User Homework Solutions

what is the normal balance for an asset account 1.Another name for balance sheet is a) Statement of operations b) Statement of financial position c) Statement of capital balance 2. the balance sheet heading will specify a a) Period of time b) Point in time 3. which of the following is a category or element of balance sheet ? a) Expenses b) gain c) liabilities d) losses 4. which of the following is an asset account ? a) Acc

which of the following would not be a current asset 1. what is the normal balance for liability account? a) Debit b) Credit 2.what is the normal balance for stockholders’ equity and owner’s equity accounts? a) Debit b) Credit 3. client jay pays ABC co. $1,000 in December for ABC to perform services for jay in 45 days. ABC uses the accrual basis of accounting. In December ABC will debit cash for $1000. What will be the

What is the amount of abc’s owner’s equity 1. on December 1, ABC Co. hired Juanita perez to begin working on January 2 at a monthly salary of $4,000. ABC’s balance sheet of December 31 will show a liability of a) $4,000 b) $48,000 c) No liability 2. ABC Co. has current assets of $50,000 and total assets of $150,000. ABC has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of

which term is associated with “left” or “left-side” of balance sheet 1. under the accrual basis of accounting, revenues are reported in the accounting period when the a) Cash is received b) Service or goods have been delivered 2. assets are usually reported on the balance sheet at which amount? a) Cost b) Current market value c) Expected selling price 3.unearned revenues is what type of account? Ass

what will usually cause an asset account to increase 1. which term is associated with “right” or “right-side” of balance sheet? a) Debit b) Credit 2. when cash is received, the cash account will be a) Debited b) Credited 3. when a company pays a bill, the cash account will be a) Debited b) Credited 4. what will usually cause an asset account to increase? a) Debit b) Credit 5. what will usually cause the

enteries to expenses such as rent expense are usually 1. enteries to expenses such as rent expense are usually a) Debit b) Credit 2. enteries to revenue accounts such as service revenues are usually a) Debit b) Credit 3.Discount allowed is A)Expense of business B)Income of business C)Loss of business D)Abnormal loss of business 4. the statement of income and expenses reports the company’s income and expenses for t

What is the cash flow from assets Use these financial statements to answer the questions. questions on this quiz. Balance Sh 2013 2014 2013 2014 Cash $ 1,400 $ 2,300 Accounts payable 5,300 $ 4,700 Accounts receivable 4,100 4,300 Long-term debt 12,800 9,400 Inventory 8,400 7,600 Common stock 7,500 10,000 Net fixed assets 17,600 19,100 Retained earnings 5,900 9,200

What is the amount of the cash flow to creditors Use these financial statements to answer the questions on this quiz. Balance Sheet 2013 2014 2013 2014 Cash $ 2,400 $ 3,200 Accounts payable $ 9,400 $ 13,500 Accounts receivable 8,100 10,500 Long-term debt 31,800 27,400 Inventory 19,300 22,900 Common stock 45,000 50,000 Net

Which of the following summarizes the cash movements during a specified period 1. Which of the following journal entry will be recorded, if the goods are sold on credit to Mr. ‘B’? A)Mr. “B” / Accounts Receivable account (Dr) and Sales account (Cr) B)Cash account (Dr) and sales account (Cr) C)Sales account (Dr) and Mr. B / Accounts Receivable account (Cr) D)Goods Sold account (Dr) and Mr. B / Accounts Receivabl

What is the nature of an expense account 1. Which of the following financial statements summarizes the profitability of an organization for a particular period? A)Balance Sheet B)Trading and Profit & Loss account C)Cash Flow Statement D)Statement of Retained Earnings 2.In an account, if credit side < debit side then the balance is known as: A) Negative Balance B) Debit Balance C) Positive Balance D) Credit Balance 3.Which of