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Accounting Test 1 questions with correct answers. $8.99   Add to cart
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Accounting Test 1 questions with correct answers.
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  • Accounting 101
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  • Accounting 101

Accounting Test 1 questions with correct answers.

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  • August 29, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting test 1 questions with correct answers

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  • Accounting 101
  • Accounting 101

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Accounting Test 1 questions with
correct answers.

stockholders equity is equal to ANS - assets minus liabilities



Credits ANS - increase liabilities and decrease assets



A credit to a liability account ANS - indicates an increase in the account



A credit to a revenue account ANS - indicates an increase in revenues



The purchase of supplies on account should result in ANS - a debit to Supplies and a credit to Accounts
Payable



A credit to a liability account ANS - indicates an increase in the account



Debits ANS - increase assets and decrease liabilities



The revenue recognition principle dictates that companies recognize revenue in the accounting period
before the service is performed ANS - False



In a worksheet, net income is entered in the ANS - income statement (Dr) and balance sheet (Cr)
columns



Order ANS - 1. Business transaction occurs

2. Information entered in the journal

3. Debits and credits posted to the ledger

4. Trial balance is prepared

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