Question 191 pts

Which of the following is included under the financing activities in the statement of cash flows?

Group of answer choices

Withdrawal of cash made by the owner

Payment of salaries to employees

Purchase of new office computers

Proceeds from sale of equipment

Flag question: Question 20

Question 201 pts

Which of the following transactions decreases liabilities?

Group of answer choices

Collection of account with customer

Cash purchases of merchandise

Acquisition of property on credit

Payment of notes payable

Flag question: Question 21

Question 211 pts

This functions as a financial diary of a business and ensures that the double-entry bookkeeping system is followed.

Group of answer choices

Ledger

Trial Balance

Journal

Financial statements

Flag question: Question 22

Question 221 pts

Accounts in the chart of accounts are listed in what order?

Group of answer choices

Magnitude of amounts

Financial statements order

Randomly

Alphabetically

Flag question: Question 23

Question 231 pts

An adjusting entry

Group of answer choices

involves parties external to the entity

is an entry made to update some of the ledger balances at the end of the year

is recorded anytime of the accounting period

is an entry made to correct erroneous entries made by the company

Flag question: Question 24

Question 241 pts

Closing entries are made:

Group of answer choices

to make all nominal account balances equal to zero

to make all ledger account balances equal to zero

to close all nominal accounts directly to the capital account

to make all real account balances equal to zero

Flag question: Question 25

Question 251 pts

Which of the following accounts is included in the Post-Closing Trial Balance?

Group of answer choices

Allowance for Bad Debts account

Interest Expense

Owner, Drawing

Income Summary

Flag question: Question 26

Question 261 pts

An automobile repair shop renders various car repair services for P25,000 on April 12. The shop sent a statement of account on April 15 and a payment was received on May 2. The amount was deposited with the bank on May 3. The firm uses accrual accounting. When is the P25,000 considered to be earned?

Group of answer choices

April 12

May 2

May 3

April 15

Flag question: Question 27

Question 271 pts

The "Owner, Capital" ending balance will NOT appear on the:

Group of answer choices

Post-Closing Trial balance

Statement of Owner's Equity

Statement of Financial Position

Income Statement

Flag question: Question 28

Question 281 pts

The following transactions will affect the statement of changes in equity, except

Group of answer choices

Payment of utilities expense

Collection of accounts receivable

Services rendered on account

Permanent cash withdrawal by the owner

Flag question: Question 29

Question 291 pts

Which of the following items would fall under the operating activities section of the statement of cash flows?

Group of answer choices

Payment of bank loan

Purchase of office supplies

Additional cash investment of owner

Purchase of office tables and chairs