1) The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true
2) Auditing is
3) All of the financial statements are for a period of time except the
4) Which of the following statements is not true?
5) An account will have a credit balance if the
6) If a company has overdrawn its bank balance, then
7) Which of the following statements is true?
8) On June 1, 2008 Leno Inc. buys a copier machine for its business and finances this purchase with cash and a note. When journalizing this transaction, the company's accountant will
9) Which of the following journal entries is recorded correctly and in the standard format?
10) On August 13, 2008, Dudbury Enterprises purchased office equipment for $1,000 and office supplies of $200 on account. Which of the following journal entries is recorded correctly and in the standard format?
11) Adjusting entries are required
12) Accounts often need to be adjusted because
13) The preparation of adjusting entries is
14) Can financial statements be prepared directly from the adjusted trial balance?
15) Financial statements are prepared directly from the