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rubymacaw554Lv1
28 Sep 2019
6. Which of the following is not a true statement about theaccounting equation and its elements? (Points: 3)
The accounting equation is Assets = Liabilities - Owners'Equity.
Assets are the resources a business possesses.
Liabilities represent debts of a business.
Examples of assets are cash, land, buildings, and equipment.
Owners' equity are the rights of the owners.
7. How does the rendering of services on account affect theaccounting equation? (Points: 3)
assets increase; owner's equity increases
assets decrease; owner's equity decrease
assets increase; owner's equity decreases
liabilities increase; owner's equity decreases
8. A credit balance in which of the following accounts wouldindicate a likely error? (Points: 3)
Fees Earned
Salary Expense
Janet James, Capital
Accounts Payable
9. Which of the following entries records the payment of an accountpayable? (Points: 3)
debit Cash; credit Accounts Payable
debit Accounts Receivable; credit Cash
debit Cash; credit Supplies Expense
debit Accounts Payable; credit Cash
10. Randomly listed below are the steps for preparing a trialbalance: (1.) Verify that the total of the Debit column equals thetotal of the Credit column. (2.) List the accounts from the ledgerand enter their debit or credit balance in the Debit or Creditcolumn of the trial balance. (3.) List the name of the company, thetitle of the trial balance, and the date the trial balance isprepared. (4.) Total the Debit and Credit columns of the trialbalance. (Points: 3)
(3), (2), (4), (1)
(2), (3), (4), (1)
(3), (2), (1), (4)
(4), (3), (2), (1)
6. Which of the following is not a true statement about theaccounting equation and its elements? (Points: 3)
The accounting equation is Assets = Liabilities - Owners'Equity.
Assets are the resources a business possesses.
Liabilities represent debts of a business.
Examples of assets are cash, land, buildings, and equipment.
Owners' equity are the rights of the owners.
7. How does the rendering of services on account affect theaccounting equation? (Points: 3)
assets increase; owner's equity increases
assets decrease; owner's equity decrease
assets increase; owner's equity decreases
liabilities increase; owner's equity decreases
8. A credit balance in which of the following accounts wouldindicate a likely error? (Points: 3)
Fees Earned
Salary Expense
Janet James, Capital
Accounts Payable
9. Which of the following entries records the payment of an accountpayable? (Points: 3)
debit Cash; credit Accounts Payable
debit Accounts Receivable; credit Cash
debit Cash; credit Supplies Expense
debit Accounts Payable; credit Cash
10. Randomly listed below are the steps for preparing a trialbalance: (1.) Verify that the total of the Debit column equals thetotal of the Credit column. (2.) List the accounts from the ledgerand enter their debit or credit balance in the Debit or Creditcolumn of the trial balance. (3.) List the name of the company, thetitle of the trial balance, and the date the trial balance isprepared. (4.) Total the Debit and Credit columns of the trialbalance. (Points: 3)
(3), (2), (4), (1)
(2), (3), (4), (1)
(3), (2), (1), (4)
(4), (3), (2), (1)
The accounting equation is Assets = Liabilities - Owners'Equity.
Assets are the resources a business possesses.
Liabilities represent debts of a business.
Examples of assets are cash, land, buildings, and equipment.
Owners' equity are the rights of the owners.
7. How does the rendering of services on account affect theaccounting equation? (Points: 3)
assets increase; owner's equity increases
assets decrease; owner's equity decrease
assets increase; owner's equity decreases
liabilities increase; owner's equity decreases
8. A credit balance in which of the following accounts wouldindicate a likely error? (Points: 3)
Fees Earned
Salary Expense
Janet James, Capital
Accounts Payable
9. Which of the following entries records the payment of an accountpayable? (Points: 3)
debit Cash; credit Accounts Payable
debit Accounts Receivable; credit Cash
debit Cash; credit Supplies Expense
debit Accounts Payable; credit Cash
10. Randomly listed below are the steps for preparing a trialbalance: (1.) Verify that the total of the Debit column equals thetotal of the Credit column. (2.) List the accounts from the ledgerand enter their debit or credit balance in the Debit or Creditcolumn of the trial balance. (3.) List the name of the company, thetitle of the trial balance, and the date the trial balance isprepared. (4.) Total the Debit and Credit columns of the trialbalance. (Points: 3)
(3), (2), (4), (1)
(2), (3), (4), (1)
(3), (2), (1), (4)
(4), (3), (2), (1)
Trinidad TremblayLv2
28 Sep 2019
