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Chapter 2 Recording Business Transactions




Question;1) A chart of accounts is a detailed;record of the changes in a particular asset, liability, or stockholders;equity.;2) A chart of accounts is a list of all of;a company's accounts with their account numbers.;3) Liabilities are economic resources that;are expected to benefit the business in the future.;4) A payment of an expense in advance is;called a prepaid expense.;5) An accounts receivable requires the;business to pay cash in future.;6) A payable involves a future receipt of;cash.;7) Unearned revenue is a liability;account.;8) The account title used for recording;the payment of rent in advance for an office building is ________.;A) prepaid rent;B) rent payable;C) rent revenue;D) rent expense;9);represents a debt owed for renting a building currently.;A) Prepaid rent;B) Rent payable;C) Rent revenue;D) Rent expense;10) Nuptial Inc. paid the rent for the;current month in cash. Which of the following account titles will be debited?;A) Prepaid rent;B) Rent payable;C) Rent revenue;D) Rent expense


Paper#55217 | Written in 18-Jul-2015

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