Are they right?

9.Internal users of accounting information include:

	Shareholders
	Customers
	Creditors
	Government regulators
	Line Supervisor

10.Which of the following statements regarding account classification is true?

	Assets and revenues are the same thing
	If employees have not yet been paid for their work, the company has wages payable
	Retained earnings equal cash which the company has earned and kept
	Revenue is another term for profit
	Revenue minus expense equals retained earnings

11.A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances is called a(n):

	Account balance
	Trial balance
	Ledger
	Chart of accounts
	General Journal

12.The accounting process begins with:

	Analysis of business transactions and events
	Preparation of financial statements and other reports
	Summarizing the recorded effects of business transactions
	Presentation of financial information to decision-makers
	Preparation of the trial balance

13.Source documents:

	Include the ledger
	Are the sources of accounting information
	Must be in electronic form
	Are based on accounting entries
	Include the chart of accounts

14.A $120 credit to Office Equipment was credited to Fees Earned by mistake. By what amounts are the accounts under or overstated as a result of this error?

	Office Equipment, overstated $120; Fees Earned, overstated $120.
	Office Equipment, understated $240; Fees Earned, overstated $120.
	Office Equipment, overstated $120; Fees Earned, understated $120.
	Office Equipment, understated $120; Fees Earned, overstated $120.
	Office Equipment, overstated $240; Fees Earned, understated $120.

15.What is another name for the general journal?

	The book
	The ledger
	The book of original entry
	The record
	The account book