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Financial Accounting questions with right answers.
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  • Accounting 101

Financial Accounting questions with right answers.

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

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  • financial accounting questions with right answers

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  • Accounting 101
  • Accounting 101

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Financial Accounting questions with
right answers.

US GAAP is adopted by ANS - SEC



Amounts are posted from the ________ to the ________ ANS - Journal, general ledger



Debits always decrease which accounts? ANS - Liabilities, Revenue and Common Stock



Credits always decrease which accounts? ANS - Assets and Expenses



Which of the following is not an expense? ANS - Dividends paid



Which of the following is not a liability? ANS - Prepaid expense



Which of the following is not a form of business organization? ANS - Charity



An accounting policy requiring a corporation to capitalize any asset over $5,000 in value would be an
example of: ANS - Materiality



A company purchases supplies and records these as an asset. As they are used, they are expensed. This
is an example of ANS - Matching



Ending amounts on the statement of changes in equity are the same as those on the ANS - Balance
sheet



Credits always increase which accounts? ANS - Liabilities, Revenues and Common Stock

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