The Accounts Receivable account of Rosewood, Inc. has the following postings: Calculate the ending balance of the account. A) $25,000 debit B) $23,000 debit C) $2,000 credit D) $21,000 debit ANSWER D
Date: September 2nd, 2020
The Accounts Payable account of Golden, Inc. has the following postings: Calculate the ending balance of the account. A) $12,000 credit B) $18,000 debit C) $18,000 credit D) $5,000 debit ANSWER C
Date: September 2nd, 2020
The revenue recognition principle guides accountants in ________. A) ensuring only revenues received in cash are recorded B) determining when to record expenses C) determining when to record revenues D) ensuring expenses are deducted from revenues ANSWER C
Date: September 2nd, 2020
For Retained Earnings, the category of account and its normal balance is ________. A) equity and a credit balance B) assets and a debit balance C) equity and a debit balance D) assets and a credit balance ANSWER A
Date: September 2nd, 2020
For Revenues, the category of account and its normal balance is ________. A) equity and a credit balance B) assets and a debit balance C) assets and a credit balance D) equity and a debit balance ANSWER A
Date: September 2nd, 2020
Which of the following is considered a fiscal year? A) six months B) three months C) twelve months D) four months ANSWER C
Date: September 2nd, 2020
The accounting principle that ensures all expenses are recorded during the period when they are incurred and offsets those expenses against the revenues of the period is called the ________ principle. A) comparison B) accrual C) matching D) revenue recognition ANSWER C
Date: September 2nd, 2020
Dividends is a(n) ________ account that has a normal ________ balance. A) liability; credit B) equity; debit C) liability; debit D) equity; credit ANSWER B
Date: September 2nd, 2020
Which of the following statements is true of revenues? A) Revenues decrease equity, so a revenue account’s normal balance is a credit balance. B) Revenues decrease equity, so a revenue account’s normal balance is a debit balance. C) Revenues increase equity, so a revenue account’s normal balance is a debit balance. D) Revenues increase equity, […]
Date: September 2nd, 2020
The Family Dental Corporation prepays the rent on its dental office. On July 1, the corporation paid $18,000 for 6 months of rent How much Rent Expense should Family Dental Corporation record the three months ended September 30 under the cash basis? Why? What will be an ideal response ANSWER Family Dental should report Rent […]
Date: September 2nd, 2020
