Exam 2: Analyzing and Recording Business Transactions

When a company records the purchase of 1 month of prepaid expense the transaction does not affect the totals of assets or liabilities and owner's equity.

(True/False)

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Question 61

Mesquite,Inc.engaged in the following transactions during October: What is the amount of cash still to be received?

(Multiple Choice)

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Question 62

Which of the following business events is not a transaction

(Multiple Choice)

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Question 63

Proper journal form is a way of recording a transaction with the date,debit account,and debit amount shown on one line,and the credit account (indented)and credit amount shown on the next line.

(True/False)

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Question 64

Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal?

(Multiple Choice)

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Question 65

Which of the following is not a measurement issue in accounting?

(Multiple Choice)

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Question 66

Business transactions are economic events that should be recorded in the accounting records.

(True/False)

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Question 67

In a journal entry,the Post.Ref.column is left blank until the entry has been posted.

(True/False)

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Question 68

The trial balance for Parker Company is as follows: If the balance of the Mike Parker,Withdrawals account were $100,000 and the balance of the Wages Expense account were $10,000,what would be the amount of B?

(Multiple Choice)

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Question 69

A trial balance proves that the accounts are in balance.Does a balanced trial balance also prove that all the transactions are correctly analyzed and recorded? Why or why not?

(Essay)

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Question 70

One way a company can manage its expenditures is to rely on its creditors to give it time to pay for purchases.

(True/False)

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Question 71

Copper Company engaged in the following transactions during April If the balance in cash after these transactions is $115,000,how much cash was collected on account?

(Multiple Choice)

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Question 72

The withdrawal of cash by the owner will

(Multiple Choice)

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Question 73

In accounting,to recognize means to record a transaction or event.

(True/False)

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Question 74

Withdrawls and revenues are deductions from owner's equity.

(True/False)

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Question 75

Which of the following statements is false about a journal entry?

(Multiple Choice)

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Question 76

Using the alphabetical list of account balances presented below,all of which are normal,prepare a trial balance for Cookies and Cream Company at June 30,2014,in proper order.Compute the balance of the Cash account.

(Essay)

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Question 77

A decrease in the Owner's Capital account is recorded with a debit.

(True/False)

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Question 78

Which of the following accounts is not shown on the Statement of Owner's Equity?

(Multiple Choice)

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Question 79

When a company receives a product previously ordered,a recordable transaction has occurred.

(True/False)

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Question 80

Showing 61 - 80 of 136

When a company records the purchase of 1 month of prepaid expense the transaction does not affect the totals of assets or liabilities and owner's equity.

Mesquite,Inc.engaged in the following transactions during October: What is the amount of cash still to be received?

Which of the following business events is not a transaction

Proper journal form is a way of recording a transaction with the date,debit account,and debit amount shown on one line,and the credit account (indented)and credit amount shown on the next line.

Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal?

Which of the following is not a measurement issue in accounting?

Business transactions are economic events that should be recorded in the accounting records.

In a journal entry,the Post.Ref.column is left blank until the entry has been posted.

The trial balance for Parker Company is as follows: If the balance of the Mike Parker,Withdrawals account were $100,000 and the balance of the Wages Expense account were $10,000,what would be the amount of B?

A trial balance proves that the accounts are in balance.Does a balanced trial balance also prove that all the transactions are correctly analyzed and recorded? Why or why not?

One way a company can manage its expenditures is to rely on its creditors to give it time to pay for purchases.

Copper Company engaged in the following transactions during April If the balance in cash after these transactions is $115,000,how much cash was collected on account?

The withdrawal of cash by the owner will

In accounting,to recognize means to record a transaction or event.

Withdrawls and revenues are deductions from owner's equity.

Which of the following statements is false about a journal entry?

Using the alphabetical list of account balances presented below,all of which are normal,prepare a trial balance for Cookies and Cream Company at June 30,2014,in proper order.Compute the balance of the Cash account.

A decrease in the Owner's Capital account is recorded with a debit.

Which of the following accounts is not shown on the Statement of Owner's Equity?

When a company receives a product previously ordered,a recordable transaction has occurred.

Accounting Principles and the Financial Statements

Adjusting the Accounts

Completing the Accounting Cycle

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Supplement: Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Supplement: the Statement of Cash Flows

Financial Statement Analysis

Accounting for Investments

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