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What would be the appropriate entry for the following transaction




1. What would be the appropriate entry for the following transaction?;Bill Co. performed $5,200 in consulting services on account (Points: 2);Credit to Cash, Debit to Accounts Receivable;Debit to Revenue, Debit to Cash;Debit to Accounts Receivable, Credit to Cash;Debit to Revenue, Credit to Cash;Debit to Accounts Receivable, Credit to Revenue;2. The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the: (Points: 2);Going-concern principle;Cost principle;Revenue recognition principle;Objectivity principle;Business entity principle;3. Generally Accepted Accounting Principles: (Points: 2);Focus on the review of a situation;Does not require financial statements;Never change;Intend to make information on the financial statements relevant, reliable and comparable;Oversees Security and Exchange Commission;4. If equity is $300,000 and liabilities are $192,000, then assets equal: (Points: 2);$108,000;$192,000;$300,000;$ 492,000;$792,000;5. Source documents include all of the following except: (Points: 2);Sales tickets;Ledgers;Checks;Purchase orders;Bank statements;6. A credit is used to record: (Points: 2);An increase in an expense account;An increase in an asset account;An increase in an unearned revenue account;A decrease in a revenue account;A decrease to retained earnings;7. Which of the following elements are found on the income statement? (Points: 2);Cash;Accounts Receivable;Common Stock;Retained Earnings;Salaries Expense;8. Technological advancement (Points: 2);Has replaced accounting;Has not changed the work that accountants do;Has freed accounting professionals to concentrate more on the analysis and interpretation of information;In accounting has replaced the need for decision makers;In accounting is only available to large corporations;9. If the liabilities of a business increased $75,000 during a period of time and the equity in the business decreased $30,000 during the same period, the assets of the business must have: (Points: 2);Decreased $105,000;Decreased $45,000;Increased $30,000;Increased $45,000;10. Apatha Company has assets of $600,000, liabilities of $250,000 and equity of $350,000. It buys office equipment on credit for $75,000. The effects of this transaction include: (Points: 2);Assets increase by $75,000 and expenses increase by $75,000;Assets increase by $75,000 and expenses decrease by $75,000;Liabilities increase by $75,000 and expenses decrease by $75,000;Assets decrease by $75,000 and expenses decrease by $75,000;Assets increase by $75,000 and liabilities increase by $75,000


Paper#79963 | Written in 18-Jul-2015

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