Question Details

Which of the following business events is not a transaction



1.	The cost principle relates most closely to the
a.	recognition point.
b.	recognition issue.
c.	valuation issue.
d.	classification issue.




	2.	Which of the following business events is not a transaction?
a.	Signing a contract
b.	Paying wages
c.	Receiving goods
d.	Purchasing a service



	3.	If Accounts Receivable has debit postings of $29,000, credit postings of $22,000, and a normal ending balance of $24,000, which of the following was its beginning balance?
a.	$31,000 Dr.
b.	$17,000 Dr.
c.	$17,000 Cr.
d.	$31,000 Cr.



	4.	To determine the balance of a particular account, one should refer to the
a.	source documents.
b.	chart of accounts..
c.	book of original entry.
d.	 ledger



	5.	Which of the following accounts is increased with a debit ?
a.	Jim Webb, Capital
b.	Rent Payable
c.	Legal Fees Earned
d.	Jim Webb, Withdrawals




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