Question 8 Not yet answered Marked out of 3.00 P Flag question Accumulated Depreciation is a contra- expense account Select one: True O False Question 9 Not yet answered Marked out of 3.00 P Flag question The original cost of vehicles is not adjusted on the worksheet. Select one: True False Question 10 Not yet answered Marked out of 3.00 P Flag question GAAP refers to the organization that sets accounting regulations. Select one: True False : Classify each of the following accounts as A: Asset; L: Liability; OE: Owners' Equity; R:Revenue; E: Expense Delivery Fees Earned Choose... - Accounts Payable Choose... M. Jones, Withdrawal Choose... - Office Supplies Choose... Prepaid Rent Choose... M. Jones, Dividend Choose... Utilities Expense Choose... - M. Jones, Capital Choose... Accounts Receivable Choose... Salaries Expense Choose... Which form of ownership offers owners the least amount of personal liability? Select one or more: a. corporation O b. partnership O c. there is no difference in personal liability O d. sole proprietorship Question 15 Not yet answered Marked out of 4.00 P Flag question After entering transactions in the Journal, what is the next step in the accounting cycle? Select one or more: a. making adjustments b. classifying transactions c. trial balance Od posting to the ledgers Question 16 Not yet answered Marked out of 4.00 Flag question What is the final step of the accounting cycle? Select one or more: O a trial balance O b. preparing financial reports O c. post closing trial balance O d. posting to the ledgers Question 17 Not yet answered Marked out of 4.00 P Flag question If at the end of an accounting period, a business has Assets of $100,000 and Liabilities of $50,000, what is the value of Owner's Equity? Answer: Question 18 Not yet answered Marked out of 4.00 P Flag question If at the end of an accounting period, a business has Liabilities of $20,000, Owner's Capital of $25,000, Revenues of $25,000, Expenses of $10,000 and one Withdrawal of $1000, what is the value of the business' Assets? On January 1, 2020, The Marinetti family opened a food truck business, purchasing two new trucks for a total of $40,000. They believe each truck will have a useful life of 5 years and they expect to sell the trucks for a total of $5000 at that point in time. If the Marinetti's accountant uses straight- line depreciation, what will the annual depreciation expense be? Answer: Question 20 Not yet answered Marked out of 4.00 P Flag question On January 1, 2020, The Marinetti family opened a food truck business, purchasing two new trucks for a total of $40,000. They believe each truck will have a useful life of 5 years and they expect to sell the trucks for a total of $5000 at that point in time. If the Marinetti's accountant uses accelerated depreciation with a rate of 0.4, what will the depreciation expense by for 2021? Question 21 Not yet answered Marked out of 4.00 P Flag question In the following T-account, what is the Normal Balance? (give amount without a $ sign, skip a space and then classification as Debit or Credit) Answer: Question 8 Not yet answered Marked out of 3.00 P Flag question Accumulated Depreciation is a contra- expense account Select one: True O False Question 9 Not yet answered Marked out of 3.00 P Flag question The original cost of vehicles is not adjusted on the worksheet. Select one: True False Question 10 Not yet answered Marked out of 3.00 P Flag question GAAP refers to the organization that sets accounting regulations. Select one: True False : Classify each of the following accounts as A: Asset; L: Liability; OE: Owners' Equity; R:Revenue; E: Expense Delivery Fees Earned Choose... - Accounts Payable Choose... M. Jones, Withdrawal Choose... - Office Supplies Choose... Prepaid Rent Choose... M. Jones, Dividend Choose... Utilities Expense Choose... - M. Jones, Capital Choose... Accounts Receivable Choose... Salaries Expense Choose... Which form of ownership offers owners the least amount of personal liability? Select one or more: a. corporation O b. partnership O c. there is no difference in personal liability O d. sole proprietorship Question 15 Not yet answered Marked out of 4.00 P Flag question After entering transactions in the Journal, what is the next step in the accounting cycle? Select one or more: a. making adjustments b. classifying transactions c. trial balance Od posting to the ledgers Question 16 Not yet answered Marked out of 4.00 Flag question What is the final step of the accounting cycle? Select one or more: O a trial balance O b. preparing financial reports O c. post closing trial balance O d. posting to the ledgers Question 17 Not yet answered Marked out of 4.00 P Flag question If at the end of an accounting period, a business has Assets of $100,000 and Liabilities of $50,000, what is the value of Owner's Equity? Answer: Question 18 Not yet answered Marked out of 4.00 P Flag question If at the end of an accounting period, a business has Liabilities of $20,000, Owner's Capital of $25,000, Revenues of $25,000, Expenses of $10,000 and one Withdrawal of $1000, what is the value of the business' Assets? On January 1, 2020, The Marinetti family opened a food truck business, purchasing two new trucks for a total of $40,000. They believe each truck will have a useful life of 5 years and they expect to sell the trucks for a total of $5000 at that point in time. If the Marinetti's accountant uses straight- line depreciation, what will the annual depreciation expense be? Answer: Question 20 Not yet answered Marked out of 4.00 P Flag question On January 1, 2020, The Marinetti family opened a food truck business, purchasing two new trucks for a total of $40,000. They believe each truck will have a useful life of 5 years and they expect to sell the trucks for a total of $5000 at that point in time. If the Marinetti's accountant uses accelerated depreciation with a rate of 0.4, what will the depreciation expense by for 2021? Question 21 Not yet answered Marked out of 4.00 P Flag question In the following T-account, what is the Normal Balance? (give amount without a $ sign, skip a space and then classification as Debit or Credit)
