Which of the following statements is true of a trial balance? A) A trial balance has the same format as a balance sheet. B) A trial balance presents data in debit and credit format. C) A trial balance shows the total amounts of assets and liabilities, but not equity. D) A trial balance is prepared […]
Date: September 2nd, 2020
The Service Revenue account is a permanent account. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Which of the following is used by both internal and external users? A) Chart of Accounts B) Trial Balance C) Balance Sheet D) Costing Reports ANSWER C
Date: September 2nd, 2020
The following transactions have been journalized and posted to the proper accounts. Prepare a trial balance at the end of the first month using the following details: a) Received $15,000 cash and issued common stock b) Paid the first month’s rent with $800 cash. c) Purchased equipment by paying $4,000 cash and executing a note […]
Date: September 2nd, 2020
The disclosure principle states that a company should disclose all major accounting methods and procedures in the ________. A) balance sheet B) income statement C) footnotes to the financial statements D) internal accounting documents ANSWER C
Date: September 2nd, 2020
The following are the current month’s balances for Global Enterprises Accounts Payable $6,000 Revenue 11,000 Cash 5,000 Expenses 1,300 Furniture 10,000 Accounts Receivable 16,000 Common Stock 9,250 Notes Payable 4,000 What is the total amount of debits for the trial balance? A) $26,000 B) $27,300 C) $31,000 D) $32,300 ANSWER D .Cash $5,000 Expenses 1,300 […]
Date: September 2nd, 2020
The sum of all the depreciation expense recorded to date for a depreciable asset is called ________. A) book value B) residual value C) depreciation expense D) accumulated depreciation ANSWER D
Date: September 2nd, 2020
Freight in is recorded in the Merchandise Inventory account if the purchaser uses the perpetual inventory system. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The Accumulated Depreciation account is a permanent account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
The Service Revenue account is a temporary account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
