Which of the following is NOT a property that depreciates over time?* 3 points Buildings Computers O Cash O Land What accounts need to be changed if Adam Smith the owner of Company 2 points C bought a car using his personal money? * Cash and Owner's Capital Cash and Withdrawals Cash, Withdrawals and Car O None of them Company A paid 30,000 dollars to Company B for future services to be provided. What kind of transaction did Company A do?* 3 points Unearned Revenues O Prepaid Expenses Depreciation O None of them A decrease in the Supplies account is recorded like this: * 2 points Debit O Credit O None of them When a business sells services to a customer and he agrees to pay in the 2 points future, the right recording process will be: O Debit Accounts payable and Credit Cash O Debit Cash, Credit Revenues, and Debit Accounts receivable Debit Accounts receivable and credit cash Debit Accounts Receivable, Credit Revenue A customer paid 10,000 cash to Company B for services to be provided in 3 points the future. What kind of adjustment should the customer do?* O Unearned Revenues O Prepaid Expenses Accrued Revenues Accrued Expenses If the liabilities plus the owner's equity of company B are equal to 20,000, 2 points how much are the assets of company B? * O 10,000 O 20,000 O 2,000 O. 8,000 When a business buys supplies on account, the right recording process will be: * 2 points O Debit Cash, credit supplies O Debit Supplies, credit supplies expense Debit Supplies, credit accounts payable None of them O W 2 poi When a business pays the installment of a loan, the right recording process will be: * O Debit Interest expense, debit loans, credit cash O Credit cash, credit interest expense, credit loans O Credit interest expense, debit cash, debit loans O None of them 1 poin The obligations of a business with external people are called: * Assets Libilities O Owner's Capital To close the revenues account, you should follow these steps: * O Credit the revenues account, then debit the income summary account O Credit the income summary account O Debit the income summary account O Debit the revenues account, then credit the income summary account * Who can a user of financial accounting? O The manager of the company O The CEO of the company O ScotiaBank Walmart mResponse Sara makes 20 dollars per hour in her job, in the last week she made 30 hours, how much are her total deductions if the CPP is 5%, the El 2%, and the Income taxes are 50 dollars? * O 94 O 93 92 O 95 52 Sara makes 20 dollars per hour in her job, in the last week she made 30 hours, how much is her net pay, if the CPP is 5%, the El 2%, and the Income taxes are 50 dollars? * 600 30 12 508 TFAIpQLSecqlUCej6PDdPr2qkDipSmzy97P-KDcK2KK5UX4bEKAWhsQ/formResponse What accounts need to be changed if company A got a loan for 10,000 dollars? * Cash and Owner's Capital Cash and Withdrawals Withdrawals and Notes Payable Cash and Loans Which of the following is NOT a financial statement of a company?* hey Income Statement Balance Sheet Cash Flow statement Supplies general statement A customer paid 10.000 cash to Company B for services to be provided in A customer paid 10,000 cash to Company B for services to be provided in the future. What kind of adjustment should Company B do? * * Unearned Revenues O Prepaid Expenses Accrued Revenues O Accrued Expenses 5 Company A signed a contract with a customer to provide services at a rate of 20 dollars per hour, after some time, 30 hours of service were performed but not paid yet. What kind of adjustment does Company A need to do? Unearned Revenues Accrued Expenses Prepaid Expenses Accrued Revenues * Which of the following is NOT a Service Business? O Air Canada 0 Air India O Ford Motors O L&D consulting services When a business hires a new office assistant, the right recording process will be: * Debit Wages Payable and Credit Wages Expense O Credit Wages expense and debit cash O Credit Cash and Debit wages expense O None of them e/1FAIpQLSecq|JJCej6PDdPr2qKDipSmzy97P-KDcK2KK5UX4bEKAWhsQ/formResponse When cash is used to pay for supplies, the right recording process will be: 2 points O Debit Cash, Credit Supplies O Debit Supplies, Credit Withdrawals Debit Supplies, Credit Cash 1 point If the total credits of a company are equal to 30,000, how much should be the total debits of the same company: * 29,000 31,000 32,000 O 30,000 Who can be a user of managerial accounting? * O Scotiabank OTD Bank OBMO Bank O The manager of the company D What accounts need to be changed if Company D paid the first installment 1 po of a Loan? * Cash, Loans, and Interest Expense Cash and Loans Loans and Owner's Capital Cash only If the assets of company A are 10,000, and the liabilities of company A are 5,000, how much does company A has in the Owner's equity?* 2,000 O 50,000 O 2 O 5,000