Which of the following is a characteristic of a single proprietorship? A. Each stockholder acts as an owner of the agency B. Firm owned by more than one person C. Easy to create D. Can continue indefinitely
The Sarbanes-Oxley Act was passed to: A. prevent fraud at public carriers. B. rearea every one of the old accounting steps via brand-new ones. C. enhance the accuracy of the company"s financial reporting. D. Both A and B are correct.

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Select the 1st Tip of the Accounting Cycle below: A. B. C. D.
Select the fifth Tip of the Accounting Cycle below: A. B. C. D.
The basic accounting equation is: A. Assets = Revenues - Expenses. B. Assets = Liabilities - Owner"s Equity. C. Assets - Owner"s Equity - Liabilities. D. Assets = Liabilities + Owner"s Equity.
Stum Hardware has actually full assets of $60,000. What are the tottal assets if new tools is purchased for $5,000 cash? A. $45,000 B. $50,000 C. $55,000 D. $60,000
If beginning resources was $120,000, finishing resources is $90,000, and also the owner"s withdrawals were $15,000, the amount of net revenue or net loss was: A. net revenue of $5,000 B. net earnings of $15,000 C. net loss of $15,000 D. net loss of $5,000
Which of the complying with transactions would certainly reason one asset to decrease and an additional asset to increase? A. The company provided services to a cash customer. B. The organization bought offers for cash. C. The owner withdrew cash from the business. D. The business bought provides on account.
An accounting device used to record boosts and also decreases in individual assets, liabilities, resources, revenue, expenses,and withdrawals is a(n): A. chart of accounts. B. account. C. trial balance. D. footing.
Which of the adhering to entries records the investment of cash by John, owner of a sole proprietorship? A. Delittle bit John, capital; crmodify Cash B. Delittle bit Cash; crmodify Revenue C. Delittle John, Withdrawals; crmodify Cash D. Delittle bit Cash; credit John, Capital
A crmodify to an ascollection account was posted as a crmodify to a revenue account. This error would cause? A. assets to be overdeclared. B. revenue to be overstated. C. costs to be overstated. D. Both A and also B are correct.
What would be the impact on the accounts if the service obtained the telephone bill yet did not pay it immediately? A. An cost would certainly be debited and also a licapability attributed. B. Capital would certainly be debited and Revenue credited. C. An cost would be debited and also an asset credited. D. An asset would be debited and Capital attributed.
In preparing the trial balance of the K&L"s Bridal Service, the Withdrawals account (which had a normal balance in the general ledger) was listed as a credit for $250. What will certainly be the distinction in between the debit and also crmodify sides of the trial balance? A. $500 B. $800 C. $250 D. $300
A list of all the accounts from the ledger via their ending balances is dubbed a: normal balance. trial balance. chart of accounts. financial institution statement.
Given the adhering to list of accounts via normal balances, what are the trial balance totals of the debits and credits?Cash $1,100Accounts Receivable 800Capital 1,900Accounts Payable 500Service Fees Earned 1,000Rent Expense 1,500 $3,400 delittle, $3400 crmodify $3,900 delittle bit, $3,900 credit $2,000 delittle, $2,000 crmodify $1,200 debit, $1,200 credit
In preparing the trial balance of the K&L"s Bridal Service, the Withdrawals account (which had a normal balance in the basic ledger) was listed as a crmodify for $400. What will be the distinction in between the delittle and crmodify sides of the trial balance? A. $150 B. $200 C. $300 D. $800
On which financial statement would certainly you find the ending balance in the Capital account? A. Income statement B. Balance sheet C. Statement of Owner"s equity D. Both B and also C are correct.
The twelve-month duration a company chooses for its audit period is a(n): A. calendar year. B. accountancy duration. C. fiscal year. D. bookkeeping cycle.
The first action of the accounting cycle is: A. recording journal entries B. posting to the ledger. C. preparing a trial balance. D. analyzing business transactions.
Revenue is traditionally known in the accounting records when: A. cash is got. B. solutions are rendered. C. it is incurred. D. None of the answers are correct.
The basic journal: A. is the book or original entry. B. is the book of last entry. C. includes account balances. D. is completed after the trial balance.
When recording a transaction in a journal, the account listed initially is always the: A. debit. B. credit. C. boost. D. decrease.
If you delittle bit Prepassist Insurance, you a lot of likely will: A. credit Fees Earned. B. crmodify resources. C. credit Insurance Expense. D. crmodify Cash.
The function of posting is to: A. record the transactions in chronological order in the journal. B. provide an explacountry of the transactivity. C. upday the account balances in the ledger. D. correct a previous entry.

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Which of the complying with errors would certainly reason the trial balance to be out of balance? A. The payment of utilities price was recorded as a debit to Rent Expense for $57 and a crmodify to Cash for $57. B. The payment of an account payable for $100 was taped as a debit to Cash, $100, and a credit to Accounts Payable, $100. C. The repertoire of an account was not taped. D. The payment of an account payable for $400 was videotaped as a debit to Accounts Payable for $400 and also a credit to Cash for $4,000.


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