A chart of accounts:
include account balances
is a listing of all the accounts used by a company
all of the above
is set up in alphabetical order
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Question 2 5 pts
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0 multiple_choice_question 882759
If Sheila worked 38 hours, how many hours of overtime willSheila earn?
If Sheila worked 38 hours, how many hours of overtime willSheila earn?
9
2
5
0
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0 multiple_choice_question 882753
The accounts payable account is:
The accounts payable account is:
an expense, and it has a normal credit balance.
a liabiity, and it has a normal credit balance.
a liability, and it has a normal debit balance.
a revenue, and it has a normal debit balance.
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0 multiple_choice_question 882745
The beginning balance in the computers account was $2,000. Thecompany purchased an additional $1000 worth of computers. Thebalance in the account is:
The beginning balance in the computers account was $2,000. Thecompany purchased an additional $1000 worth of computers. Thebalance in the account is:
$3000 credit
$3000 debit
$2000 debit
$2000 credit
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0 multiple_choice_question 882771
After closing the revenue and expense accounts, the IncomeSummary showed a debit balance of $2,000. Which of the followingstatements is true?
After closing the revenue and expense accounts, the IncomeSummary showed a debit balance of $2,000. Which of the followingstatements is true?
None of these answers are correct.
The company had a net loss of $2,000.
The company’s cash increased $2,000.
The company had a net income of $2,000.
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Question 6 5 pts
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0 multiple_choice_question 882730
The beginning balance in the computers account was $2,000. Thecompany purchased an additional $1000 worth of computers. Thebalance in the account is:
The beginning balance in the computers account was $2,000. Thecompany purchased an additional $1000 worth of computers. Thebalance in the account is:
$3000 debit
$2000 credit
$3000 credit
$2000 debit
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Question 7 5 pts
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0 multiple_choice_question 882742
Accounting provides information to:
Accounting provides information to:
all of the above
managers
government
investors
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Question 8 5 pts
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0 multiple_choice_question 882734
A journal entry affecting three or more accounts is calleda:
A journal entry affecting three or more accounts is calleda:
compound entry
multi-step entry
simple entry
multi-level entry
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Question 9 5 pts
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0 multiple_choice_question 882747
The process that begins with recording business transactions,and includes the completion of the financial statements is the:
The process that begins with recording business transactions,and includes the completion of the financial statements is the:
calendar year
accounting cycle
natural business year
fiscal year
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Question 10 5 pts
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0 multiple_choice_question 882733
Financial statements that are prepared for a period shorter thata year are called:
Financial statements that are prepared for a period shorter thata year are called:
interim statements
monthly statements
accounting period statements
fiscal year statements
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Question 11 5 pts
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0 multiple_choice_question 882768
In the normal accounting cycle the:
In the normal accounting cycle the:
adjusting and closing entries are journalized before thefinancial statements are prepared
financial statements are prepared before the adjusting entriesare posted.
financial statements are repared after the adjusting entriesare posted.
post-closing trial balance is prepared before the closingentries are posted.
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Question 12 5 pts
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0 multiple_choice_question 882736
A ledger:
A ledger:
is the same as a chart of accounts
is a group of accounts and their balances
none of these answers are correct
can replace the financial statements
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Question 13 5 pts
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0 multiple_choice_question 882739
An account is said to have a debit balance if:
An account is said to have a debit balance if:
its normal balance is debit without regard to the amounts ornumber of entries on the debit side.
the last entry of the accounting period was posted on the debitside.
there are more entries on the debit side than on the creditside.
the footing of the debits exceeds the footing of thecredits.
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Question 14 5 pts
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0 multiple_choice_question 882765
A contra-revenue account with a debit balance for returned goodsis called:
A contra-revenue account with a debit balance for returned goodsis called:
the discount period
Sales Returns and Allowances
the credit period
Sales Discounts
No answer text provided.
No answer text provided.
No answer text provided.
No answer text provided.
The type of business organization that can continue indefinitelyis known as a:
partnership
none of the above
sole proprietorship
corporation
An account is said to have a debit balance if:
its normal balance is debit without regard to the amounts ornumber of entries on the debit side.
there are more entries on the debit side than on the creditside.
the last entry of the accounting period was posted on the debitside.
the footing of the debits exceeds the footing of thecredits.
Which of the following accounts would be increased by adebit?
capital
accounts payable
cash
fees earned
A journal entry affecting three or more accounts is called a
multi-level entry
multi-step entry
simple entry
compound entry
Revenue is traditionally recognized in the accounting recordswhen:
service is rendered
cash is received
none of the above
it is incurred
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