A True B False Answer Key False Question 5 of 10 100 100 Points Expenses for an

A true b false answer key false question 5 of 10 100

This preview shows page 6 - 7 out of 7 pages.

A. True B. False Answer Key: False Question 5 of 10 10.0/ 10.0 Points Expenses for an accounting period are: A. The costs of goods and/or services consumed in the earning of the revenue of the period. B. Former assets whose usefulness expired this period in the earning of revenues. C. Only the amounts actually paid for services used during the period. D. (a) and (b), but not (c). Answer Key: D Question 6 of 10 0.0/ 10.0 Points Every transaction always affects two or more accounts in a double-entry accounting system. A. True B. False Answer Key: True Question 7 of 10 0.0/ 10.0 Points A liability account normally has a debit balance. A. True B. False Answer Key: False Question 8 of 10
Image of page 6
0.0/ 10.0 Points If $500 cash and a $2,000 note are given in exchange for a delivery truck for use in a business: A. The stockholders’ equity is increased. B. Total assets are decreased. C. Total liabilities are decreased. D. None of the above. Answer Key: D Question 9 of 10 10.0/ 10.0 Points The accounting cycle steps are all performed at the end of the accounting period. A. True B. False Answer Key: False Question 10 of 10 10.0/ 10.0 Points Expense accounts usually have debit balances and show the cost associated with producing revenue during an accounting period. A. True B. False Answer Key: True
Image of page 7

You've reached the end of your free preview.

Want to read all 7 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture