Question
1./ A partnership closes current earnings to the following account(s): a. retained earning b. partners capital accounts c. partners draw accounts d. capital stock 2./
1./ A partnership closes current earnings to the following account(s):
a. retained earning
b. partners capital accounts
c. partners draw accounts
d. capital stock
2./ DOS stands for the number of days sales outstanding in:
a. account receivable
b. inventory
c. accounts payable
d. the available cash balance
3./ A increase affects a liability and expense accounts in the same way ( by either a debit or credit ).
a. True
b. False
4./ To defer an expense means to recognize the expense in a period or periods subsequent to the recording of the original transaction.
a. True
b. False
5./ When performing a cash payments transaction in integrated accounting the account most commonly credited is:
a. expense
b. cash
c. inventory
c. account payable
6./ The normal balance of an asset account is opposite the normal balance of:
a. expense and equity accounts only
b. equity liability and income accounts
c. expense liability and equity accounts
d. liability and equity accounts only
7./ In integrated accounts, the followings steps must be performed to ensure an accurate payroll?
a. Enter payroll transaction; Generate current Payroll Journal Entries; Generate Employers Payroll Taxes Journal Entry.
b. Enter payroll transactions; Generate current Payroll Journal Entry; Generate employees Payroll Taxes Journal Entry.
c. Enter payroll transactions; Generate Employees Payroll Taxes Journal Entry; Calculate Voluntary Deductions.
d. Enter payroll transactions; Calculate Voluntary Deductions; Generate employers Payroll Taxes Journal Entry
8./ The two types of inventory control methods are and.(please be careful to check your spelling; an incorrect spelling may result in an incorrect answer,)
please help me answer those questions. Thank you very much
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