Question 1

A two column list of all accounts and their balances at a given time is a ______________.
Answers to

Accepted Answer

The answer of A two column list of all accounts...

Question 2

On January 14, Edamame Industries purchased supplies of $700 on account. The entry to record the purchase will include

Accepted Answer

A)  a debit to Supplies and a credit to Accounts Payable. 
B)  a debit to Supplies Expense and a credit to Accounts Receivable. 
C)  a debit to Supplies and a credit to Cash. 
D)  a debit to Accounts Receivable and a credit to Supplies. 
A)  a debit to Supplies and a credit to Accounts Payable. 
B)  a debit to Supplies Expense and a credit to Accounts Receivable. 
C)  a debit to Supplies and a credit to Cash. 
D)  a debit to Accounts Receivable and a credit to Supplies.

Question 3

Under IFRS, the trial balance

Accepted Answer

A)  follows the same format as under GAAP. 
B)  shows credits on the left and debits on the right. 
C)  includes less accounts than under GAAP. 
D)  includes more accounts than under GAAP.
IFRS. 
A)  follows the same format as under GAAP. 
B)  shows credits on the left and debits on the right. 
C)  includes less accounts than under GAAP. 
D)  includes more accounts than under GAAP.
IFRS.

Question 4

A number in the reference column in a general journal indicates

Accepted Answer

A)  that the entry has been posted to a particular account. 
B)  the page number of the journal. 
C)  the dollar amount of the transaction. 
D)  the date of the transaction. 
A)  that the entry has been posted to a particular account. 
B)  the page number of the journal. 
C)  the dollar amount of the transaction. 
D)  the date of the transaction.

Question 5

The first step in posting involves

Accepted Answer

A)  entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal. 
B)  writing in the journal the account number to which the debit amount was posted. 
C)  writing in the journal the account number to which the credit amount was posted. 
D)  entering in the appropriate ledger account the date, journal page, and credit amount shown in the journal. 
A)  entering in the appropriate ledger account the date, journal page, and debit amount shown in the journal. 
B)  writing in the journal the account number to which the debit amount was posted. 
C)  writing in the journal the account number to which the credit amount was posted. 
D)  entering in the appropriate ledger account the date, journal page, and credit amount shown in the journal.

Question 6

In the first month of operations for Gallowsbird Industries, the total of the debit entries to the cash account amounted to $36,000 ($16,000 investment by stockholders and revenues of $20,000). The total of the credit entries to the cash account amounted to $22,000 (purchase of equipment $8,000 and payment of expenses $14,000). At the end of the month, the cash account has a(n)

Accepted Answer

A)  $6,000 credit balance. 
B)  $6,000 debit balance. 
C)  $14,000 debit balance. 
D)  $14,000 credit balance. 
A)  $6,000 credit balance. 
B)  $6,000 debit balance. 
C)  $14,000 debit balance. 
D)  $14,000 credit balance.

A two column list of all accounts and their balances at a given time is a ______________. Answers to

On January 14, Edamame Industries purchased supplies of $700 on account. The entry to record the purchase will include

Under IFRS, the trial balance

A number in the reference column in a general journal indicates

The first step in posting involves

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions

Statement of Cash Flows

Financial Statement Analysis

Specimen Financial Statements: Apple Inc

Specimen Financial Statements: Pepsico, Inc

Specimen Financial Statements: the Coca-Cola Company

Specimen Financial Statements: Amazoncom, Inc

Specimen Financial Statements: Wal-Mart Stores, Inc

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Exam 2: The Recording Process

A two column list of all accounts and their balances at a given time is a ______________. Answers to

On January 14, Edamame Industries purchased supplies of $700 on account. The entry to record the purchase will include

Under IFRS, the trial balance

A number in the reference column in a general journal indicates

The first step in posting involves

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions

Statement of Cash Flows

Financial Statement Analysis

Specimen Financial Statements: Apple Inc

Specimen Financial Statements: Pepsico, Inc

Specimen Financial Statements: the Coca-Cola Company

Specimen Financial Statements: Amazoncom, Inc

Specimen Financial Statements: Wal-Mart Stores, Inc

Filters