Multiple Choice
Accounting systems should record
A) all economic events.
B) events that result in a change in assets, liabilities, or shareholders' equity items.
C) only events that involve cash.
D) only events that include revenues, expenses, and cash.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: The recording process occurs<br>A)once a year.<br>B)once a
Q24: A trial balance will not balance when<br>A)a
Q25: A company that receives money in advance
Q26: A paid dividend<br>A)decreases assets and shareholders' equity.<br>B)increases
Q27: The chart of accounts is the framework
Q29: An expense account is a subdivision of
Q30: A trial balance is prepared<br>A)on a monthly
Q31: If a company has overdrawn its bank
Q32: An accounting report that lists all assets,
Q33: For the basic accounting equation to stay