Question 1

Which of the following is prepared last?

Accepted Answer

A) Balance Sheet 
B) Income Statement 
C) Statement of Owner's Equity 
D) Trial Balance 
A) Balance Sheet 
B) Income Statement 
C) Statement of Owner's Equity 
D) Trial Balance

Question 2

Prepaid expense would appear on which financial statement?

Accepted Answer

A) Balance Sheet 
B) Income Statement 
C) Owner's Equity Statement 
D) None of these answers is correct. 
A) Balance Sheet 
B) Income Statement 
C) Owner's Equity Statement 
D) None of these answers is correct.

Question 3

A liability would be credited and an expense debited if:

Accepted Answer

A) the business paid a creditor. 
B) the business incurred an expense and did not pay the expense immediately. 
C) the business bought supplies on account. 
D) the business bought supplies for cash. 
A) the business paid a creditor. 
B) the business incurred an expense and did not pay the expense immediately. 
C) the business bought supplies on account. 
D) the business bought supplies for cash.

Question 4

An account that would be increased by a debit is:

Accepted Answer

A) Cash. 
B) Fees Earned. 
C) Capital. 
D) Accounts Payable. 
A) Cash. 
B) Fees Earned. 
C) Capital. 
D) Accounts Payable.

Question 5

What is X-cel Company's net income or net loss if it had Revenue of $1,800,Salary Expense of $500,Utility Expense of $250,and Withdrawals of $5,000 during October?

Accepted Answer

A) $50 net income 
B) $1,050 net loss 
C) $1,050 net income 
D) $50 net loss 
A) $50 net income 
B) $1,050 net loss 
C) $1,050 net income 
D) $50 net loss

Which of the following is prepared last?

Prepaid expense would appear on which financial statement?

A liability would be credited and an expense debited if:

An account that would be increased by a debit is:

What is X-cel Company's net income or net loss if it had Revenue of $1,800,Salary Expense of $500,Utility Expense of $250,and Withdrawals of $5,000 during October?

Accounting Concepts and Procedures

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 2: Debits and Credits: Analyzing and Recording Business Transactions

Which of the following is prepared last?

Prepaid expense would appear on which financial statement?

A liability would be credited and an expense debited if:

An account that would be increased by a debit is:

What is X-cel Company's net income or net loss if it had Revenue of $1,800,Salary Expense of $500,Utility Expense of $250,and Withdrawals of $5,000 during October?

Accounting Concepts and Procedures

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters