1890 would be marked on the credit side of the accounts payable 6 What is the

1890 would be marked on the credit side of the

This preview shows page 2 - 4 out of 5 pages.

$1,890 would be marked on the credit side of the revenue account. $1,890 would be marked on the credit side of the accounts payable. 6 What is the name of the accounting system documented in the 15th century by Luca Pacioli? Monetary unit Cost Managerial Double-entry 7 Instances of fraud and misconduct caused the government to implement which piece of legislation? Sarbanes-Oxley Act International Financial Reporting Standards General Accepted Accounting Principles Miller-Townsend Act 8 Money borrowed from a bank to purchase new machinery would be considered which of the following? Liabilities Assets Revenue Equity 9 Which of the following is responsible for the creation and governance of accounting standards in the United States? Sarbanes-Oxley Act Financial Standards Accounting Board (FASB) Generally Accepted Accounting Principles (GAAP) Securities and Exchange Commission (SEC) 10 Which of the following is NOT a permanent account?
Image of page 2
Revenue Assets Liabilities Equity 11 Which of the following kinds of companies would use a 990 tax form? LLC LLP Sole proprietorship Non-profit CONCEPT 12 Which of the following accounts would Carlo credit when a customer who bought three dozen pastries and muffins from his bakery paid $55 in cash? Asset Expense Equity Revenue 13 Eric owns a heating and cooling company. He routinely inspects a food storage warehouse.
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 5 pages?

  • Summer '13
  • Generally Accepted Accounting Principles, International Financial Reporting Standards, following account groups, Partners of an LLC

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture