1. which of the following describes the cost of selling to customers?

   		Assets
   		Liabilities
   		Expenses
   		Dividends

1 points

QUESTION 2

1. A component/aspect of relevant accounting information includes:

   		Faithful representation
   		Comparability
   		Predictive value
   		Consistency

1 points

QUESTION 3

1. Which of the following best describes financial accounting?

   		Artistic presentation
   		Information measurement/communication process
   		Mathematical procedure
   		Behavioral psychology

1 points

QUESTION 4

1. Which of the following transactions causes an increase in total liabilities?

   		Paying maintenance expenses for the current month
   		Providing services to customers on account
   		Paying dividends to stockholders
   		Purchasing office supplies on account

1 points

QUESTION 5

1. Which of the following is possible for a particular business transaction?

   		Increase assets; decrease liabilities
   		Decrease assets; increase stockholders equity
   		Decrease assets; decrease liabilities
   		Decrease liabilities; increase expenses

1 points

QUESTION 6

1. A debit is used to decrease which of the following accounts?

   		Salaries Expense
   		Accounts Payable
   		Dividends
   		Supplies

1 points

QUESTION 7

1. Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits?

   		Use source documents to determine accounts affected by the transaction
   		Prepare a trial balance
   		Analyze the impact of the transaction on the accounting equation
   		Post the transaction to the T-account in the general ledger

1 points

QUESTION 8

1. Which of the following accounts is listed in a post-closing trial balance?

   		Salaries Payable
   		Dividends
   		Advertising Expense
   		Service Revenue

1 points

QUESTION 9

1. The balance of retained earnings in the adjusted trial balance:

   		Equals the balance of retained earnings after closing entries
   		Equals the balance of retained earnings at the beginning of the accounting period
   		Is not shown
   		Is the amount shown for retained earnings in the balance sheet

1 points

QUESTION 10

1. Refer to the information in question 2. Using cash-basis accounting, on which date should Tonkawa record lawn maintenance expense?

   		March 4 (date of request)
   		March 8 (date of lawn maintenance service)
   		March 12 (date of cash payment)
   		Evenly over the three dates