Remaining Time: 1 hour, 27 minutes, 26 seconds. Question Completion Status: QUESTION 1 The correct statement order is O Income Statement, Statement of O/E. Balance Sheet, Trial Balance O Trial Balance, Income Staterment, Balance Sheet, Statement of O/E Trial Balance, Income Summary, Statement of 0/E, Balance Sheet O Trial Balance, Income Statement, Statement of O/E, Balance Sheet QUESTION 2 The book of accounts is the O journal O ledger O Trial Balance Income Sumamry QUESTION 3 sum of money at a later date for services rendered? What is an unwritten promise ofa customer to pay the business Accounts Payable O Accounts Receivable e Notes Payable O Notes Receivable QUESTION 4 Expenses get closed out to what account? O Revenue Income Summary Capital O Cash QUESTION 5 An entry on the debit side of an asset means the account has been: O increased decreased Cick Save and Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: QUESTION 6 Another term for net worth is: Asset Liability Cash Capital QUESTION 7 What is the entry to record a purc office equipment on credit? e Dr. Accounts Payable, Cr. Caan Dr. Cash, Cr. Office Equipment e Dr. Office Equipment, Cr. Accounts Payable e Dr. Office Equipment, Cr. Cash QUESTION 8 The capital account gets closed out to: Revenue Expenses e Income Summary e The capital account does not get closed out QUESTION 9 Which of the following is a liability account? O Cash Loans Payable Notes Receivable Capital QUESTION 10 An entry on the debit side of a liability means the account has been increased KDdecreased QUESTION 11 What is the entry to record the expensing of a prepaid asset? Dr. Expense, Cr. Prepaid Asset Dr. Prepaid Asset, Cr. Cash O Dr. Cash, Cr. Prepaid Asset Dr. Prepaid Asset, Cr Expense QUESTION 12 What is the entry to record the payment of the monthly electric expense? Dr. Electric Expense Cr. Cash Dr. Electric Expense, Cr. Accounts Payable e Dr. Cash. Cr. Electric Payable e Dr. Capital. Cr. Cash QUESTION 13 Accounts payable has a edebit credit balance. QUESTION 14 What is the entry to record a funeral service done on account? @ Dr. Cash, Cr. Revenue Dr. Accounts Receivable. Cr Revenue e Dr. Revenue, Cr. Cash Dr. Revenue. Cr. Accounts Receivable QUESTION 15 Which of the following is an example of an asset? Salaries Expense Drawing Account Mortgage Payable Land QUESTION 16 The Banker's method assumes 365 days 265 dayS 360 days 93600 days QUESTION 17 Money paid for the use of money is revenue e cash e interest O equity QUESTION 18 Debts owed by a business are: assets liabilities Capital O Revenue QUESTION 19 Which of the following is the accounting equation? O Assets Liabilities+Owner's Equity O Assets+Liabilities Owner's Equity O Assets+Owner's Equity+Liabilities O Revenue-Expenses QUESTION 20 If assets of a business total $100,000 and the liabilities total $30,000, what is the Owner's Equity? $70,000 e $130,000 $70,000 $130.000 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: QUESTION 21 What is the proper entry to close out the Drawing account? e Dr. Capital. Cr. Drawing Account Dr Drawing Account, Cr. Capital Dr. Cash Cr. Drawing AcCOunt Dr. Drawing Account, Cr. Cash QUESTION 22 If the income summary has a credit balance, the company is operating at profit e loss QUESTION 23 What is the entry to record paying salaries? O Dr. Cash, Cr. Expenses Dr. Salaries Payable, Cr. Cash Dr. Salaries Expense, Cr. Cash e Dr. Cash, Cr. Revenue QUESTION 24 What is a written promise of a customer to pay the business a sum of money at a later date for services rendered? Account Payable O Account Receivable Note Payable O Note Receivable QUESTION 25 Which of the following is an example of a liability? O Accounts Receivable O Accounts Payable Cash Revenue Click Save and Submit to sqve and submit. Click Save All Answers to save all answers. Question Completion Status: QUESTION 26 Capital has a balance. debit credit QUESTION 27 Which of the following would NOT have assets on it? Trial Balance e Income Statement Balance Sheet QUESTION 28 Which of the following is an asset account? Rent Expense Prepaid Rent O Account Payable Capital QUESTION 29 The Drawing Account gets closed out to O Revenue Expenses O Income Summary O Capital QUESTION 30 When the business receives funds as a result of selling goods or services, which account is credited? e Capital Revenue Drawing Account O Cash QUESTION 31 Click Save and Submit to save and submit. Click Save All Answers to save all ansncers