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Capstones- Accounting and Small Business Management || All Correct.
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A temporary owner's equity account used to record the earning of revenue A. Revenue B. Sales C. Expenses D. Net sales correct answers B. Sales The process of ledger recording of information is called A. Posting B. Journalizing C. Footing Ledgering correct answers A. Posting The profit ...

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  • October 17, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • a temporary owners equity account used to record

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  • Capstones- Accounting and Small Business Managemen
  • Capstones- Accounting and Small Business Managemen

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Capstones- Accounting and Small Business Management ||
All Correct.
A temporary owner's equity account used to record the earning of revenue
A. Revenue
B. Sales
C. Expenses
D. Net sales correct answers B. Sales

The process of ledger recording of information is called
A. Posting
B. Journalizing
C. Footing Ledgering correct answers A. Posting

The profit and loss statement may be called
A. Balance Sheet
B. Trial balance
C. Work sheet
D. Income and expense statement correct answers D. Income and expense statement

The proprietorship of a business may be decreased by
A. Net income and investment of assets in the business by the owner
B. Expenses and withdrawals of assets from the business by the owner
C. Borrowing from banks and purchases of assets on credit
D. Collection of accounts receivable and borrowing from banks correct answers B. Expenses and
withdrawals of assets from the business by the owner

The purchase journal is used for
A. Recording purchase of an article on credit
B. Receiving cash for merchandise
C. Record of merchandise sales for credit
D. Recording cash payments correct answers A. Recording purchase of an article on credit

The records of a business are first written in a book called the
A. Ledger
B. Index
C. Schedule
D. Journal correct answers D. Journal

The selling price is determined by the cost of an item with an amount added to it. That amount
added is called
A. Interest
B. Shipping Cost
C. Mark-up
D. Other income correct answers C. Mark-up

, The sole owner of a business is the
A. Proprietor
B. Drawer
C. Endorser
D. Debtor correct answers A. Proprietor

The time an owner allows for the payment of a sale is a/an
A. Fiscal period
B. Fiscal year
C. Terms
D. Intangible asset correct answers C. Terms

The total sales of funeral services would be shown on the
A. Balance Sheet
B. Work sheet
C. Income statement
D. Bank statement correct answers C. Income statement

Which of the following is not a current asset?
A. Cash
B. Land
C. Inventory
D. Accounts receivable correct answers B. Land

According to GAAP, a business is accounted for as a separate entity, separate and distinct from
its owners
A. True
B. False correct answers A. True

A limited partnership allows an individual to invest and make management decisions in a
business without incurring the liability associated with a regular partnership
A. True
B. False correct answers B. False

A partnership is limited to two individuals who both participate in the profits of the business
according to some agreement
A. True
B. False correct answers B. False

A partnership is not a legal entity for most purposes
A. True
B. False correct answers A. True

A book for entry of a particular type of transaction is a/an
A. Ledger

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