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Which of the following does not describe accounting? Language of business Useful for decision making Is an end rather than a mean to an end? Financial accounting and accounting systems   Should the $500 entry to the Cash account be a debit? Yes No Should the $500 entry to Mary Smith, Capital be a debit? Yes No In Septemberwhen the company receives the $2,000 from the customer, which account should the company credit? Cash Accounts Receivable Service Revenue External reporting is the result of? Financial accounting Management accounting Cost accounting Social accounting

Which of the following does not describe accounting? Language of business Useful for decision making Is an end rather than a mean to an end? Financial accounting and accounting systems   Should the $500 entry to the Cash account be a debit? Yes No Should the $500 entry to Mary Smith, Capital be a debit? Yes No In Septemberwhen the company receives the $2,000 from the customer, which account should the company credit? Cash Accounts Receivable Service Revenue External reporting is the result of? Financial accounting Management accounting Cost accounting Social accounting

FINANCIAL ACCOUNTING
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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Which of the following does not describe accounting?

    1. Language of business
    2. Useful for decision making
    3. Is an end rather than a mean to an end?
    4. Financial accounting and accounting systems

 

  1. Should the $500 entry to the Cash account be a debit?
    1. Yes
    2. No
  2. Should the $500 entry to Mary Smith, Capital be a debit?
    1. Yes
    2. No
  3. In Septemberwhen the company receives the $2,000 from the customer, which account should the company credit?
    1. Cash
    2. Accounts Receivable
    3. Service Revenue
  4. External reporting is the result of?
    1. Financial accounting
    2. Management accounting
    3. Cost accounting
    4. Social accounting
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