Which of the following is not part of the double-entry accounting system?a) Every transaction affects at least two accountsb) Debits must equal creditsc) Only one account is affected per transactiond) The accounting equation must remain balanced

Which of the following is not part of the double-entry accounting system?a) Every transaction affects at least two accountsb) Debits must equal creditsc) Only one account is affected per transactiond) The accounting equation must remain balanced

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter8: Recording Closing Entries And Preparing A Post-closing Trial Balance For A Service Business

Section8.2: Preparing A Post-closing Trial Balance

Problem 1AYU

See similar textbooks

Related questions

Q: I need guidance on solving this financial accounting problem with appropriate financial standards.

A: Step 1: Detailed Explanation of Sales MarginThe Sales Margin (also known as Profit Margin) is a…

Q: Can you explain this general accounting question using accurate calculation methods?

A: Step 1: Definition of ROI and ROE Return on Investment (ROI)ROI is a profitability ratio that…

Q: General accounting

A: Step 1: Detailed explanation of Degree of Operating Leverage (DOL)The degree of operating leverage…

Q: Hello tutor please given General accounting question answer do fast and properly explain all answer

A: Step 1: Detailed Explanation of Present Value of AnnuityThe Present Value of Annuity (PVA) formula…

Q: I need help with this solution and general accounting question

A: Step 1: Detailed Explanation of Predetermined Overhead RateThe predetermined overhead rate is a rate…

Q: Please provide the correct answer to this general accounting problem using accurate calculations.

A: Step 1: Definition of Equivalent Units for Direct MaterialsEquivalent units for direct materials…

Q: Can you solve this financial accounting question with the appropriate financial analysis techniques?

A: Step 1: Detailed Explanation of Cash CollectionsCash collections refer to the actual cash inflows a…

Q: Please provide problem with accounting question

A: Step 1: Detailed explanation of Variable CostingVariable costing, also known as direct costing, only…

Q: I need guidance with this general accounting problem using the right accounting principles.

A: Step 1: Detailed Explanation of Sales Allowance and Cash ReceivedA sales allowance occurs when a…

Q: Vanguard Corporation has stockholders' equity of $480,000 and total liabilities of $320,000. What is…

A: Explanation of Assets:Assets are resources owned or controlled by a company that have economic value…

Q: Can you demonstrate the accurate steps for solving this financial accounting problem with valid…

A: Step 1: Detailed Explanation of High-Low Method The high-low method is a cost estimation technique…

Q: Can you help me solve this general accounting problem using the correct accounting process?

A: Step 1: Definition of the Direct Method (Cost Allocation)The direct method of cost allocation…

Q: Tanaka sells a product for $60 per unit and has a contribution margin ratio of 40%. Fixed expenses…

A: Step 1: DefinitionsConcept of Contribution Margin Ratio:The contribution margin ratio is a…

Q: What is the. Effect on net income?

A: Step 1:Overview of the Question Allstate Enterprises has a discontinued operation gain of $60,000,…

Q: I need help with this general accounting question using the proper accounting approach.

A: Step 1: Detailed Explanation of Net IncomeNet income is a measure of a company's profitability after…

Q: Please explain this financial accounting problem by applying valid financial principles.

A: Step 1: Detailed Explanation of Accounts Payable Turnover RatioThe Accounts Payable Turnover Ratio…

Q: Could you explain the steps for solving this financial accounting question accurately?

A: Step 1: Detailed Explanation of Percentage Rate of ReturnThe percentage rate of return (RoR) on a…

Q: What is the per unit manufacturing cost under variable costing?

A: Explanation of Variable Costing:Variable costing is a method of costing in which only the variable…

Q: Please provide the answer to this general accounting question with proper steps.

A: Step 1: Definition of Internal Growth Rate (IGR)The Internal Growth Rate (IGR) is the maximum rate…

Q: Equipment with a cost of $2,340,000 has an estimated salvage value of $73,000 and an estimated life…

A: Step 1: DefinitionsClarification of Units-of-Activity Depreciation:The units-of-activity method…

Q: I am looking for the most effective method for solving this financial accounting problem.

A: Step 1: Detailed Explanation of Depreciable BaseThe depreciable base refers to the total amount of…

Q: Please provide the solution to this general accounting question with accurate financial…

A: Step 1: Definition of Projected Benefit Obligation (PBO)The Projected Benefit Obligation (PBO) is…

Q: I am looking for help with this general accounting question using proper accounting standards.

A: Step 1: Definition of Direct Labor Rate VarianceDirect labor rate variance is a cost accounting…

Q: I am trying to find the accurate solution to this financial accounting problem with the correct…

A: Step 1: Detailed Explanation of Degree of Operating Leverage (DOL) Degree of Operating Leverage…

Q: I need assistance with this general accounting question using appropriate principles.

A: Step 1: Detailed Explanation of Cash Collected from CustomersThe amount of cash collected from…

Q: Can you solve this general accounting question with the appropriate accounting analysis techniques?

A: Step 1: Detailed Explanation of Cost of Raw Materials UsedThe Cost of Raw Materials Used refers to…

Q: Can you explain the correct methodology to solve this financial accounting problem?

A: Step 1: Detailed Explanation of Total Assets CalculationTotal assets are calculated by adding up all…

Q: Young Technology has an accounts receivable turnover for the year of 6.4. Net sales for the period…

A: Step 1: DefinitionsInterpretation of Accounts Receivable Turnover:Accounts Receivable Turnover…

Q: None

A: Step 1: Detailed explanation of Net Income CalculationNet income is the amount of profit a company…

Q: I need help solving this financial accounting question with the proper methodology.

