Question 11(1 point)

The correct journal entry for a business remitting HST to the governmentwould be:

Question 11 options:

a)debit Tax Expense, credit HST Payable.

b)debit Tax Expense, credit Bank.

c)debit Bank, debit HST Recoverable, credit HST Payable.

d)debit HST Payable, credit HST Recoverable, credit Bank.

Question 12

A business had the following balances on the day it was to remit HST to the government: HST Recoverable $3,150; HST Payable $4,618. How much must the business remit?

Question 12 options:

a)$4 618.

b)$7 768.

c)$3 150.

d)$1 468.

Question 13

The terms "account" and "ledger" are the same and may be used interchangeably.

Question 13 options:

a) True

b) False

Question 14

Drawings are included in the income statement.

Question 14 options:

a) True

b) False

Question 15

An example of a transaction demonstrating drawings would be an owner taking equipment of the company for her/his own use.

Question 15 options:

a) True

b) False

Question 16

If revenue exceeds expenses, there will always be an increase in equity.

Question 16 options:

a) True

b) False

Question 17

If a company paid its phone bill using cash, one of the accounts affected would be a liability account.

Question 17 options:

a) True

b) False

Question 18

Equity decreases on the debit side.

Question 18 options:

a) True

b) False

Question 19(1 point)

Expenses are recorded on the credit side of the account.

Question 19 options:

a) True

b) False

Question 20

The year is only recorded on the first line of each page of the journal.

Question 20 options:

a) True

b) False

Question 21

Accounting entries are first recorded in the journal.

Question 21 options;

a) True

b) False

Question 22

In a journal entry, accounts to be debited are recorded before accounts to be credited.

Question 22 options:

a) True

b) False

Question 23

When a customer purchases an item on account, the accounting clerk for the seller will debit Accounts Receivable.

Question 23 options:

a) True

b) False

Question 24

A group or file of accounts is called a ledger.

Question 24 options:

a) True

b) False

Question 25

A ledger only keeps records for a period of one year.

Question 25 options:

a) True

b) False

Question 26

A balance sheet can be prepared from information in the ledger.

Question 26 options:

a) True

b) False

Question 27

Revenues are credited when a sale is made.

Question 27 options:

a) True

b) False

Question 28

How do people make babies.

Question 28 options are

a) Sexual intercourse

b)Medicine

c) Penis in vagina