Exam 2: Analyzing Transactions: the Accounting Equation
Exam 1: Introduction to Accounting 49 Questions
Exam 2: Analyzing Transactions: the Accounting Equation55 Questions
Exam 3: The Double-Entry Framework79 Questions
Exam 4: Journalizing and Posting Transactions84 Questions
Exam 5: Adjusting Entries and the Work Sheet83 Questions
Exam 6: Financial Statements and the Closing Process88 Questions
Exam 7: Accounting for Cash92 Questions
Exam 9: Payroll Accounting: Employer Taxes and Reports76 Questions
Exam 10: Accounting for Sales and Cash Receipts64 Questions
Exam 11: Accounting for Purchases and Cash Payments73 Questions
Exam 12: Special Journals56 Questions
Exam 13: Accounting for Merchandise Inventory70 Questions
Exam 14: Adjustments and the Work Sheet for a Merchandising Business66 Questions
Exam 15: Financial Statements and Year-End Accounting for a Merchandising Business86 Questions
Exam 16: Accounting for a Professional Service Business: The Combination Journal54 Questions
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The balance sheet reports assets, liabilities, and owner's equity on a specific date.
(True/False)
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Stephen purchased office supplies for $800 in cash. This transaction would
(Multiple Choice)
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Recognizing the effects of transactions on assets, liabilities, owner's equity, revenue, and expenses of a business is the processing function.
(True/False)
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The income statement provides information about events over a period of a month, year, or other period of time.
(True/False)
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The income statement and statement of owner's equity provide information covering a period of time.
(True/False)
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Match the terms with the definitions.
-The concept that nonbusiness assets and liabilities are not included in the business' accounting records.
(Multiple Choice)
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Sue Lee paid $1,200 for office rent. This transaction would
(Multiple Choice)
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Match the terms with the definitions.
-The decrease in assets (or increase in liabilities) as a result of efforts to produce revenues.
(Multiple Choice)
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The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet.
(True/False)
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Since insurance lasts for several months, it is recorded as owner's equity.
(True/False)
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Match the terms with the definitions.
-Items a business owns that will provide future benefits.
(Multiple Choice)
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Match the terms with the definitions.
-The excess of total revenues over total expenses for the period.
(Multiple Choice)
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Match the terms with the definitions.
-Reports assets, liabilities, and owner's equity on a specific date.
(Multiple Choice)
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Jason purchased office equipment for $4,800 on account. This transaction would
(Multiple Choice)
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Match the terms with the definitions.
-An economic event that has a direct impact on the business.
(Multiple Choice)
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It is not necessary to measure a business transaction in dollars.
(True/False)
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An increase in a revenue account may also result in an increase in the accounts receivable account.
(True/False)
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The financial statement that shows the state of the firm's assets, liabilities, and owner's equity on a specific date is called a(n)
(Multiple Choice)
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Match the terms with the definitions.
-An amount owed to a business by its customers as a result of the sale of goods or services.
(Multiple Choice)
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