A debit to a liability account was posted to a revenue account This would cause

A debit to a liability account was posted to a

  • Ashworth College
  • ACCT A01V
  • Test Prep
  • psalms23forme
  • 29
  • 95% (38) 36 out of 38 people found this document helpful

This preview shows page 17 - 24 out of 29 pages.

Question 23 of 402.5/ 2.5 PointsA debit to a liability account was posted to a revenue account. This would cause __________. A. assets to be overstatedB. liabilities to be overstatedC. capital to be overstatedD. revenue to be overstated Question 24 of 402.5/ 2.5 PointsThe twelve-month period a business chooses for its accounting period is a(n. __________.
Question 25 of 402.5/ 2.5 PointsA credit to a liability account was posted to an owner's equity account. This would cause __________.
Question 26 of 402.5/ 2.5 PointsWhich of the following entries records the owner taking cash for personal use? Question 27 of 402.5/ 2.5 PointsA debit to the capital account was posted to a revenue account. This would cause __________.
A. assets to be understatedB. liabilities to be overstatedC. capital to be understatedD. revenue to be understated Question 28 of 402.5/ 2.5 PointsThe first step of the accounting cycle is __________.
Question 29 of 402.5/ 2.5 PointsA debit to the capital account was posted to an expense account. This would cause __________.
Question 30 of 400.0/ 2.5 PointsBusiness transactions are first recorded in the __________. Question 31 of 402.5/ 2.5 PointsA credit to an asset account was posted to a liability account. This would cause __________. A. assets to be understated
B. liabilities to be overstatedC. capital to be overstatedD. revenue to be overstated

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture