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Financial Accounting questions with accurate answers.
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Financial Accounting questions with accurate answers.
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Financial Accounting questions withaccurate answers.
Management of a business enterprise is the major external user of information.
True or False ANS - False
Accounting information is used only by external users with a financial interest in a business enterprise.
True or False ANS - False
haroah's Computer Repair Shop started the year with total assets of $312000 and total liabilities of
$220000. During the year, the business recorded $499000 in computer repair revenues, $312000 in
expenses, and Pharoah paid dividends of $50400. Stockholders' equity at the end of the year was
Entry field with incorrect answer
A $279000.
B $228600.
C $187000.
D $92000. ANS - B ($312000 - $220000) + ($499000 - $312000) - $50400 = $228600.
Credits
A increase both assets and liabilities.
B decrease both assets and equity.
C increase liabilities and decrease assets.
D decrease both assets and liabilities. ANS - C
An account will show a debit balance if the
, A first transaction posted was a debit.
B total of the debit amounts exceeds the credits.
C last transaction posted was a debit.
D number of debits exceeds the number of credits. ANS - B
A credit to a revenue account
A must be accompanied by a debit to an expense account.
B indicates an increase in revenues earned.
C is an error.
D indicates a decrease in revenues earned. ANS - B
Debits
A decrease assets and increase liabilities.
B increase assets and decrease liabilities.
C increase both assets and liabilities.
D decrease both assets and liabilities. ANS - B
The purchase of supplies on account should result in
A a debit to Cash and a credit to Supplies.
B a debit to Accounts Payable and a credit to Supplies.
C a debit to Supplies and a credit to Accounts Payable.
D a debit to Supplies and a credit to Accounts Receivable. ANS - C
The Cash account had a normal balance of $48,000 at the beginning of the month. During the month,
Langdon Company received cash payments from its customers of $22,000 and made cash payments of
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