41. Which of the following types of accounts have credit balances? (Points : 2)

Assets and liabilities Liabilities and expenses Revenue and liabilities Owners equity and assets

Question 42. 42. The accounting method that recognizes revenue when you receive the money is called: (Points : 2)

Cash basis accounting Modified cash basis accounting Accrual accounting Modified accrual accounting

Question 43. 43. In order for the appropriate two decimal places to show on windows, you need to: (Points : 2)

Select Maintain, Company Info Select Company, Restore Display the beginning balances Select global settings for two decimal places

Question 44. 44. The adjusting entry to record expired prepaid insurance will include a debit to the: (Points : 2)

Prepaid insurance account Insurance expense account Cash None of the above

Question 45. 45. The classification and normal balance of the insurance expense account is: (Points : 2)

An asset with a debit balance An asset with a credit balance An expense with a debit balance A liability with a credit balance

Question 46. 46. PCA segregates accounting activities into customer or vendor activities, as well as: (Points : 2)

Company activities Employee activities Banking activities All the above

Question 47. 47. In PTCA, you can reconcile all the following accounts EXCEPT: (Points : 2)

Payroll Checking Petty Cash Accrued Wages Regular Checking

Question 48. 48. The posting method that saves transactions for later posting is called: (Points : 2)

Mixed posting Real-time posting Group posting Batch posting

Question 49. 49. Different accounting methods that can be used in Peachtree are: (Points : 2)

Cash basis and group posting Cash and accrual Real-time and batch posting Real-time and group posting

Question 50. 50. The adjusting entry to record depreciation for the accounting period is: (Points : 2)

Debit Depreciation Expense; credit Equipment Debit Depreciation Expense; credit Accumulated Depreciation Debit Accumulated Depreciation; credit Depreciation Expense Debit Equipment; credit Depreciation Expense