Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
That a business may only report activities on financial statements that are specifically related to...Problem 2MC:
That companies can present useful information in shorter time periods such as years, quarters, or...Problem 3MC:
The system of using a monetary unit, such as the US dollar, to value the transaction is known as...Problem 4MC:
Which of the following terms is used when assuming a business will continue to operate in the...Problem 5MC:
The independent, nonprofit organization that sets financial accounting and reporting standards for...Problem 6MC:
The standards, procedures, and principles companies must follow when preparing their financial...Problem 7MC:
These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial...Problem 8MC:
This is the independent federal agency protecting the interests of investors, regulating stock...Problem 9MC:
Which of the following is the principle that a company must recognize revenue in the period in which...Problem 10MC:
Which of the following is the principle that a business must report any business activities that...Problem 11MC:
Also known as the historical cost principle, ________ states that everything the company owns or...Problem 12MC:
Which of the following principles matches expenses with associated revenues in the period in which...Problem 13MC:
Which of the following does not accurately represent the accounting equation? A. B. C. D.Problem 14MC:
Which of these statements is false? A. B. C. D.Problem 15MC:
Which of these accounts is an asset? A. Common Stock B. Supplies C. Accounts Payable D. Fees EarnedProblem 16MC:
Which of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D....Problem 17MC:
If equity equals $100,000, which of the following is true? A. Assets exceed liabilities by $100,000....Problem 18MC:
Which process of the accounting cycle often requires the most analytical thought? A. making a...Problem 19MC:
The step-by-step process to record business activities and events to keep financial records up to...Problem 20MC:
One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to...Problem 21MC:
________ takes all transactions from the journal during a period and moves the information to a...Problem 22MC:
Which of these events will not be recognized? A. A service is performed, but the payment is not...Problem 23MC:
A company purchased a building twenty years ago for $150,000. The building currently has an...Problem 24MC:
What is the impact on the accounting equation when a current months utility expense is paid? A. both...Problem 25MC:
What is the impact on the accounting equation when a payment of account payable is made? A. both...Problem 26MC:
What is the impact on the accounting equation when an accounts receivable is collected? A. both...Problem 27MC:
What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both...Problem 28MC:
What is the impact on the accounting equation when stock is issued, in exchange for assets? A. both...Problem 29MC:
Which of the following accounts is increased by a debit? A. Common Stock B. Accounts Payable C....Problem 30MC:
Which of the following accounts does not increase with a debit entry? A. Retained Earnings B....Problem 31MC:
Which of the following pairs increase with credit entries? A. supplies and retained earnings B. rent...Problem 32MC:
Which of the following pairs of accounts are impacted the same with debits and credits? A. Cash and...Problem 33MC:
Which of the following accounts will normally have a debit balance? A. Common Stock B. Fees Earned...Problem 34MC:
What type of account is prepaid insurance? A. Stockholders Equity B. Expense C. Liability D. AssetProblem 35MC:
Unearned service revenue occurs when which of the following occurs? A. company receives cash from a...Problem 36MC:
Which set of accounts has the same type of normal balance? A. Cash, accounts payable B. Prepaid...Problem 37MC:
Which of these transactions requires a debit entry to Cash? A. paid balance due to suppliers B. sold...Problem 38MC:
Which of these transactions requires a credit entry to Revenue? A. received cash from services...Problem 39MC:
Which of these accounts commonly requires both debit and credit entries? A. Sales Revenue B....Problem 40MC:
Which of the following accounting records is the main source of information used to prepare the...Problem 41MC:
Which of the following financial statements should be prepared first? A. Balance Sheet B. Income...Problem 4Q:
Does every transaction affect both sides of the accounting equation? Explain your answer.Problem 5Q:
Which is the book of original entry?Problem 6Q:
What is the effect on the accounting equation when a business purchases supplies on account?Problem 7Q:
What is the effect on the accounting equation when a business pays the balance due on accounts...Problem 8Q:
Is it still necessary to record a transaction if it has no net effect on the accounting equation?...Problem 9Q:
Why does the combined total of the companys liabilities and equity always equal the total of the...Problem 10Q:
