cash results toa. an increase in owner's equityb, a decrease in assetsc. an increase in liabilitiesd. an increase in income7. Debits to expense accounts signifya. increases in capitalb. increases in assetsc. decreases in capitald. increases in liabilities8. A chart of accounts is a (an)a. Flowchart of all transactionsb. list of names of all accounts titlesc. accounting procedure manuald. journal9. Balance sheet accounts area. temporary accountsb, accounts with debit balances onlyc. adjusting accountsd. permanent accounts10. Posting is the process of transferring information from thea. journal to the trial balanceb. ledger to the financial statementsc ledger to the trial balanced. journal to the ledger11. Transactions are recorded chronalogically in thea, journalb. Taccountc. daybookd. ledger12. The first step in the accounting cycle is toa. record transaction in a jaurnalb. analyze transactions from source of documentsc. past journal entries to general ledger accounts13. The components of the balance sheet equation ared, adjust the general ledger accountsa. assets, income and owner's equityb. income, expenses and profitc. assets, liabilities and owner's equityd. investments, withdrawals and profit14. Which users need financial information to enable them to determine wither their ioans and therelated interest will be paid when due.a. Customerb. investorc. lendersd. suppliers

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Answered: 1. All of the following are assets…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In the blank space beside each account, enter the code for the financial statement column (IS or BS) where a normal account balance is extended. Use IS for the Income Statement column or BS for the Balance Sheet and Statement of Owner’s Equity column. a. Equipment b. Owner, Withdrawals c. Prepaid Rent d. Depreciation Expense e. Accounts Receivable f. Insurance Expense g. Supplies h. Rent Expense i. Cash
For each of the following accounts, indicate whether we use a debit or a credit to decrease the balance of the account. a. Cash. b. Salaries Payable. c. Utilities Expense. d. Service Revenue.
Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful accounts C. internet expense d. sales
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…
A credit entry to an account willa. increase assets.b. increase liabilities.c. increase expenses.d. decrease revenues.
II. Identification: Identify the following. Write the correct answers on the blanks provided. _is a sum of money received or paid for the use of someone else's money. is the interest earned at the end of the allotted time between the lender and the borrower. 1. 2. 3. _is the interest earned on previously earned interest added to the principal. 4. is used instead of principal. 5. _indicates ownership. 6. is the highest or lowest amount someone is willing to pay for the stocks. 7. _are a portion of the ownership of a company or cooperation. 8. _is the monetary portion of the cooperation's earnings. 9. is a model for determining the price of a stock, based on a future series of dividends that grow at a constant rate. 10. are long-term debt instruments that promise a fixed income in the form of interest.
43. The purchase of supplies on credit to be use on the main office of the entity, will cause a corresponding what effect on corresponding accounts? a. Increase in assets and decrease in liabilities b. Both increase in assets and liabilities c. Increase in liabilities and decrease in assets d. Both decrease in assets and liabilities
For each of the following independent transactions, indicate whether there was an Increase, a Decrease, or No Impact for each financial statement element. Transaction Assets Liabilities Owners' Equity Received cash from customer on account Borrowed cash from bank Received and recorded utility bill Paid dividends to owners Performed services and billed customer PLEASE NOTE: You are to use the following words - "Increase", "Decrease", or "No Impact" - when you fill in the blanks (Capitalize and omit the quotation marks).
Which of the following accounts will be closed to Income Summary? Prepaid Expenses. Unearned Revenue. Dividends. Depreciation Expense.
A business provider services to a customer on credit.Which of the following is correct: A.Assets increase and liabilities decrease at the time the cash is collected B.Assets increase and liabilities increase at the time of the sale C.Assets increase and the owner's equity increases at the time the cash is collected D.Assets increase and the owner's equity increases at the time of the sale
Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Decrease Normal Balance a. Prepaid Rent b. Cash c. Office Supplies d. Notes Receivable e. Accounts Receivable f. Interest Payable
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