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Chapter 2--Analyzing Transactions




Question;77. Accounts;A. do not reflect money amounts;B. are not used by entities that manufacture products;C. are records of increases and decreases in individual financial;statement items;D. are only used by large entities with many transactions;78. Accounts;are classified in the ledger;A. chronologically;B. alphabetically;C. in accordance with their appearance in the financial statements;D. so that accounts used most often are listed first;79. Revenue;should be recognized when;A. cash is received;B. the service is performed;C. the customer places an order;D. the supplier charges an order;80. Which;of the following accounts is an owner's equity account?;A. Cash;B. Accounts Payable;C. Prepaid Insurance;D. Ross Morris, Capital;81. The;gross increases in owner's equity attributable to business activities are;called;A. assets;B. liabilities;C. revenues;D. expenses;82. A;chart of accounts is;A. the same as a balance sheet;B. usually a listing of accounts in alphabetical order;C. usually a listing of accounts in financial statement order;D. used in place of a ledger;83. The;debit side of an account;A. depends on whether the account is an asset, liability or owner's equity;B. can be either side of the account depending on how the accountant set;up the system;C. is the right side of the account;D. is the left side of the account;84. An;account is said to have a debit balance if;A. the amount of the debits exceeds the amount of the credits;B. there are more entries on the debit side than on the credit side;C. there are more entries on the credit side than on the debit side;D. the first entry of the accounting period was posted on the debit side


Paper#55146 | Written in 18-Jul-2015

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