What do the terms debit and credit mean?Problem 11Q:
Will an accounts receivable balance increase with a debit or a credit entry? How do you know?Problem 12Q:
What types of accounts will increase with a credit?Problem 13Q:
What is a journal?Problem 15Q:
What does the term recognize mean?Problem 17Q:
What is the general ledger?Problem 18Q:
Explain the steps in posting.Problem 19Q:
What is a T-account? When would we use T-accounts?Problem 20Q:
Explain normal balances. Give three examples of accounts that will normally have a debit balance and...Problem 24Q:
Can a credit entry be described as a generally positive or negative transaction? Explain.Problem 25Q:
What types of accounts are increased with a debit?Problem 26Q:
What types of accounts are increased with a credit?Problem 27Q:
What does an accounts normal balance indicate?Problem 29Q:
Answer the following questions about the trial balance: What is the purpose of it? What is the...Problem 1EA:
Match the correct term with its definition. A. cost principle i. if uncertainty in a potential...Problem 2EA:
Consider the following accounts, and determine if the account is an asset (A), a liability (L), or...Problem 3EA:
Provide the missing amounts of the accounting equation for each of the following companies.Problem 4EA:
Identify the financial statement on which each of the following accounts would appear: the income...Problem 5EA:
Cromwell Company has the following trial balance account balances, given in no certain order, as of...Problem 6EA:
From the following list, identify which items are considered original sources: A. prepaid insurance...Problem 7EA:
Indicate what impact the following transactions would have on the accounting equation, . Table 3.4Problem 8EA:
For the following accounts please indicate whether the normal balance is a debit or a credit. A....Problem 9EA:
Indicate what impact the following transactions would have on the accounting equation, . Table 3.5Problem 10EA:
Identify the normal balance for each of the following accounts. Choose Dr for Debit; Cr for Credit....Problem 11EA:
Identify whether each of the following transactions would be recorded with a debit (Dr) or credit...Problem 12EA:
Identify whether each of the following transactions would be recorded with a debit (Dr) or credit...Problem 13EA:
Identify whether ongoing transactions posted to the following accounts would normally have only...Problem 14EA:
Determine whether the balance in each of the following accounts increases with a debit or a credit....Problem 15EA:
Journalize for Harper and Co. each of the following transactions or state no entry required and...Problem 16EA:
Discuss how each of the following transactions for Watson, International, will affect assets,...Problem 17EA:
For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid...Problem 18EA:
Indicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue...Problem 19EA:
A business has the following transactions: The business is started by receiving cash from an...Problem 20EA:
Prepare journal entries to record the following transactions. A. January 22, purchased, an asset,...Problem 21EA:
Prepare journal entries to record the following transactions. A. July 1, issued common stock for...Problem 22EA:
Prepare journal entries to record the following transactions. A. March 1, purchased land for cash,...Problem 23EA:
Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating...Problem 24EA:
Post the following November transactions to T-accounts for Accounts Payable and Inventory,...Problem 25EA:
Prepare an unadjusted trial balance, in correct format, from the alphabetized account information as...Problem 1EB:
Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by...Problem 2EB:
Consider the following accounts and determine if the account is an asset (A), a liability (L), or...Problem 3EB:
Provide the missing amounts of the accounting equation for each of the following companies.Problem 4EB:
From the following list, identify which items are considered original sources: A. accounts...Problem 5EB:
Indicate what impact the following transactions would have on the accounting equation, . Table 3.10Problem 6EB:
For the following accounts indicate whether the normal balance is a debit or a credit. A. Unearned...Problem 8EB:
Identify the normal balance for each of the following accounts. Choose Dr for Debit; Cr for Credit....Problem 9EB:
Identify whether each of the following transactions would be recorded with a debit (Dr) or credit...Problem 10EB:
Identify whether each of the following transactions would be recorded with a debit (Dr) or credit...Problem 11EB:
Identify whether ongoing transactions posted to the following accounts would normally have only...Problem 12EB:
West End Inc., an auto mechanic shop, has the following account balances, given in no certain order,...Problem 13EB:
State whether the balance in each of the following accounts increases with a debit or a credit. A....Problem 14EB:
