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Accounting Questions - All Grades

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Grade 12 Accounting
What is owners' equity?
  1. sales of products or services
  2. owners' claims to resources
  3. resources owned
  4. costs of selling products or services
  5. amounts owed
Grade 8 Accounting
What is your individual past made up of?
  1. minor events in your past
  2. the town history
  3. the way you are living your life now
  4. major events and experiences in your life
Grade 12 Accounting
XYZ, Inc. paid its supplier $1,000 to satisfy an accounts payable balance. How should XYZ record this transaction?
  1. Debit accounts payable and credit cash for $1,000.
  2. Debit supplies expense and credit cash for $1,000.
  3. Credit accounts payable and debit cash for $1,000.
  4. Only credit a cash for $1,000.
Continuing Education Accounting
A corporation's failure to accrue an expense will cause expenses and
                to be understated.
  1. Assets
  2. Liabilities
  3. Owner's Equity
Continuing Education Accounting
Equipment having a cost of $100,000 was put into service on July 1, 2007.
The equipment's salvage value at the end of its 10-year useful life is
estimated to be $10,000. The company's accounting year ends on
December 31. The depreciation for this equipment for the year 2007 using the straight-line
method will be          $4,500         
Grade 12 Accounting
XYZ, Inc. borrowed $1,000 from the bank and debited its cash account for $1,000. What should be done to complete the recording of the transaction?
  1. Nothing further must be done.
  2. Debit a owners' equity account for $1,000.
  3. Credit another asset account for $1,000.
  4. Credit a liability account for $1,000.
College Accounting
If you sell an item on credit, what four accounts are affected?
  1. accounts payable,cash, inventory, and cost of sales
  2. accounts payable, sales, inventory, and cost of sales
  3. accounts receivable, sales, inventory, and cost of sales
  4. accounts receivable, cash, inventory, and cost of sales
Continuing Education Accounting
The adjusting entry for depreciation will include a debit to Depreciation
Expense and a credit to                             accumulated depreciation.                            
College Accounting
The accrual basic of accounting recognizes revenues and expenses when:
  1. Revenues are earned and expenses are paid
  2. Revenues are received and expenses are incurred
  3. Revenues are received and expenses are paid
  4. Revenues are earned and expenses are incurred
College Accounting
Prepaid expenses to be expired within twelve months are shown in which part of the Financial Statement.
  1. Income Statement
  2. Current liabilities
  3. Fixed assets
  4. inventory
  5. Current assets
College Accounting
Working capital is a measure of:
  1. Consistency
  2. Liquidity
  3. Profitability
  4. Solvency
  5. None of the options listed
College Accounting
Something that is owed; a debt.              Liabilities              
Grade 7 Accounting
Occasionally businesses will lose money. When does this become a problem and the business may have to close?
  1. This is never a problem
  2. This is a problem when Liabilities are high
  3. This is a problem when Expenses are high
  4. This is a problem when Revenue and assets are high
  5. This is a problem when there is a net loss every month
Grade 9 Accounting
An "real-world" example of an Adjusted Entry in the accounting cycle for a service related business would be
  1. A bill that your company doesn't pay
  2. A bill that a client doesn't pay
  3. Both a & b
  4. Neither a or b
College Accounting
Incurring an expense before cash is paid is an example of what kind of adjustment?
  1. Accrued Liability
  2. Deferred Expense
  3. Accrued Asset
  4. Deferred Revenue
Grade 7 Accounting
An Employer
  1. Hires and fires people to complete a job
  2. Bosses people around
  3. Someone owned by a business
  4. Someone who owes the business
College Accounting
The expense associated with manufacturing items for resale is generally kown as?
  1. Administrative Overhead
  2. Gross Profit
  3. Cost of Sales
  4. Inventory
College Accounting
Which of the following is an example of a deferral?
  1. Accruing year-end wages
  2. Recognizing revenues earned but not yet recorded
  3. Recording prepaid rent
  4. Recognizing expenses incurred but not yet recorded
  5. None of the options listed
College Accounting
Ike's Lawn Service billed a client on May 1 for a service totaling $ 250. When the client pays said costs, what is the effect on the accounting equation?
  1. Liabilities decrease and owners' equity increases
  2. Assets increase and assets decrease
  3. Assets increase and owners' equity increases
  4. Assets decrease and liabilities decrease
Grade 12 Accounting
If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?
  1. $20,000 increase
  2. $10,000 decrease
  3. $10,000 increase
  4. $15,000 decrease
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