Question 1

_________________________ provide the evidence needed in an accounting system to record a transaction.

Accepted Answer

The answer of _________________________ provide the evidence needed in an...

Question 2

The general ledger is sometimes called the book of original entry because it is the accounting record where transactions are first recorded.

Accepted Answer

A) True 
 B)False

Question 3

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 a(an)

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 4

The issuance of stock decreases a company's assets and increases its stockholders' equity.

Accepted Answer

A) True 
 B)False

Question 5

Wolfe Inc. Wolfe Inc.reports these account balances at January 1,2014:
  See the account balances for Wolfe Inc.
On January 31,Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 31,2014,the total liabilities are:

Accepted Answer

A) $0 
B) $56,000 
C) $41,000 
D) $30,000 
A) $0 
B) $56,000 
C) $41,000 
D) $30,000

Question 6

All of the following accounts have normal credit balances except

Accepted Answer

A) Accounts Payable 
B) Common Stock (Capital Stock) 
C) Investments 
D) Service Revenue 
A) Accounts Payable 
B) Common Stock (Capital Stock) 
C) Investments 
D) Service Revenue

Question 7

Given that Curtain Corp.'s current ratio is 3 to 2,what is the effect of obtaining a patent from the inventor in exchange for shares of stock in Curtain Corp.?

Accepted Answer

A) The current ratio would increase. 
B) The current ratio would decrease. 
C) The current ratio would remain the same. 
D) Unable to determine. 
A) The current ratio would increase. 
B) The current ratio would decrease. 
C) The current ratio would remain the same. 
D) Unable to determine.

Question 8

Provide at least three source documents and the related event for which each would provide the evidence to record.

Accepted Answer

Student answers may vary but could inclu

Question 9

The payment of salaries and wages decreases cash and increases a(n)____________________.

Accepted Answer

The answer of The payment of salaries and wages decreases...

Question 10

A(n)________________________________ is a numerical list of all of the accounts used by an entity.

Accepted Answer

The answer of A(n)________________________________ is a numerical list of all...

Question 11

Which pair of accounts has the same set of rules for debit and credit entries?

Accepted Answer

A) Common Stock (Capital Stock)and Accounts Payable 
B) Salaries Expense and Retained Earnings 
C) Cash and Notes Payable 
D) Sales Revenue and Accounts Receivable 
A) Common Stock (Capital Stock)and Accounts Payable 
B) Salaries Expense and Retained Earnings 
C) Cash and Notes Payable 
D) Sales Revenue and Accounts Receivable

Question 12

When making a general journal entry,there can only be one debit and one credit.

Accepted Answer

A) True 
 B)False

Question 13

Several accounts from the financial statements of Madison Company are listed below.In the two columns provided for answers,indicate the type of account and the normal account balance.Use the following identification codes for your answers:

Accepted Answer

The answer of Several accounts from the financial statements of...

Question 14

Would errors made by a bookkeeper in recording journal entries and in posting journal entries to the general ledger be discovered by preparing a trial balance? Explain why or why not for both the journal entry errors and the posting errors.

Accepted Answer

If equal dollar amounts were recorded in

Question 15

Morton & Associates Use the following five transactions for Morton & Associates,Inc.to answer the question(s).
  See the transactions to Morton & Associates.
The journal entry to record the May 15 transaction will include a debit of $1,220 to

Accepted Answer

A) Salaries Expense 
B) Salaries Payable 
C) Prepaid Expenses 
D) Accounts Payable 
A) Salaries Expense 
B) Salaries Payable 
C) Prepaid Expenses 
D) Accounts Payable

Question 16

The payment of employee salaries has what effect on the accounting equation?

Accepted Answer

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

Question 17

Payment is made for land purchased earlier on credit.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 decrease. 
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 decrease. 
D) Liabilities decrease and assets decrease.

Question 18

Liabilities and stockholders' equity are ____________________ by debits.

Accepted Answer

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

Question 19

Presented below are a list of source documents and a list of transactions.Using the identification letters before each source document,indicate next to each transaction which source document serves as evidence for the recording of the transaction.

Accepted Answer

The answer of Presented below are a list of source...

