Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Financial Accounting Expert

problem: T-accounts are so named because of:

a) Their appearance.
b) The kinds of information they provide.
c) Their inventor, whose first initial was T.
d) Their relevance to trade analysis.

problem: Hospitality accounting staff members prepare a trial balance in order to:

a) Test the equality of debits and credits.
b) Keep track of how the bookkeeper handles transactions.
c) Make sure that all transactions have been entered only once.
d) Determine the firm's profitability.

problem: Jerry accepts a formal, written promise from an employee of his hotel to pay a certain sum. The employee plans to repay the hotel within the current fiscal year, and states this intention in the note. Notes Receivable is classified as:

a) Owners' equity.
b) Liabilities.
c) Assets.
d) Expenses.

problem: The basic element used in an accounting system to classify and summarize business transactions is the:

a) Marketable security.
b) T-account.
c) Account.
d) Liability

problem: Sara totals the credits and debits for a certain account and finds that the account carries a debit balance. All of the following types of accounts typically carry a debit balance except:

a) Drawing accounts.
b) Expense accounts.
c) Asset accounts.
d) Liability accounts.

problem: Revenue from cash sales ultimately affects which two balance sheet accounts?

a) Assets and expenses.
b) Assets and owner's equity
c) Assets and liabilities
d) Liabilities and owner's equity

problem: All of the following are balance sheet accounts except:

a) Asset accounts.
b) Liability accounts.
c) Owners' equity accounts.
d) Revenue accounts.

problem: Which of the following kinds of accounts would appear in a general ledger?

a) Owners' equity accounts
b) Drawing accounts
c) All of the above
d) Asset accounts

problem: Collette is the owner of a small motel who keeps her own financial records. She needs to record the income from room sales for the day. All of today's income was from a single group, and the group's representative paid the bill on account. The accounts that this income affects are:

a) Room Expense and Accounts Payable.
b) Room Revenues and Accounts Receivable.
c) Rooms Expense and Cash.
d) Cash and Accounts Payable.

problem: Which of the following procedures involves transferring amounts recorded in the general journal to ledger accounts?

a) Preparing a trial balance.
b) Journalizing.
c) Posting.
d) Cross-indexing.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9117

Have any Question? 


Related Questions in Financial Accounting

Budgets and managerial responsibilitythis module explores

Budgets and Managerial Responsibility This module explores budgets and the benefits of creating budgets. In recent years, many organizations faced one of the hardest economic conditions with the recession. Many organizat ...

Ww productswith new productssales revenue

Without New Products With New Products Sales revenue $11,686,200 $16,263,600 Net income $486,300 $878,400 Average total assets $5,917,600 $13,539,700 (a) Compute the company's return on assets, profit margin, and asset t ...

At the start of 2013 shasta corporation has 15000

At the start of 2013, Shasta Corporation has 15,000 outstanding shares of preferred stock, each with a $60 par value and a cumulative 7% annual dividend. The company also has 28,000 shares of common stock outstanding wit ...

Assignment -part a -background saturn petcare australia and

Assignment - Part A - Background: Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since openin ...

Exercise 1 copying formatting and calculating sums and

EXERCISE 1: COPYING, FORMATTING, AND CALCULATING SUMS AND AVERAGES Let's assume that Groth Donut Company has three stores, only one of which is shown at the top of the sheet titled "p = r-­-e". The revenue and expenses f ...

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

Consider the following account starting balances and

Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of Cash is ...

Supply and demand graphto complete this assignment address

Supply and Demand Graph To complete this assignment, address the following requests: 1. Based on the information from the US Energy Information Administration, create the supply and demand graph in the space below. This ...

Assessment -part a -saturn petcare australia and new

Assessment - Part A - Saturn Petcare Australia and New Zealand is Australia's largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since opening their firs ...

The ipl just signed sachin to a contract consisting of

The IPL just signed Sachin to a contract consisting of eight, end-of-year payments worth $9 million each, with the first payment precisely one year from today. On the other hand, Dhoni recent deal calls for six annual pa ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As