The account title used for recording the payment of rent in advance for an office building is ________. A) Prepaid Rent B) Rent Payable C) Rent Revenue D) Rent Expense ANSWER A
Date: September 2nd, 2020
The statement of retained earnings informs users about how much of the earnings were kept and reinvested in the company. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
A customer’s promise to pay in the future for services or goods sold is called a(n) ________. A) Accounts Receivable B) Accounts Payable C) Unearned Revenue D) Notes Payable ANSWER A
Date: September 2nd, 2020
The relative proportion of economic resources and obligations would be shown by the balance sheet. Indicate whether the statement is true or false ANSWER TRUE
Date: September 2nd, 2020
Which of the following is an asset account? A) Wages Payable B) Notes Payable C) Unearned Revenue D) Accounts Receivable ANSWER D
Date: September 2nd, 2020
The balance sheet helps analyze the business performance in terms of profitability. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Provide an explanation for each of the follow asset accounts. Account Name Explanation Accounts Receivable Prepaid Expense Notes Receivable What will be an ideal response ANSWER Account Name Explanation Accounts Receivable A customer’s promise to pay in the future for services or goods sold. Often described as “On Account.” Prepaid Expense A payment of an […]
Date: September 2nd, 2020
The statement of cash flows informs users about how much of the earnings were kept and reinvested in the company. Indicate whether the statement is true or false ANSWER FALSE
Date: September 2nd, 2020
Which of the following financial statements is used to analyze the economic resources, debt, and overall financial position of a company? A) income statement B) balance sheet C) statement of cash flows D) statement of retained earnings ANSWER B
Date: September 2nd, 2020
The explanation of why the net income differs from the change in cash balance for the period is explained in the ________. A) income statement B) balance sheet C) statement of retained earnings D) statement of cash flows ANSWER D
Date: September 2nd, 2020
