Current liabilities are classified as clearly determinable estimated and

Current liabilities are classified as clearly

This preview shows page 22 - 28 out of 36 pages.

10.Current liabilities are classified as clearly determinable, estimated, and contingent.TRUE(T / F) Credits are entries on the left side of a T-account.Select one:True False
FeedbackCorrect. Credits are entries on the right side of a T-account.The correct answer is 'False'.Question 2CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) Credits decrease liability, stockholders' equity, and revenue accounts.Question 3CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) A journal contains a chronological record of the transactions of a business. "Journalizing" is the process of entering a transaction in a journal.
Question 4CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) "Posting" is the process of transferring information recorded in the journal to the proper places in the ledger.Question 5CorrectMark 1.00 out of 1.00Flag question
Question text(T / F) The left side of any account is the credit side.Select one:True False FeedbackCorrect. The left side of any account is the debit side.The correct answer is 'False'.Question 6CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F) Revenues, liabilities, and capital stock accounts are increased by debits.Question 7CorrectMark 1.00 out of 1.00
Flag questionQuestion text(T / F) If the trial balance has equal debit and credit totals, it cannot contain any errors.Select one:Question 8CorrectMark 1.00 out of 1.00Flag questionQuestion text(T / F ) Closing entries are necessary to reduce the balances of revenue, expense, and Dividends accounts to zero so they are ready to receive data for the next accounting period.
Question 9CorrectMark 1.00 out of 1.00Question text(T / F) The cash basis is more generally accepted than the accrual basis because it provides a better matching of revenues and expenses.Select one:True False FeedbackCorrect. The accrual basis is more generally accepted than the cash basis because it provides a better matching of revenues and expenses.The correct answer is 'False'.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture