final - Question: The accounting equation may be expressed...

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Question: The accounting equation may be expressed as Your Answer: Assets = Equities – Liabilities Assets + Liabilities = Owner's Equity Assets = Revenues less Liabilities Assets - Liabilities = Owner's Equity CORRECT Points Received: 3 of 3 Comments: 2. Question: Equipment with an estimated market value of $55,000 is offered for sale at $75,000. The equipment is acquired for $20,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is Your Answer: Points Received: 0 of 3 Comments: 3. Question: How does the purchase of equipment by signing a note affect the accounting equation?
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Your Answer: Points Received: 3 of 3 Comments: 4. Question: Which of the following are guidelines for behaving ethically? I. Identify the consequences of a decision and its effect on others. II. Consider your obligations and responsibilities to those affected by the decision. III. Identify your decision based on personal standards of honesty and fairness. Your Answer: Points Received: 0 of 3 Comments: 5. Question: Presently, the dominant body in the development of accounting principles is the Your Answer:
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Points Received: 3 of 3 Comments: 6. Question: Owned resources of a business are referred to as Your Answer: Points Received: 3 of 3 Comments: 7. Question: The asset created by a business when it makes a sale on account is termed Your Answer: Points Received: 3 of 3 Comments: 8. Question:
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Which of the following entries records the acquisition of office supplies on account? Your Answer: Points Received: 0 of 3 Comments: 9. Question: Randomly listed below are the steps for preparing a trial balance: (1.) Verify that the total of the Debit column equals the total of the Credit column. (2.) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3.) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4.) Total the Debit and Credit columns of the trial balance. Your Answer: Points Received: 3 of 3 Comments: 10. Question: Which of the following is not a short-cut in finding errors on the trial balance? Your Answer:
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Points Received: 3 of 3 Comments: 11. Question: The balance of the account is determined by Your Answer: Points Received: 3 of 3 Comments: 12. Question: Which of the following entries records the payment of rent for the current month? Your Answer: Points Received: 3 of 3 Comments:
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13. Question: Which of the following describes the classification and normal balance of the fees earned account? Your Answer:
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This note was uploaded on 01/28/2011 for the course AC 114 taught by Professor Irynaoreshkova during the Spring '10 term at Kaplan University.

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final - Question: The accounting equation may be expressed...

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