ACCOUNTING MULTIPLE CHOICE QUESTIONS. ANSWER ALL IF POSSIBLEAn account balance is:A. The total of the credit side of the accountB. The total of the debit side of the accountC. The difference between the total debits and total credits for an accountincluding the beginning balanceD. Always a creditShow Transcribed TextOBusinesses can take any of the following forms of business ownership except:A. Sole proprietorshipC. Joint OfferingB. PartnershipD. CorporationFOB shipping point means that theA. goods are placed free on board to the buyer's place of business.B. buyer pays the freight.Show Transcribed Text3C. seller pays the freight.D. common carrier pays the freight.CShow Transcribed TextIncome from operations isA. Net sales less Cost of goods sold.B. Net sales less Operating expenses.C. Gross profit less Other expenses and losses.D. Gross profit less Operating expenses.When completing a bank reconciliation, what action should you take regarding "OutstandingChecks".A. Add the item to the Bank's sideB. Subtract the item from the Bank's side.C. Add the item to the company Book's balanceD. Subtract the item from the company's Book balance.When completing a bank reconciliation, what action should you take regarding"Deposits-In-Transit".A. Add the item to the Bank's sideB. Subtract the item from the Bank's side.C. Add the item to the company Book's balanceD. Subtract the item from the company's Book balance.

Hi studentSince there are multiple questions, we will answer only first question.In accounting,…

Answered: ACCOUNTING MULTIPLE CHOICE QUESTIONS.…

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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Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts: __________ Accounts Receivable. __________Equipment.
T-Accounts (All Formulas/Equations) Would you please provide me with the formula/equation used to find the missing amount in a T-Account. Please look at the example below and provide me the answers in that same type of format so that it is easy to understand. Beginning Balance is missing Transaction on debit side is missing Transaction on credit side is missing FINDING BEGINNING BALANCE EXAMPLEBeginning balance = Ending balance + right side of T-Account - Left side of T-AccountBeginning balance = $9,800 + ($4,500 +$2,200 +$3,500) - ($2,500 +$4,000 +$3,400)Beginning balance = $9,800 + $10,200 - $9,900Begining balance = $10,100
Accounts receivable: Multiple Choice arise from the purchase of goods or services on credit. are amounts owed to a business by its customers. will be collected within the discount period or when due. are reported on the income statement.
TOPIC: Rules of Debit and Credit Instruction: Identify the normal balance of accounts. Choose the letter of the correct answer. Choices: A. Debit B. Credit Questions: 1. Machinery 2. Estimated Uncollectible Account 3. Inventories 4. Amora, Drawing 5. Vehicle 6. Office Supplies Expense 7. Allowance for Doubtful Accounts 8. Service Revenue 9. Communication Expense 10. Miscellaneous Expense 11. Bad Debts 12. Mortgage Payable 13. Notes Payable 14. Prepaid Insurance 15. Unused Supplies 16. Allowance for Bad Debts 17. VAT Payable 18. Accumulated Depreciation 19. Taxes and Licenses 20. Retained Earnings
Identify which types of accounts have a normal debit balance and which types of accounts have a normal credit balance.
Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
For every debit entry there must be a credit entry. O A. Principle of entity O B. Principle of double entry O C. Principle of historical cost OD. Principle of materiality Previous page
1. When would you choose to give a refund after creating a Credit Memo? 2. When would you choose to retain an available credit after creating a Credit Memo?
Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
For each of the unrelated situations described below, prepare the entries required to record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. On August 1, 2023, Sarasota Corporation called its 11% convertible bonds for conversion. The $4,000,000 par value bonds were converted into 160,000 no par common shares. On August 1, there was $351,000 of unamortized premium applicable to the bonds. At the time of issuance, Contributed Surplus-Conversion Rights was credited for $142,000, which represented the equity portion of the convertible bonds, and the market value of the common shares was $21 per share. The company records the conversion using the book value method. Ignore all interest payments. 2. Marigold Inc. issues 11% convertible bonds, par $1,000,000, at 97. The investment…
Select all that apply Which of the following statements are true? Credit entries produce increases in some account balances and decreases in other account balances. Increases in account balances are always recorded with debit entries. Decreases in account balances are always recorded with debit entries. Debit entries produce increases in some account balances and decreases in other account balances. Need help? Review these concept resources. Read About the Concept-
For each account, identify whether the normal balance is a debit or credit a.Notes Payable b.Dividends c.Service Revenue How do i figure this out?

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