Which of the following statement(s) is true for the debit side of an account? (Points : 2) Depends on whether the account is an asset, liability or owner's equity Can be either side of the account Is the right side of the account Is the left side of the account

Question 17. 17. Which of the following is true about Equity? (Points : 2)

It is the difference between the organizations assets and liabilities For sole proprietorships the accounts include Capital and Withdrawals For corporations the accounts include Common Stock, Retained Earnings and Dividends All of the above

Question 18. 18. Received cash for providing a service. This transaction would be recorded by: (Points : 2)

Debiting Cash and crediting Service Revenue Debiting Service Revenue and crediting Cash Debiting Cash and crediting Accounts Payable Debiting Accounts Payable and crediting Cash

Question 19. 19. The Edit menu allows you to do the following: (Points : 2)

Cut Copy Paste Find Transactions

Question 20. 20. Which of the following are Liabilities? (Points : 2)

Accounts Payable, Loans Payable and Unearned Rent Cash, Accounts Receivable and Office Supplies Supplies Expense, Wages Expense and Rent Expense Common Stock and Dividends

Question 21. 21. "Paid a creditor on account". This transaction would be recorded by: (Points : 2)

Debiting Cash and crediting Accounts Receivable Debiting Cash and crediting Accounts Payable Debiting Accounts Payable and crediting Cash Debiting Delivery Equipment and crediting Cash

Question 22. 22. The definition of a Liability is: (Points : 2)

Something that has future or potential value, resources Internal and External ownership Responsibilities to others, payables Recognition of value creation, services performed or sales

Question 23. 23. The Accounting Equation is: (Points : 2)

Assets + Liabilities = Owners Equity Assets = Liabilities + Owners Equity Assets + Owners Equity = Liabilities Owners Equity Liabilities = Assets

Question 24. 24. Where will the name of the active company appear in the software? (Points : 2)

Title bar Main menu Navigation bar Menu bar

Question 25. 25. The Options menu has selections that allow the user to: (Points : 2)

Check global settings Backup Print reports Enter journal entries

Question 26. 26. Manual Accounting includes all the following EXCEPT: (Points : 2)

Close the temporary accounts, journalize and post the closing entries Prepare the worksheet Prepare post-closing trial balance Change accounting periods

Question 27. 27. Which of the following have credit balances? (Points : 2)

Assets and liabilities Liabilities and expenses Revenue and liabilities Owners equity and assets

Question 28. 28. In a manual accounting system the Financial Statements must be prepared in which of the following order? (Points : 2)

Statement of Equity, Balance Sheet, Income Statement and Statement of Cash Flows Income Statement, Balance Sheet, Statement of Cash Flows and Statement of Equity Balance Sheet, Income Statement, Statement of Equity and Statement of Cash Flows Income Statement, Statement of Equity, Balance Sheet and Statement of Cash Flows

Question 29. 29. Paid cash for office rent. This transaction would be recorded by: (Points : 2)

Debiting Rent Expense and crediting Cash Debiting Rent Expense and crediting Accounts Payable Debiting Rent Expense and crediting Capital Debiting Cash and crediting Rent Expense

Question 30. 30. The formula for an Income Statement is: (Points : 2)

Revenue Expenses = Net Income Beginning Equity + NI Withdrawals = Ending Equity Assets = Liabilities + Owners Equity Current Assets + Plant Assets + Noncurrent Assets = Total Assets