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Term

Which of the adhering to defines the classification and normal balance of the fees earned account?

A. an ascollection through a credit balance

B. a licapacity with a credit balance

C. an price through a debit balance

D. a revenue via a credit balance

Definition D. a revenue through a credit balance
Term

Which of the adhering to types of accounts have actually a normal crmodify balance?

A. funding stock and also dividends

B. profits and also liabilities

C. assets and liabilities 

D. liabilities and expenses

Definition B. earnings and also liabilities
Term

A list of the accounts is called

A. T account

B. ledger

C. debit

D. chart of accounts

Definition D. chart of accounts
Term

The classification and also normal balance of the gives expense account is a(n)

A. ascollection via a delittle bit balance

B. price via a debit balance

C. ascollection via a crmodify balance

D. liability with a crmodify balance

Definition B. expense through a delittle balance
Term

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

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True

 

False

Definition True
Term

Journal entries deserve to have actually even more than two accounts as long as the debits equal the credits.

True

 

False

Definition True
Term

The short article reference notation supplied in the journal is the web page number. 

True

 

False

Definition False
Term

A chart of accounts is a listing of accounts that make up the journal.

True

 

False

Definition False
Term

Which of the complying with entries records the receipt of cash for two months" rent? The cash was obtained in advanceof giving the company.

A. Prepassist Rent, debit; Rent Revenue, crmodify.

B. Cash, debit; Rent Expense crmodify.

C. Cash, debit; Unearned Rent, credit.

D. Cash, debit; Prepaid Rent, credit.

Definition C. Cash, debit; Unearned Rent, crmodify.
Term

The trial balance is out of balance and the accountant suspects that a transplace or slide error has arisen. What will certainly the accountant perform to find the error?

A. Determine the amount of the error and also divide by 2, then look for that amount on the trial balance.

B. Determine the amount of the error and look for that amount on the trial balance.

C. Determine the amount of the error and also divide by nine. If the result is evenly divided, then this form of error is likely.

D. Determine the amount of the error and describe the journal entries for that amount.

Definition

C. Determine the amount of the error and divide by nine. If the outcome is evenly divided, then this kind of error is likely.

Term

Randomly listed below are the measures for preparing a trial balance:

(1) Verify that the total of the Delittle bit column equals the total of the Credit column.

(2) List the accounts from the ledger and also enter their delittle bit or credit balance in the Debit or Credit column

of the trial balance.

(3) List the name of the agency, the title of the trial balance, and also the date the trial balance is ready.

(4) Total the Debit and also Crmodify columns of the trial balance.

What is the proper order of these steps?

A. (3), (2), (4), (1)

B. (2), (3), (4), (1)

C. (3), (2), (1), (4)

D. (4), (3), (2), (1)

Definition A. (3), (2), (4), (1)
Term

Which of the complying with entries records the payment of rent for the present month?

A. Rent Expense, debit; Cash, credit

B. Cash, debit; Rent Expense, credit

C. Rent Expense, debit; Accounts Receivable, credit

D. Accounts Payable, debit; Rent Expense, credit

Definition A. Rent Expense, debit; Cash, credit
Term

An account is sassist to have a debit balance if

A. tright here are even more entries on the delittle side than on the crmodify side

B. tright here are even more entries on the crmodify side than on the delittle bit side

C. the amount of the debits exceeds the amount of the credits

D. the first entry of the accountancy period was posted on the delittle bit side

Definition C. the amount of the debits exceeds the amount of the credits
Term

Which of the adhering to statements is not true around liabilities?

A. Liabilities are debts owed to outsiders.

B. Receiving cash before a business is performed creates a licapacity.

C. Account titles of liabilities regularly incorporate the term “payable.”

D. Liabilities carry out not include wperiods owed to employees of the agency.

Definition D. Liabilities execute not encompass wperiods owed to employees of the company.
Term

Retained income will be diminished by every one of the complying with except

A. revenues

B. expenses

C. dividends

D. every one of these

Definition A. revenues
Term

Which among the statements listed below is not a function for the journal?

A. to present boosts and also decreases in accounts

B. to show a complete transactivity in one place

C. to aid posting transactions to ledger 

D. to present a chronological order by date

Definition A. to display boosts and also decreases in accounts
Term

Which of the adhering to accounts increase via a credit?

A. resources stock, revenues, expenses

B. assets, resources stock, revenues

C. liabilities, resources stock, revenues

D. kept revenue, funding stock, assets

Definition C. liabilities, resources stock, revenues
Term

Which of the following group of accounts are enhanced through a debit?

A. assets, profits, expenses

B. assets, liabilities, revenues

C. assets, dividends, expenses

D. assets, liabilities, stockholders’ equity

Definition C. assets, dividends, expenses
Term

Revenue must be recognized when

A. the customer charges an order

B. the service is performed

C. the customer places an order

D. cash is received

Definition B. the service is performed
Term

The totals at the bottom of the trial balance and also the totals at the bottom of the balance sheet both display equality and balancing, and also therefore need to be equal.

True

 

False

Definition False
Term

The cash account will certainly always be debited

True

 

False

Definition False
Term

The erroneous arrangement of digits, such as writing $45 as $54, is called a slide.

True

 

False

Definition False
Term

For a month"s transactions for a typical medium-sized company, the accounts payable account is likely to have actually only credit entries.

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True

 

False

Definition False
Term

The unearned revenues account is an instance of a liability.