Which of the following is a correct statement of the accounting equation in terms of activities?

Select one:

A. Investing = creditor financing + owner financing

B. Investing = operating assets + financial assets

C. Nonowner financing = investing + operating

D. Investing = nonowner financing owner financing

A company's fiscal year may:

Select one:

A. Be any portion of a year including a month or quarter

B. Be for a period either greater or less than 12 months

C. Be the same as the calendar year

D. All of the above are true of a company's fiscal year

Account titles are commonly grouped into what five categories in the chart of accounts?

Select one:

A. Cash, Marketable securities, Accounts payable, Long-term debt, Common stock

B. Common stock, Additional paid-in capital, Treasury stock, Retained earnings, Accumulated other comprehensive income or loss

C. Assets, Liabilities, Equity, Revenue, Expenses

D. Current assets, Current liabilities, Noncurrent assets, Noncurrent liabilities, Stockholders' equity

Which of the following journal entries will record the payment of a $675 accounts payable originally incurred for Office Supplies?

Select one:

A. Debit Office Supplies; credit Accounts Payable

B. Debit Office Supplies; credit Cash

C. Debit Cash; credit Accounts Payable

D. Debit Accounts Payable; credit Cash

On the last day of December 2013, Tom's Trucks entered into a transaction that resulted in a receipt of $108,000 cash in advance related to services that will be provided during January 2014. During December of 2013, the company also performed $64,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the company's trial balance showed service revenue of $582,735 at December 31, 2013. There are no other prepaid services yet to be delivered, and during the month all outstanding accounts receivable from prior months were collected.

If Tom's Trucks makes the appropriate adjusting entry, how much will be reported on the December 31, 2013 balance sheet as accounts receivable?

Select one:

A. $ 54,000

B. $128,000

C. $ 32,000

D. $ 64,000

On the last day of December 2013, Tom's Trucks entered into a transaction that resulted in a receipt of $108,000 cash in advance related to services that will be provided during January 2014. During December of 2013, the company also performed $64,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the company's trial balance showed service revenue of $582,735 at December 31, 2013. There are no other prepaid services yet to be delivered, and during the month all outstanding accounts receivable from prior months were collected.

If Tom's Trucks makes the appropriate adjusting entry, how much will be reported on the December 31, 2013 balance sheet as unearned revenue?

Select one:

A. $108,000

B. $ 32,000

C. $ 45,000

D. $ 49,000