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Chapter 2--Analyzing Transactions

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Question;133. Which;of the following statements is not true about liabilities?;A. Liabilities are debts owed to outsiders.;B. Account titles of liabilities often include the term ?payable?.;C. Cash received before services are performed are considered to be;liabilities.;D. Liabilities do not include wages owed to employees of the company.;134. The;owner?s equity will be reduced by all of the following accounts except;A. Revenues;B. Expenses;C. Drawing account;D. All are true.;135. Expenses;can result from;A. increasing owner?s equity.;B. consuming services.;C. using up liabilities.;D. all are true.;136. The;chart of accounts classify the accounts to make identification of the accounts;easier. This is done by way of assigning a number to each account. The first;number identifies the classification of the type of account. Which of the;following indicates the use of this classification?;A. 1-Assets, 2-Liabilities, 3-Owner?s Equity, 4-Expenses, 5-Revenues;B. 1-Assets, 2-Liabilities, 3-Owner?s Equity, 4-Revenues, 5-Expenses;C. 1-Assets, 2-Owner?s Equity, 3-Revenues, 4-Expenses, 5-Drawing;D. 1-Owner?s Equity, 2-Drawing, 3-Revenues, 4-Expenses;137. The;is where a transaction can first be found on the accounting records.;A. chart of accounts;B. income statement;C. balance sheet;D. journal;138. The;process of recording a transaction in the journal is called;A. recording;B. journalizing;C. posting;D. summarizing;139. Joshua;Scott invests $40,000 into his new business. How would the journal entry;for this transaction be entered in the journal?;A. Cash;40,000;Joshua Scott;Capital;40,000;Invested cash in business;B. Cash;40,000;Joshua Scott;Capital;40,000;Invested cash in business;C. Joshua Scott;Capital;40,000;Cash;40,000;Invested cash in business;D. Joshua Scott;Loan;40,000;Cash;40,000;Invested cash in business

 

Paper#55153 | Written in 18-Jul-2015

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