F Ch4 problems

F Ch4 problems - BobbyMook 720008459 EndofChapterExercises...

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720008459 End-of-Chapter Exercises T R U E O R F A L S E 1. __T__ Debits and credits must equal for every transaction. 2. __T__ A list of all recorded journal entries is maintained in the ledger. 3. __F__ Revenue may not be recorded until cash is collected. 4. __T__ A transaction is any event that has a financial impact on a company. 5. __F__ An expense account is increased with a credit. 6. __T__ Examples of accrued expenses include salary, rent, and interest. 7. __F__ Posting refers to process of recording journal entries. 8. __T__ A company must recognize an accrued expense as incurred. 9. __T__ The matching principle states that expenses should be recognized in the same period as the  revenues they help generate. 10. __F__ Unearned revenue is a type of revenue account. M U L T I P L E C H O I C E 1. Which of the following is not true about double-entry bookkeeping? a. It originated in Italy. b. Debits and credits must equal. c. It is still used today. d. An entry can have no more than one credit and one debit. 2. Which of the following entries could Yeats Company not make when they perform a service for a client? a.
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This note was uploaded on 02/14/2012 for the course BUSI 101 taught by Professor Skender during the Spring '08 term at UNC.

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F Ch4 problems - BobbyMook 720008459 EndofChapterExercises...

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