Accounting

Formally recording the transaction in the accounting system is an example of ________.

Formally recording the transaction in the accounting system is an example of ________.

Formally recording the transaction in the accounting system is an example of ________.
A) Posting
B) Journalizing
C) Preparing
D) Closing

MichaelJoult   23   2 Replies

MichaelJoult

Realistic Rentals collected $10,000 in payment of advance rent for 6 months. This an example of ________.

Realistic Rentals collected $10,000 in payment of advance rent for 6 months. This an example of ________.

Realistic Rentals collected $10,000 in payment of advance rent for 6 months. This an example of ________.
A) an accrued receivable
B) a prepaid expense
C) an unearned revenue
D) an accrued liability

amanam   69   1 Reply

nhocloc

When a company receives a utility bill payable next month, the entry includes a(n) ________.

When a company receives a utility bill payable next month, the entry includes a(n) ________.

When a company receives a utility bill payable next month, the entry includes a(n) ________.
A) debit to a liability
B) credit to an asset
C) debit to an expense
D) debit to an asset

shelbes1234   62   3 Replies

joshuamwoodard

ABC Corporation issued common stock to its investors for $125,000. The journal entry to record this ...

ABC Corporation issued common stock to its investors for $125,000. The journal entry to record this ...

ABC Corporation issued common stock to its investors for $125,000. The journal entry to record this transaction includes a(n) ________.
A) debit to Investments
B) credit to Revenue
C) credit to Common Stock
D) debit to Expense

emily8694   37   1 Reply

pgiza834

Issuance of common stock for cash would be recorded by a ________.

Issuance of common stock for cash would be recorded by a ________.

Issuance of common stock for cash would be recorded by a ________.
A) credit to Retained Earnings
B) credit to Common Stock
C) debit to Investments
D) credit to Revenues

ejones3535   36   2 Replies

ejones3535

Jones Company sold merchandise on account for $90,000. This merchandise cost $58,000. The company ...

Jones Company sold merchandise on account for $90,000. This merchandise cost $58,000. The company ...

Jones Company sold merchandise on account for $90,000. This merchandise cost $58,000. The company uses the perpetual method of accounting for inventory. What would be the correct journal entry to record the transaction?

A)
Accounts Receivable90,

radkins0108   68   2 Replies

radkins0108

Smith Corporation purchased $75,000 of merchandise on credit. The company uses the perpetual method ...

Smith Corporation purchased $75,000 of merchandise on credit. The company uses the perpetual method ...

Smith Corporation purchased $75,000 of merchandise on credit. The company uses the perpetual method of recording inventory purchases. What would be the correct journal entry to record the purchase?

A)
Merchandise Inventory75,000
     Accounts P

yomama1997   32   2 Replies

yomama1997

Bay City Corporation received $27,000 for 12 months rent in advance. What entry is used to record ...

Bay City Corporation received $27,000 for 12 months rent in advance. What entry is used to record ...

Bay City Corporation received $27,000 for 12 months rent in advance. What entry is used to record this transaction?

A)
Cash27,000
       Prepaid Rent27,000

B)
Rent Expense27,000
       Cash27,000

C)
Cash27,000
       Unearned Revenu

vfairch   42   1 Reply

racehlk

Cameron Diaz Corporation purchased a computer system for $17,000. The company paid $4000 cash and ...

Cameron Diaz Corporation purchased a computer system for $17,000. The company paid $4000 cash and ...

Cameron Diaz Corporation purchased a computer system for $17,000. The company paid $4000 cash and issued a $13,000 note payable for the entire balance. The journal entry to record this transaction includes a(n) ________.
A) debit to Equipment for $1

mattkat1010   32   1 Reply

dlarose

Which of the following accounts has a normal credit balance?

Which of the following accounts has a normal credit balance?

Which of the following accounts has a normal credit balance?
A) Interest Expense
B) Deferred Revenue
C) Investments
D) Loss on Sale of Equipment

thomas3333   45   1 Reply

abood

All of the following accounts has a normal debit balance except ________.

All of the following accounts has a normal debit balance except ________.

