Assignment
1. The payment of accounts receivable would:
A. increase both asset and liabilities
B. increase assets and decrease liabilities
C. have zero effect
D. decrease assets and increase liabilities
2. Which accounts are affected when the company provides services to a credit customer?
A. assets and capital
B. liabilities and capital
C. assests are revenue
D. none of the above
3. The accounts receivable account is:
A. a revenue , and it has a normal debit balance
B. an expense, and it has a normal credit balance
C. a liability, and ut has a normal debit balance
D. an asset, and it has a normal debit balance
4. Accounts receivable would appear on which financial statement?
A. balance sheet
B. income statement
C. owner's equity statement
D. none of the above
5. If a trial balance is not equal, your should first:
A. re-compute the ledger balances
B. trace all postings
C. re-add the trial balance and calcuate the difference
D. look for missing transactions
6. What type of account is salaries payable?
A. assest
B. expense
C. liability
D. owners equity
7. The adjusting entry for accured salaries is to:
A. debit salaries expense; credit salaries payable
B. debit salaires expense; credit cash
C. debit salaries payable; credit salaries expense
D. debit cash; credit salaries expense
8. The entry to close the expense accoount(s) was entered in reverse- Income summary was credited and the expense account(s) was/were debited. The result of this error is that:
A. before closing it, Income summary will have a credit balance.
B. before closing it, Income summary will have a debit balance.
C. The assests will be overstated.
D. The liablilities wil be overstated.