The primary purpose of the trial balance is to A disclose the complete effect

The primary purpose of the trial balance is to a

This preview shows page 7 - 10 out of 19 pages.

29.The primary purpose of the trial balance is to:A)disclose the complete effect of a transaction in one place.B)make sure a journal entry is not posted twice.C)transfer journal entries to the ledger accounts.D)prove the equality of the debit and credit amounts after posting.30.What is the order in which assets are generally listed on a classified balance sheet?31.Which of the following is the most appropriate and modern definition of accounting?32.When a company performs a service but has not yet received payment, itPage 7
Background image
33.Which of the following correctly identifies normal balances of accounts?A)B)C)D)34.Wang Company had the following transactions during 2011:Sales of $5,400 on accountCollected $2,400 for services to be performed in 2012Paid $1,550 cash in salaries for 2011Purchased airline tickets for $300 in December for a trip to take place in 2012What is Wang's 2011 net income using accrual accounting?35.Dividends paidPage 8RevenuesCreditExpensesDebitCommon StockCreditAssetsDebitLiabilitiesCreditCommon StockCreditRevenuesCreditExpensesDebitRevenuesDebitExpensesCreditAssetsDebitAssetsDebitLiabilitiesCreditCommon StockCreditRevenuesCreditExpensesCreditLiabilitiesCreditAssetsCreditLiabilitiesDebitCommon StockDebit
Background image
36.Which of the following statements is true?
Background image
Image of page 10

You've reached the end of your free preview.

Want to read all 19 pages?

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes