A chart of accounts:

include account balances

is a listing of all the accounts used by a company

all of the above

is set up in alphabetical order

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Question 2 5 pts

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0 multiple_choice_question 882759

If Sheila worked 38 hours, how many hours of overtime will Sheila earn?

If Sheila worked 38 hours, how many hours of overtime will Sheila earn?

9

2

5

0

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Question 3 5 pts

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0 multiple_choice_question 882753

The accounts payable account is:

The accounts payable account is:

an expense, and it has a normal credit balance.

a liabiity, and it has a normal credit balance.

a liability, and it has a normal debit balance.

a revenue, and it has a normal debit balance.

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Question 4 5 pts

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0 multiple_choice_question 882745

The beginning balance in the computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is:

The beginning balance in the computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is:

$3000 credit

$3000 debit

$2000 debit

$2000 credit

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Question 5 5 pts

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0 multiple_choice_question 882771

After closing the revenue and expense accounts, the Income Summary showed a debit balance of $2,000. Which of the following statements is true?

After closing the revenue and expense accounts, the Income Summary showed a debit balance of $2,000. Which of the following statements is true?

None of these answers are correct.

The company had a net loss of $2,000.

The company's cash increased $2,000.

The company had a net income of $2,000.

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Question 6 5 pts

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0 multiple_choice_question 882730

The beginning balance in the computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is:

The beginning balance in the computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is:

$3000 debit

$2000 credit

$3000 credit

$2000 debit

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Question 7 5 pts

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0 multiple_choice_question 882742

Accounting provides information to:

Accounting provides information to:

all of the above

managers

government

investors

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Question 8 5 pts

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0 multiple_choice_question 882734

A journal entry affecting three or more accounts is called a:

A journal entry affecting three or more accounts is called a:

compound entry

multi-step entry

simple entry

multi-level entry

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Question 9 5 pts

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0 multiple_choice_question 882747

The process that begins with recording business transactions, and includes the completion of the financial statements is the:

The process that begins with recording business transactions, and includes the completion of the financial statements is the:

calendar year

accounting cycle

natural business year

fiscal year

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Question 10 5 pts

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0 multiple_choice_question 882733

Financial statements that are prepared for a period shorter that a year are called:

Financial statements that are prepared for a period shorter that a year are called:

interim statements

monthly statements

accounting period statements

fiscal year statements

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Question 11 5 pts

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0 multiple_choice_question 882768

In the normal accounting cycle the:

In the normal accounting cycle the:

adjusting and closing entries are journalized before the financial statements are prepared

financial statements are prepared before the adjusting entries are posted.

financial statements are repared after the adjusting entries are posted.

post-closing trial balance is prepared before the closing entries are posted.

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Question 12 5 pts

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0 multiple_choice_question 882736

A ledger:

A ledger:

is the same as a chart of accounts

is a group of accounts and their balances

none of these answers are correct

can replace the financial statements

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Question 13 5 pts

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0 multiple_choice_question 882739

An account is said to have a debit balance if:

An account is said to have a debit balance if:

its normal balance is debit without regard to the amounts or number of entries on the debit side.

the last entry of the accounting period was posted on the debit side.

there are more entries on the debit side than on the credit side.

the footing of the debits exceeds the footing of the credits.

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Question 14 5 pts

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0 multiple_choice_question 882765

A contra-revenue account with a debit balance for returned goods is called:

A contra-revenue account with a debit balance for returned goods is called:

the discount period

Sales Returns and Allowances

the credit period

Sales Discounts

No answer text provided.

No answer text provided.

No answer text provided.

No answer text provided.

The type of business organization that can continue indefinitely is known as a:

partnership

none of the above

sole proprietorship

corporation

An account is said to have a debit balance if:

its normal balance is debit without regard to the amounts or number of entries on the debit side.

there are more entries on the debit side than on the credit side.

the last entry of the accounting period was posted on the debit side.

the footing of the debits exceeds the footing of the credits.

Which of the following accounts would be increased by a debit?

capital

accounts payable

cash

fees earned

A journal entry affecting three or more accounts is called a

multi-level entry

multi-step entry

simple entry

compound entry

Revenue is traditionally recognized in the accounting records when:

service is rendered

cash is received

none of the above

it is incurred