A: Step 1: Detailed Explanation of Accounts Receivable Turnover RatioThe Accounts Receivable Turnover…

Q: Please provide the solution to this financial accounting question with accurate financial…

A: Step 1: Step 1: Detailed Explanation of Net Operating IncomeNet operating income (NOI) represents…

Q: Can you demonstrate the proper approach for solving this financial accounting question with valid…

A: Step 1: Detailed Explanation of Net Income CalculationNet income is the total profit of a company…

Q: Could you help me solve this financial accounting question using appropriate calculation techniques?

A: Concept of Net Income:Net income, also known as the bottom line or net profit, is the amount of…

Q: What was the amount of net income for the year?

A: Explanation of Net Income:Net income is the amount a business earns after subtracting all expenses…

Q: How many times per year does the company turn over its account receivable?

A: Explanation of Accounts Receivable Turnover:Accounts Receivable Turnover is a financial ratio that…

Q: Can you explain the correct methodology to solve this general accounting problem?

A: Step 1: Detailed Explanation of Labor Efficiency VarianceThe Labor Efficiency Variance measures the…

Q: Kindly help me with this General accounting questions not use chart gpt please fast given solution

A: Step 1: Detailed Explanation of Contribution MarginThe Contribution Margin is a financial metric…

Q: Give me Answer

A: Concept of Direct Labor Time Variance:Direct labor time variance (also called labor efficiency…

Q: Calculate the amount of gross profit.

A: Meaning of Perpetual Inventory System:A perpetual inventory system is a method of tracking inventory…

Q: I need help solving this general accounting question with the proper methodology.

A: Step 1: Detailed Explanation of Key ConceptsReturn on Equity (ROE) is a key financial ratio that…

Q: Please help me solve this financial accounting problem with the correct financial process.

A: Step 1: Detailed Explanation of Absorption Costing Gross MarginIn absorption costing, all…

Q: Calculate total assets: Total Liabilities $400,000, Owner's Equity $600,000.hel

A: Total Assets - Detailed ExplanationTo find the total assets of a company, we use the accounting…

Q: Could you help me solve this financial accounting question using appropriate calculation technical.

A: Provided Data:Cash received from issuing common stock = $60,000Dividends paid = $18,000Revenues…

Q: I am trying to find the accurate solution to this financial accounting problem with the correct…

A: Meaning of Return on Equity (ROE):Return on Equity is a profitability measure that evaluates how…

Q: Can you solve this general accounting question with the appropriate accounting analysis techniques?

A: Step 1: Definition of Maturity ValueMaturity value is the total amount due at the end of a loan or…

Q: In the first month of operations, the total of the debit entries to the cash account for Sunway…

A: Explanation of Cash Account: The cash account is a fundamental component of the accounting system…

Q: Accounting

A: To calculate the Price-Earnings (P/E) Ratio, we follow these steps:Step 1: Calculate Net IncomeNet…

Q: I need help with this financial accounting question using the proper financial approach.

A: Concept of Fair Value:Fair value is the price that would be received to sell an asset or paid to…

Q: I need assistance with this financial accounting question using appropriate principles.

A: Step 1: Detailed Explanation of the Formula for Determining the Term of the NoteThe term of the note…

Q: Job C- 275

A: Provided Data:Predetermined Overhead Rate = $30.00 per direct labor-hourDirect Labor Wage Rate =…

Question

Which of the following is not part of the double-entry accounting system?
a) Every transaction affects at least two accounts
b) Debits must equal credits
c) Only one account is affected per transaction
d) The accounting equation must remain balanced

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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
Which of the following is true regarding normal balances of accounts? Oa. All accounts have a normal debit balance. Ob. The normal balance is on the increase side of the account. Oc. The normal balance of all accounts will have either a positive or negative balance. Od. Accounts that have a normal debit balance will only have debit entries, never credit entries.
Which of the following is true regarding normal balances of accounts? A. All accounts have a normal debit balance. B. Accounts that have a normal debit balance will only have debit entries, never credit entries. C. The normal balance is on the increase side of the account.
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
The duality of effects can best be described as follows:a. When a transaction is recorded in the accounting system, at least two effects on the basic accounting equation will result.b. When an exchange takes place between two parties,both parties must record the transaction.c. When a transaction is recorded, both the balance sheetand the income statement must be impacted.d. When a transaction is recorded, one account willalways increase and one account will always decrease.
Which one of the following is not an accounting problem (issue) associated with accounts receivable? Group of answer choices Recognizing accounts receivable Depreciating accounts receivable Reporting accounts receivable Relieving accounts receivable
The matching principle in accounting requires the matching of debits and credits.
Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales Revenue
The preferred method of accounting for uncollectible accounts is ? A) net realizable method. B) actual method. C) allowance method. D) direct write-off method.
Using 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 account
Can I ask normal balance part for accounts payable, which one I should choose? credit or debit? why
Which of the following is true? a. When individual customers’ accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers’ accounts on the statement of financial position. b. Sales revenue is increased by a recovery of an account previously written off. c. It is appropriate to measure the impairment of receivables based on recognized sales and other revenues. d. A noninterest-bearing promissory note is measured on the statement of financial position at face value less the amount of unamortized discount.