Statement 1: All equity accounts have normal credit balances. Statement 2: The Statement of Changes in Owner's Equity is dated "as of the year ended" O Only Statement 1 is correct. O Only Statement 2 is correct. Both statements are correct. O Both statements are incorrect.
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- Which of the following statements is false? Select one: a. The separation of current debt from long-term debt is done on the date of the balance sheet b. Each year, the amount of long-term debt would increase, as a portion is classified as current debt. c. Current assets include cash, accounts receivable and prepaid insurance. d. Long-term assets include vehicles, computers and furniture.Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Owner, CapitalWhich of the follwing in correct? a. Balance sheet accounts are considered temporary accounts and these accounts have balances that are carried forward from year to year. b. Balance sheet accounts are considered permanent accounts and these accounts have balances that are carried forward from year to year. c. Balance sheet accounts are considered permanent accounts and these accounts have balances that are closed each year. d. Profit and Loss accounts are considered permanent accounts and these accounts have balances that are closed each year.
- If the adjusting entry to accrue interest on a note receivable is omitted, thena. liabilities are understated, net income is overstated, and stockholders’ equity isoverstated.b. assets, net income, and stockholders’ equity are understated.c. assets, net income, and stockholders’ equity are overstated.d. assets are overstated, net income is understated, and stockholders’ equity is understated6.The assignor's equity in assigned accounts that is required to be disclosed in the notes to the financial statements is equal to the a. Accounts receivable assigned balance b. Bank loan balance c. Excess of the accounts receivable assigned balance over the bank loan balance d. Excess of the bank loan balance over the accounts receivable assigned balance.What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
- Accounting 1010 Chapter2. provide the names of two (a) assets account. B liability accounts, C equity accounts. 2.what is the difference between a note payable and an account payable? Are debits or credits typically listed first in journal entries? Are the debits or the credit intended? should a transaction be recorded first in a journal or the ledger? If an incorrect amount is journalized and posted to the accounts, how the errors should be corrected? Identify the four financial statements of a business. What information is reported in a balance sheet? What information is reported in the income statement? Define, Asset, Liability, equity and net asset.True or false? Permanent accounts start each accounting period with a zero balance.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.
- Indicate whether a debit or credit decreases the normal balance of each of the following accounts. Accounts ReceivableUsing the following key, identify the effects of the following transactions or conditions on the various financial statement elements: I = increases; D = decreases; NE = no effect. A.credit sale b. Collection of a portion of accounts receivable c. Estimate of bad debts d. Write-off of a specific uncollectible accountSuppose that at the end of the year there is an outstanding note receivable. The adjusting entry to recognize the interest to be paid has what effect on the accounting equation?