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Chapter 2: Measurement Concepts: Recording Business Transactions

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Question;66. Proper;depends on correctly analyzing the effect of each transaction and on;maintaining a system of accounts that reflects that effect.;A. classification;B. valuation;C. recognition;D. realization;67. Which;of the following accounts is increased with a debit?;A. Common Stock;B. Rent Payable;C. Service Revenue;D. Prepaid Insurance;68. Which;of the following accounts is increased with a credit?;A. Office Supplies;B. Unearned Revenue;C. Land;D. Prepaid Insurance;69. Which;pair of accounts follows the rules of debit and credit in the same;manner?;A. Service Revenue and Equipment;B. Land and Dividends;C. Notes Payable and Buildings;D. Wages Expense and Service Revenue;70. Which;pair of accounts follows the rules of debit and credit in the opposite;manner?;A. Prepaid Insurance and Dividends;B. Advertising Expense and Land;C. Dividends and Service Revenue;D. Interest Payable and Common Stock;71. The;double-entry system;A. requires that each transaction be recorded with at least one debit and;one credit.;B. requires that the total amount of the debits must always equal the;total amount of the credits.;C. is based on the principle of duality.;D. All of these choices.;72. Which;of the following does not impact the Statement of Retained Earnings?;A. Common Stock;B. Revenues;C. Expenses;D. Dividends;73. Which;of the following is the final step in the accounting cycle?;A. Prepare financial statements.;B. Close the accounts.;C. Prepare an adjusted trial balance.;D. Post the journal entries to the ledger.

 

Paper#55135 | Written in 18-Jul-2015

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