Question 1

An internal or external event must be to be recognized.

Accepted Answer

The answer of An internal or external event must be...

Question 2

The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is aan)

Accepted Answer

A) Account 
B) General Journal 
C) General Ledger 
D) Chart of Accounts 
A) Account 
B) General Journal 
C) General Ledger 
D) Chart of Accounts

Question 3

Liabilities and stockholders' equity are by debits.

Accepted Answer

The answer of Liabilities and stockholders' equity are by debits....

Question 4

Under the cost principle, assets are always carried at their current market value.

Accepted Answer

A) True 
 B)False

Question 5

Dividends are a determinant of net income.

Accepted Answer

A) True 
 B)False

Question 6

Only events that can be measured will be reflected in the journal entries.

Accepted Answer

A) True 
 B)False

Question 7

A purchase of raw materials from a supplier is an) event.

Accepted Answer

The answer of A purchase of raw materials from a...

Question 8

A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later.For this transaction, identify the effect on the accounting equation.

Accepted Answer

A) Assets increase and liabilities increase. 
B) Assets increase and stockholders' equity increases. 
C) Liabilities increase and stockholders' equity decreases. 
D) Liabilities decrease and assets decrease. 
A) Assets increase and liabilities increase. 
B) Assets increase and stockholders' equity increases. 
C) Liabilities increase and stockholders' equity decreases. 
D) Liabilities decrease and assets decrease.

Question 9

Your bookkeeper is off for the day and you are trying to figure out what her last entry in the journal could be for.Unfortunately, she only recorded the debit side of the transaction as $4,400 to Accounts Payable.It is possible that this debit could correspond to:

Accepted Answer

A) A purchase of equipment costing $4,400 on credit. 
B) A payment of $4,400 to a supplier to settle a balance due. 
C) A $4,400 sale to a customer. 
D) A $4,400 issuance of the company's capital stock. 
A) A purchase of equipment costing $4,400 on credit. 
B) A payment of $4,400 to a supplier to settle a balance due. 
C) A $4,400 sale to a customer. 
D) A $4,400 issuance of the company's capital stock.

Question 10

If the landlord has rent , then the tenant has rent .

Accepted Answer

A) revenue; revenue 
B) revenue; expense 
C) expense; revenue 
D) expense; expense 
A) revenue; revenue 
B) revenue; expense 
C) expense; revenue 
D) expense; expense

Question 11

A T account for Cash cannot contain any credits.

Accepted Answer

A) True 
 B)False

Question 12

A list of all asset, liability, stockholders' equity, revenue, and expense accounts, along with their assigned account numbers, which are used by a company is aan)

Accepted Answer

A) Account 
B) General Journal 
C) General Ledger 
D) Chart of Accounts 
A) Account 
B) General Journal 
C) General Ledger 
D) Chart of Accounts

Question 13

Credits are always on the side of the T account.

Accepted Answer

The answer of Credits are always on the side of...

Question 14

All of the following are external events transactions) except for

Accepted Answer

A) a department store recognizing losses from shoplifting. 
B) a department store running ads in a local newspaper. 
C) a department store purchasing merchandise from a clothing manufacturer. 
D) a department store selling clothing to customers on credit. 
A) a department store recognizing losses from shoplifting. 
B) a department store running ads in a local newspaper. 
C) a department store purchasing merchandise from a clothing manufacturer. 
D) a department store selling clothing to customers on credit.

Question 15

An external event involves interaction between an entity and its environment.

Accepted Answer

A) True 
 B)False

Question 16

A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following accounts is increased by a debit entry?

Accepted Answer

A) Common Stock Capital Stock) 
B) Equipment 
C) Unearned Subscription Revenue 
D) Notes Payable 
A) Common Stock Capital Stock) 
B) Equipment 
C) Unearned Subscription Revenue 
D) Notes Payable

Question 18

The system of accounting in which there are at least two accounts affected in every transaction so that the accounting equation stays in balance is aan)

Accepted Answer

A) Double-entry system 
B) Debit 
C) Credit 
D) Journalizing 
A) Double-entry system 
B) Debit 
C) Credit 
D) Journalizing

Question 19

An) is a numerical list of all of the accounts used by an entity.

Accepted Answer

The answer of An) is a numerical list of all...

Question 20

Use the following five transactions for Morton & Associates, Inc.to answer the questions).  
-See the transactions to Morton & Associates.
The journal entry to record the May 31 transaction will include a credit to

Accepted Answer

A) Salaries Expense 
B) Salaries Payable 
C) Prepaid Salaries 
D) Cash 
A) Salaries Expense 
B) Salaries Payable 
C) Prepaid Salaries 
D) Cash

An internal or external event must be to be recognized.

The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is aan)

Liabilities and stockholders' equity are by debits.

Under the cost principle, assets are always carried at their current market value.

Dividends are a determinant of net income.

Only events that can be measured will be reflected in the journal entries.

A purchase of raw materials from a supplier is an) event.

A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later.For this transaction, identify the effect on the accounting equation.

Your bookkeeper is off for the day and you are trying to figure out what her last entry in the journal could be for.Unfortunately, she only recorded the debit side of the transaction as $4,400 to Accounts Payable.It is possible that this debit could correspond to:

If the landlord has rent , then the tenant has rent .

A T account for Cash cannot contain any credits.

A list of all asset, liability, stockholders' equity, revenue, and expense accounts, along with their assigned account numbers, which are used by a company is aan)

Credits are always on the side of the T account.

All of the following are external events transactions) except for

An external event involves interaction between an entity and its environment.

A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger.

Which of the following accounts is increased by a debit entry?

The system of accounting in which there are at least two accounts affected in every transaction so that the accounting equation stays in balance is aan)

An) is a numerical list of all of the accounts used by an entity.

Use the following five transactions for Morton & Associates, Inc.to answer the questions). -See the transactions to Morton & Associates. The journal entry to record the May 31 transaction will include a credit to

Accounting As a Form of Communication

Financial Statements and the Annual Report

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

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Exam 3: Processing Accounting Information

An internal or external event must be to be recognized.

The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is aan)

Liabilities and stockholders' equity are by debits.

Under the cost principle, assets are always carried at their current market value.

Dividends are a determinant of net income.

Only events that can be measured will be reflected in the journal entries.

A purchase of raw materials from a supplier is an) event.

A bill is received for electric service; the charge for the electricity is recorded, but payment will be made later.For this transaction, identify the effect on the accounting equation.

Your bookkeeper is off for the day and you are trying to figure out what her last entry in the journal could be for.Unfortunately, she only recorded the debit side of the transaction as $4,400 to Accounts Payable.It is possible that this debit could correspond to:

If the landlord has rent , then the tenant has rent .

A T account for Cash cannot contain any credits.

A list of all asset, liability, stockholders' equity, revenue, and expense accounts, along with their assigned account numbers, which are used by a company is aan)

Credits are always on the side of the T account.

All of the following are external events transactions) except for

An external event involves interaction between an entity and its environment.

A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger.

Which of the following accounts is increased by a debit entry?

The system of accounting in which there are at least two accounts affected in every transaction so that the accounting equation stays in balance is aan)

An) is a numerical list of all of the accounts used by an entity.

Use the following five transactions for Morton & Associates, Inc.to answer the questions). -See the transactions to Morton & Associates. The journal entry to record the May 31 transaction will include a credit to

Accounting As a Form of Communication

Financial Statements and the Annual Report

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

Filters