Journalize each of the following transactions or state no entry required and explain why. Be sure to...Problem 15EB:
Discuss how each of the following transactions will affect assets, liabilities, and stockholders...Problem 16EB:
For each of the following items, indicate whether a debit or a credit applies. A. increase in...Problem 17EB:
Indicate whether each of the following accounts has a normal debit or credit balance. A. prepaid...Problem 18EB:
Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...Problem 19EB:
A business has the following transactions: A. The business is started by receiving cash from an...Problem 20EB:
Prepare journal entries to record the following transactions. A. November 19, purchased merchandise...Problem 21EB:
Prepare journal entries to record the following transactions: A. December 1, collected balance due...Problem 22EB:
Prepare journal entries to record the following transactions: A. October 9, issued common stock in...Problem 23EB:
Post the following August transactions to T-accounts for Accounts Payable and Supplies, indicating...Problem 24EB:
Post the following July transactions to T-accounts for Accounts Receivable and Cash, indicating the...Problem 25EB:
Prepare an unadjusted trial balance, in correct format, from the alphabetized account information as...Problem 1PA:
For each of the following situations write the principle, assumption, or concept that justifies or...Problem 3PA:
Assuming the following account balance changes for the period, what is the missing value?Problem 4PA:
Assuming the following account balance changes for the period, what is the missing value?Problem 5PA:
Identify the financial statement on which each of the following account categories would appear: the...Problem 6PA:
Indicate what impact ( for increase; for decrease) the following transactions would have on the...Problem 7PA:
Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for...Problem 8PA:
Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for...Problem 9PA:
Indicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following...Problem 10PA:
Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr)...Problem 11PA:
The following information is provided for the first month of operations for Legal Services Inc.: A....Problem 12PA:
Sewn for You had the following transactions in its first week of business. A. Jessica Johansen...Problem 13PA:
George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the...Problem 14PA:
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...Problem 15PA:
Prepare journal entries to record the following transactions. Create a T-account for Accounts...Problem 16PA:
Prepare journal entries to record the following transactions for the month of July: A. on first day...Problem 17PA:
Prepare journal entries to record the following transactions for the month of November: A. on first...Problem 18PA:
Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash,...Problem 19PA:
Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...Problem 20PA:
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account...Problem 21PA:
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account...Problem 2PB:
Assuming the following account balance changes for the period, what is the missing value?Problem 3PB:
Assuming the following account balance changes for the period, what is the missing value?Problem 4PB:
Identify the financial statement on which each of the following account categories would appear: the...Problem 5PB:
Indicate what impact ( for increase; for decrease) the following transactions would have on the...Problem 6PB:
Indicate how changes in these types of accounts would be recorded (Dr for debit; Cr for credit)....Problem 7PB:
Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for...Problem 8PB:
Indicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following...Problem 9PB:
Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...Problem 10PB:
Prepare journal entries to record the following transactions. Create a T-account for Accounts...Problem 11PB:
Prepare journal entries to record the following transactions that occurred in April: A. on first day...Problem 12PB:
Prepare journal entries to record the following transactions that occurred in March: A. on first day...Problem 13PB:
Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...Problem 14PB:
Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash,...Problem 15PB:
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account...Problem 16PB:
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account...Problem 17PB:
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account...Problem 18PB:
Prepare an unadjusted trial balance, in correct format, from the following alphabetized account...Problem 2TP:
Why is it important to learn all of this terminology when accounting is a quantitative subject?Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
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CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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