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Which of the following gives the correct sequence of accounting procedures 1. An $80 credit item is accidentally posted as a debit. The trial balance column totals will therefore differ by a. $0. b. $40. c. $80. d. $160. 2. Which of the following gives the correct sequence of accounting procedures ? a. Financial statements, trial balance, ledger, journal b. Financial statements, journal, ledger, trial balance c. Journal, ledger ...

Other / Other 30 May 2016

The Owner's Capital account has a normal debit balance True or false: 1. An increase in revenue is recorded with a credit. 2. Owner's withdrawals should appear on the statement of owner's equity. 3. The Owner's Withdrawals account has a normal credit balance. 4. Expenses have a normal credit balance. 5. The Owner's Capital account has a normal debit balance. Business Management Assignment Help, Business Management ...

Other / Other 30 May 2016

Which of the following events does not result in the recording of an expense 1. A transaction in which six months' rent is paid in advance. Which of the following journal entries records the transaction? a. Prepaid Rent – Debit; Cash – Credit b. Rent Receivable – Debit; Cash – Credit c. Rent Revenue – Debit; Cash – Credit d. Rent Expense– Debit; Cash – Credit 2. Which of ...

Other / Other 30 May 2016

Which of the following is a business event that is not considered a recordable transaction 1. When a business records revenue before it has been earned, it has violated the measurement issue of a. recognition. b. evaluation. c. classification. d. valuation. 2. When a business reports an asset at an inflated dollar amount, it has violated the measurement issue of a. recognition. b. valuation. c. classification. d. realizati ...

Other / Other 30 May 2016

The amount of profit would always be equal to the ending cash balance True or false: 1. The amount of profit would always be equal to the ending cash balance. 2. One can obtain a clear picture of a company's liquidity by referring to its income statement. 3. One can obtain a clear picture of a company's liquidity by referring to its statement of cash flows. 4. Revenue should be recorded when it has been earned, not ...

Other / Other 30 May 2016

Purchase requisitions are recognized in the accounting records. True or false: 1. When a company receives a product previously ordered, a recordable transaction has occurred. 2. When a business hires a new employee, a recordable transaction has occurred. 3. The valuation issue deals with how the components of a transaction should be categorized. 4. In accounting, to recognize means to record a transaction or event. ...

Other / Other 30 May 2016

Given the following ledger account and postings, complete the Balance column 1. Provide explanations for the following related journal entries: a. Prepaid Rent 4,000 Cash 4,000 b. Trucks 36,000 Notes Payable 36,000 c. Cash 600 Accounts Receivable 600 d. Notes Payable 18,000 Cash 18,000 e. Cash 2,500 Unearned Fees 2,500 2. Given the following ledger account and postings, complete the Balance column ...

Other / Other 30 May 2016

An owner's withdrawals are classified as an expense. True or false: 1. All companies use the same standard set of accounts. 2. The accounts in a chart of accounts are normally listed in alphabetical order. 3. The numbering scheme of a chart of accounts should contain no gaps. 4. Wages payable is a type of expense. 5. An owner's withdrawals are classified as an expense. Business Management Assignment Help, ...

Other / Other 30 May 2016

Which of the following errors will cause the trial balance to be out of balance 1. Which of the following errors will not cause the debit and credit columns of a trial balance to be unequal? a. A debit was posted to an account as a credit. b. A journal entry was posted twice. c. The trial balance was incorrectly summed. d. Only part of a journal entry was posted. 2. Which of the following errors will cause a trial balance to b ...

Other / Other 30 May 2016

A decrease in a liability is recorded by a debit True or false: 1. Column totals are called footings. 2. A decrease in a liability is recorded by a debit. 3. An increase in an asset is recorded by a debit. 4. The double-entry system is possible because all business transactions have two equal and opposite aspects. 5. A decrease in the Owner's Capital account is recorded with a credit. Business Management A ...

Other / Other 30 May 2016