Question
Question 3 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is the correct order of the steps in
Question 3
Not yet answered
Marked out of 1.00
Flag question
Question text
Which of the following is the correct order of the steps in the accounting cycle?
Select one:
A. Report, analyze, close, record, and adjust
B. Adjust, report, analyze, record, and close
C. Record, report, analyze, adjust, and close
D. Analyze, record, adjust, report, and close
- eBook
Question 4
Not yet answered
Marked out of 1.00
Flag question
Question text
Cash collected on accounts receivable would produce what effect on the balance sheet?
Select one:
A. Decrease assets and decrease liabilities
B. Decrease liabilities and increase equity
C. Increase assets and decrease assets
D. Increase liabilities and decrease equity
- eBook
Question 5
Not yet answered
Marked out of 1.00
Flag question
Question text
Which of the following is one effect of a purchase of $600 of supplies on credit?
Select one:
A. It would decrease retained earnings $600
B. It would decrease liabilities by $600
C. It would increase liabilities by $600
D. It would decrease cash assets by $600
- eBook
Question 6
Not yet answered
Marked out of 1.00
Flag question
Question text
An economic event that requires accounting recognition defines:
Select one:
A. The cost principle
B. An income statement
C. An asset
D. An accounting transaction
- eBook
Question 7
Not yet answered
Marked out of 1.00
Flag question
Question text
Which of the following does not affect stockholders' equity?
Select one:
A. Purchasing equipment with payment due in 30 days
B. Receiving an investment of cash from an owner
C. Selling goods to customers with payment due in 30 days
D. Paying wages to employees
- eBook
Question 8
Not yet answered
Marked out of 1.00
Flag question
Question text
Which of the following decreases stockholders' equity?
Select one:
A. Paying monthly rent in cash
B. Issuing shares of stock
C. Paying cash to settle an account payable
D. Purchasing equipment for cash
- eBook
Question 9
Not yet answered
Marked out of 1.00
Flag question
Question text
The declaration and payment of a dividend by a corporation causes:
Select one:
A. A decrease in assets and a decrease in retained earnings
B. A decrease in assets and a decrease in liabilities.
C. A decrease in assets and an increase in retained earnings
D. A decrease in assets and a decrease in common stock
- eBook
Question 10
Not yet answered
Marked out of 1.00
Flag question
Question text
The normal balance of an account is:
Select one:
A. The side on which increases are recorded
B. The debit side
C. The credit side
D. The side on which decreases are recorded
- eBook
Question 11
Not yet answered
Marked out of 1.00
Flag question
Question text
Which of the following accounts normally has a credit balance?
Select one:
A. Notes Payable
B. Dividends
C. Rent Expense
D. Accounts Receivable
- eBook
Question 12
Not yet answered
Marked out of 1.00
Flag question
Question text
Which of the following accounts normally has a debit balance?
Select one:
A. Service Fees Earned
B. Accounts Payable
C. Common Stock
D. Dividends
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started