Question 1

Rob Cougar Landscaping has assets of $70,000 and equity of $30,000. Determine the amount of liabilities in the business.

Accepted Answer

A) $100,000 
B) $50,000 
C) $40,000 
D) None of the answers listed 
A) $100,000 
B) $50,000 
C) $40,000 
D) None of the answers listed

Question 2

Lima Company received a bill for an expense, $620. Lima Company will record a(n)

Accepted Answer

A) increase to cash. 
B) increase to accounts payable. 
C) decrease to expenses. 
D) decrease to cash. 
A) increase to cash. 
B) increase to accounts payable. 
C) decrease to expenses. 
D) decrease to cash.

Question 3

Match the terms below with the correct definitions.
  
-Represents amount owed by charge customers

Accepted Answer

The answer of Match the terms below with the correct...

Question 4

Match the terms below with the correct definitions.
  
-Something a company owns of value

Accepted Answer

The answer of Match the terms below with the correct...

Question 5

When a company receives cash on account from a credit customer, the company should record a(n)

Accepted Answer

A) increase to Accounts Receivable. 
B) decrease to Cash. 
C) increase to Revenue. 
D) decrease to Accounts Receivable. 
A) increase to Accounts Receivable. 
B) decrease to Cash. 
C) increase to Revenue. 
D) decrease to Accounts Receivable.

Question 6

The purchase of office equipment on account would involve a(n)

Accepted Answer

A) increasing an asset and increasing a liability. 
B) decreasing an asset and increasing an asset. 
C) decreasing an asset and increasing an expense. 
D) increasing an asset and increasing an expense. 
A) increasing an asset and increasing a liability. 
B) decreasing an asset and increasing an asset. 
C) decreasing an asset and increasing an expense. 
D) increasing an asset and increasing an expense.

Question 7

Accounts Receivable is considered an asset.

Accepted Answer

A) True 
 B)False

Question 8

When a business receives cash, it is always recorded as an increase to Cash and a decrease to an Expense.

Accepted Answer

A) True 
 B)False

Question 9

Match the terms below with the correct definitions.
  
-A business enterprise, separate and distinct from the person who supplies its assets (economic unit in itself)

Accepted Answer

The answer of Match the terms below with the correct...

Question 10

The first step in analyzing a transaction is to determine what accounts are involved.

Accepted Answer

A) True 
 B)False

Question 11

Accounts Payable is a(n)

Accepted Answer

A) asset. 
B) liability. 
C) revenue. 
D) expense. 
A) asset. 
B) liability. 
C) revenue. 
D) expense.

Question 12

On September 1 of this year, B. Rourk established Rourk Delivery Service. During the month, the company had the following transactions:
   Instructions:
Find six errors that were made in recording the transactions, and state how they should have been recorded.

Accepted Answer

The answer of On September 1 of this year, B....

Question 13

Match the terms below with the correct definitions.
  
-Company's asset account from which bills are paid

Accepted Answer

The answer of Match the terms below with the correct...

Rob Cougar Landscaping has assets of $70,000 and equity of $30,000. Determine the amount of liabilities in the business.

Lima Company received a bill for an expense, $620. Lima Company will record a(n)

Match the terms below with the correct definitions. -Represents amount owed by charge customers

Match the terms below with the correct definitions. -Something a company owns of value

When a company receives cash on account from a credit customer, the company should record a(n)

The purchase of office equipment on account would involve a(n)

Accounts Receivable is considered an asset.

When a business receives cash, it is always recorded as an increase to Cash and a decrease to an Expense.

Match the terms below with the correct definitions. -A business enterprise, separate and distinct from the person who supplies its assets (economic unit in itself)

The first step in analyzing a transaction is to determine what accounts are involved.

Accounts Payable is a(n)

On September 1 of this year, B. Rourk established Rourk Delivery Service. During the month, the company had the following transactions: Instructions: Find six errors that were made in recording the transactions, and state how they should have been recorded.

Match the terms below with the correct definitions. -Company's asset account from which bills are paid

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters

Exam 1: Asset, Liability, Owners Equity, Revenue, and Expense Accounts

Rob Cougar Landscaping has assets of $70,000 and equity of $30,000. Determine the amount of liabilities in the business.

Lima Company received a bill for an expense, $620. Lima Company will record a(n)

Match the terms below with the correct definitions. -Represents amount owed by charge customers

Match the terms below with the correct definitions. -Something a company owns of value

When a company receives cash on account from a credit customer, the company should record a(n)

The purchase of office equipment on account would involve a(n)

Accounts Receivable is considered an asset.

When a business receives cash, it is always recorded as an increase to Cash and a decrease to an Expense.

Match the terms below with the correct definitions. -A business enterprise, separate and distinct from the person who supplies its assets (economic unit in itself)

The first step in analyzing a transaction is to determine what accounts are involved.

Accounts Payable is a(n)

On September 1 of this year, B. Rourk established Rourk Delivery Service. During the month, the company had the following transactions: Instructions: Find six errors that were made in recording the transactions, and state how they should have been recorded.

Match the terms below with the correct definitions. -Company's asset account from which bills are paid

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters