Ask Question, Ask an Expert

+1-415-315-9853

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

An investment offers 6800 per year with the first payment

An investment offers $6,800 per year, with the first payment occurring one year from now. The required return is 7 percent. a. What would the value be today if the payments occurred for 20 years?  b. What would the value ...

Finance final exam -answer the following questions based on

FINANCE Final Exam - Answer the following questions based on the course presentation, text, and any outside relevant sources. Use citations and show your work where applicable. 1. Strategic and Financial Planning a. Defi ...

On december 1 of the current year the following accounts

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (240,000 shares authorized, 86,000 shares issued)$4,300,00 ...

Corporate accounting assignment -assessment task -select

Corporate Accounting Assignment - Assessment task - Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then ...

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 ...

Ha 3011 advanced financial accounting assignment

HA 3011 Advanced Financial Accounting Assignment - Assessment Task Part A - In an article entitled 'Unwieldy rules useless for investors' that appeared in the Australian Financial Review on 6 February 2012 (by Agnes King ...

Highway express has paid annual dividends of 132 133 138

Highway Express has paid annual dividends of $1.32, $1.33, $1.38, $1.40, and $1.42 over the past five years, respectively. What is the average divided growth rate?

Assessment task 1question no 1assessment taskbilby cos

Assessment Task 1 Question no. 1 Assessment Task: Bilby Co's income statement for the year ended 31 December 2015 and statements of financial position at 31 December 2014 and 31 December 2015 were as follows: Bilby co's ...

Excel quiz1 start excel 2016 and download and open the file

Excel Quiz 1. Start Excel 2016 and download and open the file Excel Quiz1F18. 2. Save the workbook as FirstName_LastName_Excel_Quiz1 where FirstName is your own First Name and LastName is your Surname (for example Roger_ ...

Need slides need a one page executive summarybelow is the

Need slides. Need a one page executive summary. Below is the scenario: "Hi again. I've got news about our client. "ExxonMobil is looking to increase revenue by 10 percent and possibly reduce costs. Need an executive summ ...

  • 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