QUESTION 31 What is the entry to record a funeral service done on account and signed for? Dr Notes Receivable, Cr. Cash Dr. Notes Receivable, Cr. Revenue Dr. Revenue, Cr. Cash eDr. Accounts Receivable, Cr. Revenue QUESTION 32 What is the net income of the firm if Revenues are $40.000 and Expenses are $15,000? O $25,000 e $35,000 O $40,000 e $15,000 QUESTION 33 Which of the following is an example of a liability? Cash Notes Receivable e Notes Payable e Capital QUESTION 34 What is the entry to record a funeral service that was paid for partially in cash and the balance is owed? O Dr. Cash, Accounts Receivable, Cr. Capital O Dr. Cash, Accounts Receivable, Cr. Revenue Dr. Cash, Notes Receivable, Cr. Revenue Dr. Revenue, Cr. Cash Accounts Receivable QUESTION 35 If the income summary has a debit balance, the company is operating profit at a: loss Click Save and Submit to save and submit. Click Save All Answers to save all ansuers. Question Completion Status: QUESTION 36 Which of the following would NOT have liabilities on it? Trial Balance O Income Statement G Balance Sheet QUESTION 37 An entry on the credit side of a liability account means the account has been: increased decreased QUESTION 38 Revenue gets closed out to what account? O Expenses e Income Summary e Capital e Cash QUESTION 39 Which of the following is a temporary owner's equity account? Cash Capital O Revenue Land QUESTION 40 Which of the following is an example of an asset? O Accounts Payable Notes Receivable O Capital O Revenue QUESTION 41 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Time: 1 hour, 24 minutes, 06 seconds. Question Completion Status: QUESTION 41 Revenue has a balance. O debit credit QUESTION 42 Expenses have O debit balances. credit QUESTION 43 What is the entry to record the purchase of prepaid insurance? O Dr. Cash, Cr. Prepaid Insurance Dr. Cash, Cr, Insurance Expense O Dr. Prepaid Insurance, Cr. Cash O Dr. Insurance Expense, Cr. Cash QUESTION 44 Expense accounts are temporary accounts considered part of Assets O Liabilities O Owner's Equity QUESTION 45 Which of the following is an example of an asset? O Cash O Accounts Payable Capital Revenue QUESTION 46 The Drawing account is an account used to pay employees. True Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 46 The Drawing account is an account used to pay employees True False QUESTION 47 The Income Statement is a formal financial statement. True False QUESTION 48 If there is a debit balance in the Income Summary account, the comany has a loss. True False QUESTION 49 The Trial Balance is an informal financial statement True False QUESTION 50 The Balance Sheet has expenses on it True O False QUESTION 51 To increase a liability account, you credit the account. True False QUESTION 52 If expenses exceed revenues, there is a loss True Question Completion Status: QUESTION 5T To increase a liability account, you credit the account True O False QUESTION 52 If expenses exceed revenues, there is a loss True False QUESTION 53 To increase an asset account, you credit the account. True False QUESTION 54 All journal entries must have equal debits and credits. True False QUESTION 55 Accounts Payable normally has a debit balance. e True False QUESTION 56 The amount of wages paid to employees will appear on the Income Statement O True False QUESTION 57 The Income Statement has revenue and expenses on it. True Ealse Click Save and Submit to sqve and submit. Click Save All Answers to save all answers. ng me T nour, 2Z minutes, 44 seconds. Question Completion Status: QUESTION 58 To increase an asset account, you debit the account. True False QUESTION 59 The Trial Balance comes after the Balance Sheet. True False QUESTION 60 The Drawing Account appears on the Trial Balance. True False QUESTION 61 What is the name of the inventory method in which the company uses its most recent purchases first? O LIFO O FIFO Weighted Average eSpecific Identification QUESTION 62 What is the name of the inventory method in which the company uses its oldest purchases first? LIFO FIFO Weighted Average O Specific Identification QUESTION 63 What is considered the best method of inventory valuation? LIFO FIFO o Weighted Average QUESTION 63 What is considered the best method of inventory valuation? LIFO FIFO Weighted Average Specific Identification QUESTION 64 Sales- CGS O Gross Profit O Net Profit Net Income Revenue QUESTION 65 Sales-CGS-all other expenses OGross Profit O Net Profit O Capital O Money QUESTION 66 Beginning Inventory+Net Purchases-Ending Inventory O Cost of Goods Sold e Cost of Good Available for Sale O Cost of Revenue Net Income QUESTION 67 Beginning Inventory+Net Purchases O Cost of Goods Sold Cost of Goods Available for Sale Cost of Revenue O Net Income Click Save and Submit to save and submit. Click Save All Answers to save all answers