Question 1

The three-line heading of a financial statement shows who, what, and ___________________.

Accepted Answer

The answer of The three-line heading of a financial statement...

Question 2

When revenue and expenses are equal, the firm is said to ___________________.

Accepted Answer

The answer of When revenue and expenses are equal, the...

Question 3

On December 1, 2013, Geneva Jordan opened her new business with the following assets and liabilities. Complete the accounting equation for the firm. $$\begin{array} { l r l r } 
\text { Accounts Payable } & \$ 1,100 & \text { Prepaid Rent } & \$ 6,000 \
\text { Cash } & 3,950 & \text { Loans Payable } & 15,500 \
\text { Equipment } & 26,200 & \text { Supplies } & 1,250
\end{array}$$ Assets $________ = Liabilities $________ + Owner's Equity $________

Accepted Answer

Assets $37,400 = Lia

Question 4

When the owner writes a company check to pay the firm's electric bill,

Accepted Answer

A)  assets and owner's equity increase. 
B)  assets decrease and expenses increase. 
C)  assets and liabilities decrease. 
D)  expenses increase and owner's equity increases. 
A)  assets and owner's equity increase. 
B)  assets decrease and expenses increase. 
C)  assets and liabilities decrease. 
D)  expenses increase and owner's equity increases.

Question 5

Amounts that a business must pay in the future are known as

Accepted Answer

A)  accounts receivable. 
B)  accounts payable. 
C)  capital. 
D)  expenses. 
A)  accounts receivable. 
B)  accounts payable. 
C)  capital. 
D)  expenses.

Question 6

Which financial statement is reported as of a specific date?

Accepted Answer

A)  Balance Sheet 
B)  Statement of Owner's Equity 
C)  Income Statement 
D)  Statement of Changes in Financial Position 
A)  Balance Sheet 
B)  Statement of Owner's Equity 
C)  Income Statement 
D)  Statement of Changes in Financial Position

Question 7

The figure below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $72,000 (Transaction 1). $\begin{array}{|c|c|c|c|c|c|c|c|c|c|}
\hline \text { Trans } & & \text { Assets } & & = & \text { Liab. } & &&{\text { Owner's Equity }} \
\hline & \text { Cash } & \text { Accts } & \text { Supp } & \text { Equip } & \text { Accts } & & \text { G. Sawyer, } & \text { Rev. } & \text { Expense } \
\hline & & \text { Rec } & & & \text { Pay } & & \text { Capital } & & \\hline\\hline 1 & +72,000 & & &&&&+72,000 \
\hline 2 & -8,200 & & & +8,200 \\hline 3 & & 5,200 & & &&&&+5,200 \
\hline 4 & & & & +3,680 & +3,680 \\hline 5 & -3,500 & &&&&& & &-3,500 \
\hline 6 & +670 & -670 & & & \\hline 7 & -2,400 & & & &&&-,400 \
\hline 8 & -450 & & +450 & & \\hline \text { Bal } & 58,120+ & 4,530+ & 450+ & 11,880= & 3,680 & + & 69,600+ & 5,200+ & -3,500 \
\hline
\end{array}$
-Prepare the balance sheet for Sawyer Architecture Services as of June 30, 2013.

Accepted Answer

The answer of The figure below shows the transactions for...

Question 8

The owner's investment or equity in a business is called

Accepted Answer

A)  cash 
B)  drawing 
C)  capital 
D)  accounts payable 
A)  cash 
B)  drawing 
C)  capital 
D)  accounts payable

Question 9

The rent paid for future months is a(n)

Accepted Answer

A)  asset. 
B)  liability. 
C)  expense. 
D)  revenue. 
A)  asset. 
B)  liability. 
C)  expense. 
D)  revenue.

Question 10

When cash is paid to a creditor, the firm's liabilities decrease.

Accepted Answer

A) True 
 B)False

The three-line heading of a financial statement shows who, what, and ___________________.

When revenue and expenses are equal, the firm is said to ___________________.

When the owner writes a company check to pay the firm's electric bill,

Amounts that a business must pay in the future are known as

Which financial statement is reported as of a specific date?

The owner's investment or equity in a business is called

The rent paid for future months is a(n)

When cash is paid to a creditor, the firm's liabilities decrease.

Accounting: the Language of Business

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters

Exam 2: Analyzing Business Transactions

The three-line heading of a financial statement shows who, what, and ___________________.

When revenue and expenses are equal, the firm is said to ___________________.

When the owner writes a company check to pay the firm's electric bill,

Amounts that a business must pay in the future are known as

Which financial statement is reported as of a specific date?

The owner's investment or equity in a business is called

The rent paid for future months is a(n)

When cash is paid to a creditor, the firm's liabilities decrease.

Accounting: the Language of Business

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters