The chart of account for the Miguel Company includes some of the following accounts: $\begin{array}{|l|l|} \hline \text { Account Name } & \text { Account Number } \\ \hline \text { Cash } & 11 \\ \hline \text { Accounts Receivable } & 13 \\ \hline \text { Prepaid Insurance } & 15 \\ \hline \text { Accounts Payable } & 21 \\ \hline \text { Unamed Revenue } & 24 \\ \hline \text { Miguel, Capital } & 31 \\ \hline \text { Miguel, Drawing } & 32 \\ \hline \text { Fees Earned } & 41 \\ \hline \text { Salaries Expense } & 54 \\ \hline \text { Rent Expense } & 56 \\ \hline & \\ \end{array}$ On the journal page 5, the following transaction was found: \[\begin{array} { | l | l | l | } \hline \text { Sularies Expenses } & 525 & \\ \hline \text { Cash } & & 525 \\ \hline & & \\ \end{array}\] What is the post reference that will be found on the Salaries Expense account?

A) 5 B) 11 C) 54 D) None A) 5 B) 11 C) 54 D) None

Exam 2: Analyzing Transactions

On January 8th, Damien Lawson transfers ownership of several pieces of office equipment to his new business, JumpStart. When new, these items were worth $72,500. The fair market value of the equipment is $60,000. Journalize this transfer.

(Essay)

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Question 161

Which of the following is not considered to be a liability?

(Multiple Choice)

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Question 162

Which side of the account increases a cash account?

(Multiple Choice)

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Question 163

An account is said to have a debit balance if

(Multiple Choice)

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Question 164

Which of the following is not a short-cut in finding errors on the trial balance?

(Multiple Choice)

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Question 165

The debit side of an account

(Multiple Choice)

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Question 166

When a transposition error is made on the trial balance, the difference between the debit and credit totals on the trial balance will be

(Multiple Choice)

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Question 167

On November 30th, Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment. He has been asked to correct this journal entry. Write the journal entry to correct this situation.

(Essay)

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Question 168

Office supplies were sold by Ari's Alarm Service at cost to another repair shop, with cash received. Which of the following entries for Ari's Alarm Service records this transaction?

(Multiple Choice)

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Question 169

Accounts are records of increases and decreases in individual financial statement items.

(True/False)

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Question 170

The chart of account for the Miguel Company includes some of the following accounts: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unamed Revenue 24 Miguel, Capital 31 Miguel, Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 On the journal page 5, the following transaction was found: Sularies Expenses 525 Cash 525 What is the post reference that will be found on the Salaries Expense account?

(Multiple Choice)

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Question 171

Assets are increased with debits and decreased with credits.

(True/False)

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Question 172

Which of the following situations increase owner's equity?

(Multiple Choice)

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Question 173

The following errors took place in journalizing and posting transactions: Journalize the entries to correct the errors. Omit the explanations.

(Essay)

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Question 174

Which of the following statements is not true about liabilities?

(Multiple Choice)

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Question 175

The process of transferring the data from the journal to the ledger accounts is posting.

(True/False)

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Question 176

Of the following financial reports, which one is the one that will determine if the accounting equation is in balance?

(Multiple Choice)

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Question 177

The balance of the account is determined by

(Multiple Choice)

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Question 178

All of the following statements regarding a horizontal analysis are true except:

(Multiple Choice)

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Question 179

Which of the following is true about a T-Account?

(Multiple Choice)

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Question 180

Showing 161 - 180 of 226

On January 8th, Damien Lawson transfers ownership of several pieces of office equipment to his new business, JumpStart. When new, these items were worth $72,500. The fair market value of the equipment is $60,000. Journalize this transfer.

Which of the following is not considered to be a liability?

Which side of the account increases a cash account?

An account is said to have a debit balance if

Which of the following is not a short-cut in finding errors on the trial balance?

The debit side of an account

When a transposition error is made on the trial balance, the difference between the debit and credit totals on the trial balance will be

On November 30th, Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment. He has been asked to correct this journal entry. Write the journal entry to correct this situation.

Office supplies were sold by Ari's Alarm Service at cost to another repair shop, with cash received. Which of the following entries for Ari's Alarm Service records this transaction?

Accounts are records of increases and decreases in individual financial statement items.

Assets are increased with debits and decreased with credits.

Which of the following situations increase owner's equity?

The following errors took place in journalizing and posting transactions: Journalize the entries to correct the errors. Omit the explanations.

Which of the following statements is not true about liabilities?

The process of transferring the data from the journal to the ledger accounts is posting.

Of the following financial reports, which one is the one that will determine if the accounting equation is in balance?

The balance of the account is determined by

All of the following statements regarding a horizontal analysis are true except:

Which of the following is true about a T-Account?

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

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