Moving to another question will save this response. Question 2 The owner's drawings (withdrawals) account appears on the income statement along with the expenses of the business. must show transactions every accounting period. causes owner's capital (equity) to decrease. is a proper subdivision of business liabilities. A Moving to another question will save this response. MacBook Pro MUVHg U allule questi Wil Save 5 TESPUMSe. Question 3 In a service-type business, revenue is considered recognized/earned. at the end of the month. at the end of the year. when cash is received. when the service is performed. A Moving to another question will save this response. MacBook Pro Moving to another question will save this response. Question 4 Adjusting entries are required because some expenses are incurred with the passage of time and have not yet been recorded. when expenses are recorded in the period in which they are incurred. when the company's profits are below the budgeted profit amounts. when revenues are recorded in the period in which services are performed. A Moving to another question will save this response. MacBook Pro * $ % & 2 Moving to another question will save this response. Questions The closing entry process consists of closing all asset and liability accounts. all temporary accounts. all permanent accounts. out the owner's capital account. Moving to another question will save this response. MacBook Pro $ % & 3 Moving to another question will save this response Ques Question 6 0.5 point Closing entries are made in order to terminate the business as an operating entity. in order to transfer net income (or loss) and owner's drawings to the owner's capital account so that accounts ledgers can be prepared. so that all assets, liabilities, and owner's capital accounts will have zero balances when the next accounting period starts. Moving to another question will save this response. MacBook Pro $ % 3 3 4 E & 6 7 7 V 8 A 9 5 9 5 Reme. JJWtes, IU SULUIUS Question Completion Status: Moving to another question will save this response Question 7 of 12 Question 7 0.5 points Save A Under accrual basis accounting cash must be received before revenue is recognized. net income is calculated by matching cash outflows against cash inflows. expenses for the company's financial statements are recognized in the period these are incurred rather than in the period in which cash is paid. expenses are recorded when cash is paid, and revenues are recognized when cash is received as per IFRS. > Moving to another question will save this response. Question 7 MacBook Pro % 5 0 & 7 V 8 A 9 A 9 3 3 4 E 6 7 4 Moving to another question will save this response. Question 8 The primary goal of the International Accounting Standards Board) IASB is to: To promote the use of the standards in sole traders and partnerships Provide the world a common language for financial reporting called IFRS. To create rules which ensure that financial statements are correct? To prepare standards which investors like. Moving to another question will save this response. MacBook Pro Moving to another question will save this response Question 9 restion 9 0.5 points At October 1, 2016, Medina Co. had an accounts payable balance of $50,000. During the month, the company made purchases on account of $35,000 and made payments on account of $48,000. At October 31, 2016, the accounts payable balance is $37,000. $133,000 $33,000 $63,000 Moving to another question will save this response. Quest MacBook Pro $ * & % 4 E 5 0 6 7 7 V 8 A 9 Moving to another question will save this response Question 10 of 12 uestion 10 05 points Save Answ In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $800. The cash account has a(n) $600 credit balance $800 credit balance. $1,400 debit balance. $600 debit balance. Moving to another question will save this response.
