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Accounting Questions - All Grades

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Continuing Education Accounting
Under accrual accounting, amounts received in advance of providing
a service should be reported as
  1. A liability
  2. Revenue
  3. Not reported
Continuing Education Accounting
When a purchase is made on credit, Accounts           Payable          is
credited.
Grade 7 Accounting
A Balance Sheet consists of the following:
  1. Assets, expenses and owner's equity
  2. Assets, revenuse and net loss
  3. Assets, liabilities and owner's equity
  4. Assets, liabilities and net income
  5. none of the above
Grade 7 Accounting
On an Income Statement one will find:
  1. Assets, liabilities and owner's equity
  2. Assets, expenses and owner's equity
  3. Revenue, assets and net income
  4. Revenue, expenses and net income
  5. None of the above
Grade 12 Accounting
What are liabilities?
  1. costs of selling products or services
  2. distributions to stockholders
  3. owners' claims to resources
  4. expense to run business
  5. amounts owed
Continuing Education Accounting
Accruing wages expense as of December 31 has what effect on the
December 31 balance sheet?
  1. Assets decrease
  2. Liabilities increase
  3. Owner's equity increases
Grade 12 Accounting
What's revenue?
  1. costs of selling products or services
  2. expense to run business
  3. sales of products or services
  4. distributions to stockholders
  5. Assets purchased to run business
College Accounting
If beginning capital was $25,000, ending capital is $37,000, and the owner?s withdrawals were $23,000, the amount of net income or net loss for the period was:
  1. Net loss of $35,000
  2. Net income of $35,000
  3. Net income of $14,000
  4. Net loss of $14,000
  5. None of the options listed
Grade 12 Accounting
What are expenses?
  1. Cost of selling products or services
  2. Amounts owed
  3. Distributions to stockholders
  4. Owners' claims to resources
Grade 12 Accounting
Resources owned by a business are referred to as
  1. owners' equity.
  2. liabilities.
  3. assets.
  4. revenues.
Grade 7 Accounting
When calculating the Owner's Equity, what math problem would be correct?
  1. Revenue - Expenses
  2. Revenue - Liabilities
  3. Assets - Liabilities
  4. Assets - Expenses
  5. None of the above
Grade 7 Accounting
An example of an Expense would be                 .
  1. Advertising
  2. Payroll
  3. Sale of equipment
  4. Electric bill
  5. All, except "C"
Grade 9 Accounting
Which of the following is the first step in the Accounting Cycle?
  1. Journal entries
  2. Analyze the transaction
  3. Identify the transaction
  4. Post to ledger
  5. None of the above
Continuing Education Accounting
A company's bank statement shows a balance of $1,234 on
December 31. The company's general ledger shows a balance
of $658. The bank statement reports a service charge of $14.
The amount of outstanding checks is $590. The adjusted or
correct cash balance to be reported on the balance sheet for
this account is                                                    $644.00 (1,234.00 - 590.00) and (658.00 - 14.00)                                                   .
Grade 12 Accounting
A credit to the accounts receivable account
  1. indicates a sale to customers on account has occurred.
  2. indicates a payment from customers on their account has been received.
  3. is an error.
  4. indicates that a liability has been incurred.
College Accounting
During the month of May, Marty's Mini-Mart purchased supplies totaling $3,400. A count in the storeroom on May 31 indicates that that supplies on hand amount to $750. The supplies on hand at the beginning of the month total $825. What amount will be recorded as an expense on May 31 in Marty's income statement?
  1. $ 75
  2. $ 3,475
  3. $ 4,150
  4. $ 4,225
Grade 9 Accounting
The percentage of income taxes you must pay as a business owner for a retail business is more than what you are obligated to pay as a service business
  1. True
  2. False
College Accounting
Debts incurred and not yet paid.                   Accounts Payable                   
Grade 12 Accounting
A debit is the normal balance for which account listed below?
  1. Capital account
  2. Service Revenue account
  3. Accounts Payable account
  4. Accounts Receivable account
College Accounting
In the accounting equation: A=L+E, what does E stand for?
  1. Event
  2. Equal
  3. Everything
  4. Equilibrum
  5. Equity
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