All of the following accounts has a normal debit balance except ________.
A) Dividends
B) Loss on Sale of Land
C) Additional Paid in Capital
D) Land

wiliam789   29   2 Replies

wiliam789

Which of the following accounts has a normal credit balance?

Which of the following accounts has a normal credit balance?

Which of the following accounts has a normal credit balance?
A) Accounts Receivable
B) Taxes Payable
C) Patents
D) Equipment

tftc4e   53   3 Replies

rgmalish

Each of the following accounts has a normal credit balance except ________.

Each of the following accounts has a normal credit balance except ________.

Each of the following accounts has a normal credit balance except ________.
A) Sales Revenue
B) Accumulated Depreciation
C) Investments
D) Accounts Payable

SSASSY   56   3 Replies

smithzyk

Which of the following accounts has a normal debit balance?

Which of the following accounts has a normal debit balance?

Which of the following accounts has a normal debit balance?
A) Accounts Payable
B) Advertising Expense
C) Gain on Sale of Assets
D) Retained Earnings

Alehandrax   43   2 Replies

Alehandrax

The balance in the common stock account is increased by a credit.

The balance in the common stock account is increased by a credit.

The balance in the common stock account is increased by a credit.
[True or False]

dp   26   2 Replies

dp

A revenue account has a normal debit balance.

A revenue account has a normal debit balance.

A revenue account has a normal debit balance.
[True or False]

Haleyharris1   24   1 Reply

racehlk

The normal balance of a liability account is a debit.

The normal balance of a liability account is a debit.

The normal balance of a liability account is a debit.
[True or False]

sarah963   25   2 Replies

sarah963

The normal balance of an account is the side on which an increase in the account balance is recorded.

The normal balance of an account is the side on which an increase in the account balance is recorded.

The normal balance of an account is the side on which an increase in the account balance is recorded.
[True or False]

beunique123!   32   3 Replies

ment

List and define the elements of the accounting equation.

List and define the elements of the accounting equation.

List and define the elements of the accounting equation.

gabbywabbi   31   2 Replies

gabbywabbi

The Dark Chocolate Shoppe collected cash for amounts owed to the company. As a result, it will ________.

The Dark Chocolate Shoppe collected cash for amounts owed to the company. As a result, it will ________.

The Dark Chocolate Shoppe collected cash for amounts owed to the company.  As a result, it will ________.
A) increase revenue and increase cash
B) increase revenue and decrease accounts receivable
C) increase accounts receivable and decrease reven

jhester60   121   1 Reply

pgiza834

Jackson Company sold land that had been held for future plant expansion for more than its carrying ...

Jackson Company sold land that had been held for future plant expansion for more than its carrying ...

Jackson Company sold land that had been held for future plant expansion for more than its carrying value. This transaction is a(n) ________.
A) revenue
B) expense
C) gain
D) loss

bgottlieb410   56   2 Replies

bgottlieb410

Atlas Corporation sold a used machine for less than its carrying value. This transaction is a(n) ________.

Atlas Corporation sold a used machine for less than its carrying value. This transaction is a(n) ________.

Atlas Corporation sold a used machine for less than its carrying value. This transaction is a(n) ________.
A) revenue
B) expense
C) gain
D) loss

mrsbmarie   31   2 Replies

mrsbmarie

Jenner Corporation paid its annual dividend. This transaction represents a(n) ________.

Jenner Corporation paid its annual dividend. This transaction represents a(n) ________.

Jenner Corporation paid its annual dividend. This transaction represents a(n) ________.
A) liability
B) distribution to shareholders
C) loss
D) expense

MichaelJoult   30   2 Replies

MichaelJoult

Decreases in equity that result from peripheral transactions of an entity are referred to as ________.

Decreases in equity that result from peripheral transactions of an entity are referred to as ________.

Decreases in equity that result from peripheral transactions of an entity are referred to as ________.
A) liabilities
B) expenses
C) losses
D) dividends

yomama1997   26   1 Reply

natatorr

Expenses and losses will decrease liabilities.

Expenses and losses will decrease liabilities.

Expenses and losses will decrease liabilities.
[True or False]

A1   26   3 Replies

Mhartman97

Revenues and gains will increase retained earnings.

Revenues and gains will increase retained earnings.

Revenues and gains will increase retained earnings.
[True or False]

jj88888nb   27   1 Reply

Terrica095

Rent expense is normally considered a peripheral transaction of a company.

Rent expense is normally considered a peripheral transaction of a company.

Rent expense is normally considered a peripheral transaction of a company.
[True or False]

jmg89   27   2 Replies

jmg89

Gains and losses result from peripheral transactions of a company.

Gains and losses result from peripheral transactions of a company.

Gains and losses result from peripheral transactions of a company.
[True or False]

Josh   44   3 Replies

abood

Accumulated other comprehensive income is included in retained earnings.

Accumulated other comprehensive income is included in retained earnings.

Accumulated other comprehensive income is included in retained earnings.
[True or False]

lulu123   41   2 Replies

lulu123

To be recorded in the general journal, a transaction must be an economic event.

To be recorded in the general journal, a transaction must be an economic event.

To be recorded in the general journal, a transaction must be an economic event.
[True or False]

sora   38   2 Replies

sora

Liabilities represent claims of third parties against the assets of a business.

Liabilities represent claims of third parties against the assets of a business.

Liabilities represent claims of third parties against the assets of a business.
[True or False]

softballjunkie1   29   2 Replies

softballjunkie1

List the steps in the accounting cycle in the correct order.

List the steps in the accounting cycle in the correct order.

List the steps in the accounting cycle in the correct order.

kourtni   51   3 Replies

Muthafarabbas

The first step in the accounting cycle is to ________.

The first step in the accounting cycle is to ________.

The first step in the accounting cycle is to ________.
A) journalize transactions
B) analyze transactions
C) post transactions to the general ledger
D) prepare a worksheet

hannahk17   49   2 Replies

hannahk17

After transactions are recorded in the general journal, the next step in the accounting cycle is to ________.

After transactions are recorded in the general journal, the next step in the accounting cycle is to ________.

After transactions are recorded in the general journal, the next step in the accounting cycle is to ________.
A) prepare adjusting journal entries
B) prepare an adjusted trial balance
C) prepare financial statements
D) post transactions to the ge

stfajar   71   2 Replies

stfajar

The accounting cycle describes a process that includes all of the following except ________.

The accounting cycle describes a process that includes all of the following except ________.

The accounting cycle describes a process that includes all of the following except ________.
A) recording business transactions
B) aggregating business transactions into the financial statements
C) creating a road map of events
D) summarizing bus

msee1021   22   2 Replies

msee1021

Financial statements are prepared after the temporary accounts are closed.

Financial statements are prepared after the temporary accounts are closed.

Financial statements are prepared after the temporary accounts are closed.
[True or False]

DJSkopes   21   1 Reply

bergenstudent12

The first step in the accounting cycle is recording transactions in the general journal.

The first step in the accounting cycle is recording transactions in the general journal.

The first step in the accounting cycle is recording transactions in the general journal.
[True or False]

wddwdw   58   2 Replies

wddwdw

You just landed your dream job doing accounting for a small, organic farm! Due to high demand for ...

You just landed your dream job doing accounting for a small, organic farm! Due to high demand for ...

You just landed your dream job  doing accounting for a small, organic farm! Due to high demand for the popular honeycrisp apples, the owner is looking to expand. She has asked you to prepare a set of financial statements for the bank to review with h

bunbun11   27   2 Replies

bunbun11

Complete the table. Identify the steps in the applied financial accounting research process.

Complete the table. Identify the steps in the applied financial accounting research process.

Complete the table. Identify the steps in the applied financial accounting research process.

Step in research processDescription
Step 1
Step 2
Step 3
Step 4
Step 5
Step 6

Alehandrax   37   2 Replies

Alehandrax

Why is it important for accountants to understand the structure of the Codification?

Why is it important for accountants to understand the structure of the Codification?

Why is it important for accountants to understand the structure of the Codification?

demerska   14   2 Replies

demerska