24. Providing services on account would be recorded with a:

Debit to Service Revenue.

Debit to Accounts Receivable.

Credit to Accounts Receivable

15. One disadvantage of the corporate form of business is:

Double taxation.

Access to more capital.

Limited liability.

Smaller in size.

14.Which definition below best describes financial accounting?

Procedures designed to enhance the company's image to potential investors.

Measuring business activities and communicating them to external parties.

System of maintaining communication with a company's customers and suppliers.

Process of measuring income taxes owed to the government.

13.After posting transactions to the general ledger accounts, the sum of the accounts with debit balances should equal the sum of the accounts with credit balances.

True

False

12.The process of transferring the debit and credit information from the journal to individual accounts in the general ledger is called journalizing.

True

False