The balances in the liability and revenue accounts are increased with a credit. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following accounts decreases with a credit? A) Cash B) Common Stock C) Accounts Payable D) Notes Payable ANSWER A
Date: September 2nd, 2020
Unearned revenue is a liability account. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Dividends and expenses increase equity. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
________ represents a debt owed for renting a building currently. A) Prepaid Rent B) Rent Payable C) Rent Revenue D) Rent Expense ANSWER B
Date: September 2nd, 2020
Which of the following is the record holding all the accounts, the changes in those accounts, and their balances? A) Source document B) Journal C) Ledger D) Trial balance ANSWER C
Date: September 2nd, 2020
Which of the following is a liability account? A) Accounts Receivable B) Cash C) Building D) Notes Payable ANSWER D
Date: September 2nd, 2020
A liability created when a business collects cash from customers in advance of providing services or delivering goods is called a(n) ________. A) notes receivable B) unearned revenue C) accrued liability D) service revenue ANSWER B
Date: September 2nd, 2020
Provide an explanation for each of the follow liability accounts. Account Name Explanation Accounts Payable Accrued Liability Unearned Revenue What will be an ideal response ANSWER Account Name Explanation Accounts Payable A promise made by the business to pay a debt in the future. Arises from a credit purchase. Accrued Liability An amount owed but […]
Date: September 2nd, 2020
The stockholders’ claim to the assets of a business is called equity or stockholders’ equity. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