Question 20

Carl and Stefanie each invest $15,000 in a business and are given shares of stock in Thibeau Industries as evidence of their ownership interests.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.

_________________________ provide the evidence needed in an accounting system to record a transaction.

The general ledger is sometimes called the book of original entry because it is the accounting record where transactions are first recorded.

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 a(an)

The issuance of stock decreases a company's assets and increases its stockholders' equity.

Wolfe Inc. Wolfe Inc.reports these account balances at January 1,2014: See the account balances for Wolfe Inc. On January 31,Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 31,2014,the total liabilities are:

All of the following accounts have normal credit balances except

Given that Curtain Corp.'s current ratio is 3 to 2,what is the effect of obtaining a patent from the inventor in exchange for shares of stock in Curtain Corp.?

Provide at least three source documents and the related event for which each would provide the evidence to record.

The payment of salaries and wages decreases cash and increases a(n)____________________.

A(n)________________________________ is a numerical list of all of the accounts used by an entity.

Which pair of accounts has the same set of rules for debit and credit entries?

When making a general journal entry,there can only be one debit and one credit.

Several accounts from the financial statements of Madison Company are listed below.In the two columns provided for answers,indicate the type of account and the normal account balance.Use the following identification codes for your answers:

Would errors made by a bookkeeper in recording journal entries and in posting journal entries to the general ledger be discovered by preparing a trial balance? Explain why or why not for both the journal entry errors and the posting errors.

Morton & Associates Use the following five transactions for Morton & Associates,Inc.to answer the question(s). See the transactions to Morton & Associates. The journal entry to record the May 15 transaction will include a debit of $1,220 to

The payment of employee salaries has what effect on the accounting equation?

Payment is made for land purchased earlier on credit.For this transaction,identify the effect on the accounting equation.

Liabilities and stockholders' equity are ____________________ by debits.

Presented below are a list of source documents and a list of transactions.Using the identification letters before each source document,indicate next to each transaction which source document serves as evidence for the recording of the transaction.

Carl and Stefanie each invest $15,000 in a business and are given shares of stock in Thibeau Industries as evidence of their ownership interests.For this transaction,identify the effect on the accounting equation.

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

_________________________ provide the evidence needed in an accounting system to record a transaction.

The general ledger is sometimes called the book of original entry because it is the accounting record where transactions are first recorded.

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 a(an)

The issuance of stock decreases a company's assets and increases its stockholders' equity.

Wolfe Inc. Wolfe Inc.reports these account balances at January 1,2014: See the account balances for Wolfe Inc. On January 31,Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable.On January 31,2014,the total liabilities are:

All of the following accounts have normal credit balances except

Given that Curtain Corp.'s current ratio is 3 to 2,what is the effect of obtaining a patent from the inventor in exchange for shares of stock in Curtain Corp.?

Provide at least three source documents and the related event for which each would provide the evidence to record.

The payment of salaries and wages decreases cash and increases a(n)____________________.

A(n)________________________________ is a numerical list of all of the accounts used by an entity.

Which pair of accounts has the same set of rules for debit and credit entries?

When making a general journal entry,there can only be one debit and one credit.

Several accounts from the financial statements of Madison Company are listed below.In the two columns provided for answers,indicate the type of account and the normal account balance.Use the following identification codes for your answers:

Would errors made by a bookkeeper in recording journal entries and in posting journal entries to the general ledger be discovered by preparing a trial balance? Explain why or why not for both the journal entry errors and the posting errors.

Morton & Associates Use the following five transactions for Morton & Associates,Inc.to answer the question(s). See the transactions to Morton & Associates. The journal entry to record the May 15 transaction will include a debit of $1,220 to

The payment of employee salaries has what effect on the accounting equation?

Payment is made for land purchased earlier on credit.For this transaction,identify the effect on the accounting equation.

Liabilities and stockholders' equity are ____________________ by debits.

Presented below are a list of source documents and a list of transactions.Using the identification letters before each source document,indicate next to each transaction which source document serves as evidence for the recording of the transaction.

Carl and Stefanie each invest $15,000 in a business and are given shares of stock in Thibeau Industries as evidence of their ownership interests.For this transaction,identify the effect on the accounting equation.

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