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Chapter 2--Analyzing Transactions




Question;125. In;which order are the accounts listed in the chart of accounts?;A. assets, expenses, liabilities, owner?s equity, revenues;B. owners? equity, assets, liabilities, revenues, expenses;C. assets, liabilities, owner?s equity, revenues, expenses;D. assets, liabilities, revenues, expenses, owners? equity;126. Which;are the parts of the T account?;A. title, date, total;B. date, debit side, credit side;C. title, debit side, credit side;D. title, debit side, total;127. Which;of the following is not a correct rule of debits and credits?;A. assets, expenses and withdrawals are increased by debits;B. assets are decreased by credits and have a normal debit balance;C. liabilities, revenues and owner?s equity are increased by credits;D. the normal balance for revenues and expenses is a credit;128. Prarie;Clinic purchased X-ray equipment for $7,500, paid $2,250 down, with the;remainder to be paid later. The correct entry would be;A. Equipment;2,250;Cash;2,250;B. Cash;2,250;Accounts Payable 5,250;Equipment;7,500;C. Equipment Expense 7,500;Accounts;Payable 2,250;Cash;5,250;D. Equipment;7,500;Accounts;Payable 5,250;Cash;2,250;129. The;chart of accounts is designed to;A. alphabetize the accounts to make reading easier for its financial;statement users.;B. analyze the accounts and organize them in order of dollar amount to;simplify the accounting information for users.;C. summarize the transactions and determine their ending balances.;D. meet the information needs of a company and other financial statement users.;130. Which;group of accounts is comprised of only assets?;A. Cash, Accounts Payable, Buildings;B. Accounts Receivable, Revenue, Cash;C. Prepaid Expenses, Buildings, Patents;D. Unearned Revenues, Prepaid Expenses, Cash;131. Of;the following which istrue about assets?;A. Assets include physical and intangible assets.;B. Assets include only physical assets.;C. Assets are owned solely by the owner of the company.;D. Assets are the result of selling products or services to customers.;132. Which;of the following is not considered to be a liability?;A. Wages Payable;B. Accounts Receivable;C. Unearned Revenues;D. Accounts Payable


Paper#55152 | Written in 18-Jul-2015

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