Which of the following accounts would appear in the income statement debit column? A) Unearned Revenue B) Service Revenue C) Depreciation Expense D) Prepaid Insurance ANSWER C
Date: September 2nd, 2020
The balance sheet section of the worksheet includes the asset and liability accounts and all equity accounts. Indicate whether the statement is true or false ANSWER FALSE .Revenues and expenses are not included.
Date: September 2nd, 2020
An accounting entry that is characterized by having multiple debits and/or multiple credits is called a ________ entry. A) balanced B) posted C) chart of accounts D) compound journal ANSWER D
Date: September 2nd, 2020
In a periodic inventory system, the Cost of Goods Sold account is continuously updated as and when sales occur. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Even in a perpetual inventory system that updates the inventory account as and when transactions occur, the business must count its inventory at least once in a year. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Pluto, Inc. sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue ) On March 1, the Unearned Revenue account had a credit balance of $5,000. During […]
Date: September 2nd, 2020
The advance cash receipts of future revenues are called ________. A) accrued revenues B) deferred expenses C) deferred revenues D) accrued expenses ANSWER C
Date: September 2nd, 2020
In the worksheet, the adjusted balance of the Service Revenue account appears in the credit column of the income statement. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following statements is true of the worksheet? A) Net income is recorded in the income statement credit column. B) Net income is recorded in the adjusted trial balance debit column. C) Net income is recorded in the income statement debit column. D) Net income is recorded in the balance sheet debit column. […]
Date: September 2nd, 2020
List the three steps, in order of occurrence, of the operating cycle of a merchandising business. What will be an ideal response ANSWER 1. The operating cycle begins when the company purchases inventory from an individual or business, called a vendor. 2. The company then sells the inventory to a customer. 3. Finally, the company […]
Date: September 2nd, 2020
