Question 46 Which of the following accounts is a liability? Accounts Receivable Service Revenue Accounts Payable Wages Expense Question 44 Transactions affecting stockholders' equity include capital contributions and payment of liabilities stockholder dividends, earning of revenues, incurrence of expenses, and purchase of supplies on account capital contributions, stockholder dividends, earning of revenues, and incurrence of expenses capital contributions, earning of revenues, incurrence of expenses, and collection of accounts receivable Question 43 Expenses are recorded when cash is paid for services rendered assets are used in the process of earning revenue a bill is received in advance of services rendered assets are purchased A Moving to another question will save this response. Question 42 The calculation for annual depreciation using the straight-line depreciation method is initial cost * estimated useful life initial cost / estimated useful life depreciable cost / estimated useful life depreciable cost * estimated useful life A Moving to another question will save this response. Moving to another question will save this response. Question 41 Many countries outside the United States use financial accounting standards issued by the FASB IASB SEC AICPA A Moving to another question will save this response. Question 40 If total assets are $128,000 and total liabilities are $84,000. Then total equity must equal $212.000 $44,000 $128,000 $84,000 Question 39 Which of the following is considered to be an accrued expense? A computer technician has just signed an agreement with you regarding pricing for future work. A computer technician has installed the latest software updates, but you have not received their invoice for payment. A computer technician has installed the latest software updates and was paid on the same day. A computer technician has been paid in advance to install software updates as they become available. Question 38 The initials GAAP stands for Generally Accepted Accounting Practices Generally Accepted Procedures Generally Accepted Accounting Principles Generally Accepted Plans Which of the following is an example of unearned revenue? O Lawn mowing that has been provided and paid on the same day. O An agreement has been signed for lawn mowing for the next three months. Lawn mowing that has been provided but has not been billed or paid. Lawn mowing that has been paid for three months in advance. Question 36 of 50 uestion 36 2 points The balance in the supplies account before adjustment at the end of the year is 36.250. The proper adjusting entry the amount of supplies on hand at the end of the year is $1.500 would be debit Supplies, $1,500: credit Supplies Expense. $1.500 O debit Supplies Expense. $1,500: credit Supplies. $1.500 debit Supplies Expense, 54.750: credit Supplies, 54,750 debit Supplies, $4,750; credit Supplies Expense. $4.750 A Moving to another question will save this response. Question 35 The term "receivables" includes all cash to be paid to creditors. money claims against other entities. merchandise to be collected from individuals or companies. cash to be paid to debtors
