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Statements
100
The difference between revenue and expenses is...
What is profit?
100
If assets are $50,000 and liabilities are $20,000, Owner's Equity is....
What is $30,000?
100
Earning revenue would (increase or decrease) assets and (increase or decrease) owner's equity.
What is increase and increase?
100
True or False -increase accounts payable with a credit and the normal balance is a debit
What is false?
100
A list of accounts that does not have balances is
What is the chart of accounts?
200
An individual's moral principles...
What is ethics?
200
On May 30th, Amber's Consulting made an offer to buy land for $125,000, that was listed for $150,000. The seller accepted the offer. The land was valued at $135,000. On August 30th, the city offered to buy the land for $155,000. The value the land should be recorded at is....
What is $125,000?
200
Lewis Consulting purchased equipment for $12,000, paid $2,500 down and will pay the remainder later. The entry would be…
What is - Equipment $12,000 Cash $2,500 A/P $9,500
200
Which account should have credit balance? Notes payable Rent Expense Cash Drawing
What is notes payable?
200
Which statement and where does accumulated depreciation appear?
What is balance sheet under property, plant, and equipment?
300
Revenue in which cash has been received but not earned is...
What is deferred revenue?
300
If liabilities decreased $20,000 and owner's equity increased $45,000, the amount and direction (increase or decrease) of change in assets would be?
What is increase of $25,000?
300
The balance of supplies on May 1st was $2,250. Supplies purchased in May totaled $1,050. Supplies on hand May 30th was $1,050. The amount of the adjusting entry is...
What is $2,250?
300
What type of account is unearned revenue?
What is a liability?
300
A list of accounts with accounts balances after adjustments are made is...
What is an adjusted trial balance?
400
The ability to convert assets into cash is....
What is liquidity?
400
Describe the following journal entry: Supplies. 250 Accounts Payable. 250
What is purchased supplies on account?
400
The balance in the prepaid rent account before adjustments at the end of the year is $15,000, which represents 3 months of rent paid on December 1st. The adjusting entry required on December 31st is....
What is debit rent expense $5,000 and credit prepaid rent $5,000?
400
The accounting concept that matches revenues with expenses in the same accounting period is...
What is the matching concept?
400
An income statement includes:
What is revenue and expenses?
500
Money owed to outside vendors is a....
What is a liability?
500
Find the net income: Accumulated Depreciation $2,500 Fees Earned $17,500 Depreciation Expense $2,500 Insurance Expense $250 Prepaid Insurance $4,000 Supplies $1,500 Supplies Expense $750
What is $14,000?
500
The net income reported on the income statement is $75,000. However, adjusting entries have not been made at the end of the period for supplies expense of $1,100 and accrued salaries of $2,750. Net income, as corrected is:
What is $71,150?
500
The temporary account that is used during the closing process is...
What is income summary?
500
A balance sheet includes:
What is assets, liabilities, and owner's equity?