FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 3: Processing Accounting Information

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 81

Multiple Choice

Review LaterAdd Note

Review Later

Transactions are recorded in the general journal in:

A) Alphabetical order.
B) Account number order.
C) Chronological order.
D) Financial statement order.

E) None of the above
F) A) and B)

Correct Answer

verified

Show Answer

Question 82

Short Answer

Review LaterAdd Note

Review Later

_______________________ are a distribution of net income for the period,not a determinant of net income as are expenses.

Correct Answer

verified

Show Answer

Question 83

Essay

Review LaterAdd Note

There are three elements to the accounting equation: assets,liabilities,and stockholders' equity.Below are five possible types of transactions.For each of these five types,write descriptions of a example that would illustrate this type of transaction.

If the landlord has rent _________,then the tenant has rent _________.

Which pair of accounts has the same set of rules for debit and credit entries?

Which of the following transactions does not affect the total assets of Horizon Sailing Corp.?

All of the following accounts have normal debit balances except

Which of the following would be a case where an event as a transaction is not supported by a source document?

If the sum of the debits and credits in a trial balance is not equal,then

Several events are listed below.Indicate whether each event is an external event that should be recorded as a transaction,an internal event which should be recorded as a transaction,or an event which should not be recorded.Use the following identification codes for your answers: E - External event to be recorded as a transaction I - Internal event to be recorded as a transaction NR - An event which should NOT be recorded

Which of the following entries causes a decrease in assets and in net income?

A list of all accounts and their balances which is used to prove the equality of debits and credits as of a specific date is a(an)

Wolfe Inc. Wolfe Inc.reports these account balances at January 1,2014: See the account balances for Wolfe Inc. On January 31,Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.In Wolfe's trial balance prepared on January 1,2014,the total of the credit column is:

Morton & Associates Use the following five transactions for Morton & Associates,Inc.to answer the question(s) . See the transactions to Morton & Associates. The journal entry to record the May 1 transaction will include a debit of $800 to

Given a current ratio of 5 to 3,what is the effect of paying a supplier within 30 days of the purchase?

If a company purchases equipment by issuing a note payable,its total assets will not change.

From an accounting perspective,explain how an external event differs from an internal event and give an example of each.

Which of the following statements is false?

The following list of accounts was taken from the general ledger of Bassett Corporation on December 31,2014.The bookkeeper thought it would be helpful if the accounts were arranged in alphabetical order.Each account contains the balance that is normal for that type of account;for example,Cash normally has a debit balance.Prepare a trial balance as of this date with the accounts arranged in the following order: (1)assets, (2)liabilities, (3)stockholders' equity, (4)revenues, (5)expenses,and (6)dividends.

An internal or external event must be ____________________ to be recognized.