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1. Which of the following statements is FALSE?
A. Account titles in the chart of accounts are usually arranged alphabetically.
B. Assets are classified as current and non-current.
C. Land is not subject to
2. Which of the following statements is FALSE?
A. Current liabilities are expected to be settled within twelve months.
B. Liabilities must be equal to the sum of assets and owner's equity.
C. Accounts payable is a current liability.
D. Unearned revenue is a liability.
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- For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent RevenueWhich of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividendsWhat is the impact on the accounting equation when a current months utility expense is paid? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changes
- For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Supplies1. Which of the following statements is FALSE? A. Prepaid expense is an asset.B. Increase in withdrawal is credited.C. Liabilities are listed in the chart of accounts based on its maturity. 2. Which of the following statements is FALSE?A. Account titles in the chart of accounts are usually arranged alphabetically.B. Assets are classified as current and non-current.C. Land is not subject to depreciation.3. Which of the following statements is FALSE?A. Current liabilities are expected to be settled within twelve months.B. Liabilities must be equal to the sum of assets and owner's equity.C. Accounts payable is a current liability.D. Unearned revenue is a liability.4. Which of the following statements is FALSE?A. Cash includes coins, bills and checks.B. Prepaid expenses are advance payments to cover future expenses such as rent expense.C. Cash is the most liquid asset.D. Current assets are always reasonably expected to be realized in cash or consumed in the business after twelve months…1. Which of the following statements is FALSE?A. Cash includes coins, bills and checks.B. Prepaid expenses are advance payments to cover future expenses such as rent expense.C. Cash is the most liquid asset.D. Current assets are always reasonably expected to be realized in cash or consumed in the business after twelve months from the reporting date.2. Which of the following statements is FALSE?A. Increase in withdrawal is debited.B. Expense is a temporary account.C. Withdrawals made by the owner during a particular accounting period increases owner's equity.D. Revenue is a major account.
- How are revenues and expenses reported on the income statement under (a) the cash basis of accounting and (b) the accrual basis of accounting? Explain the purpose of the accounts Depreciation Expense and Accumulated Depreciation. Is it customary for the balances of the two accounts to be equal? (c) In what financial statements, if any, will each account appear? Why are adjustments needed at the end of an accounting period? Employees performed services in 20Y8, but the wages were not paid until 20Y9. During which year would the wages expense be reported on the income statement under (a) the cash basis? (b) the accrual basis?In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A. Current assets B. Long-term investments C. Plant assets D. Intangible assets E. Current liabilities F. Long-term liabilities G. Equity 1. Long-term investment in stock 2. Depreciation expense—Building 3. Prepaid rent (2 months of rent) 4. Interest receivable 5. Taxes payable (due in 5 weeks) 6. Automobiles 7. Notes payable (due in 3 years) 8. Accounts payable 9. Cash 10. Owner, Capital 11. Unearned services revenue 12. Accumulated depreciation—Trucks 13. Prepaid insurance (expires in 5 months) 14. Buildings 15. Store supplies 16. Office equipment 17. Land (used in operations) 18. Repairs expense 19. Office supplies 20. Current portion of long-term note payable1. When an error is discovered after closing the nominal accounts, one of the accounts to be credited or debited is the owner’s capital account. True or False?2. All property, plant and equipment are capitalized. True or False?3. Accrual basis of accounting recognizes sales on credit and collection from accounts receivable. True or false?
- Which of the following statements is false? 1. An income statement reports revenues earned less expenses incurred. 2 An unadjusted trial balance is a list of accounts and balances after adjusting entries have been recorded and posted to the ledger 3. Interim financial reports can be based on a time period shorter than on year, such as a one-month or three-month accounting periods.In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A. Current assets E. Current liabilities B. Long-term investments F. Long-term liabilities C. Plant assets G. Equity D. Intangible assets 1. Commissions earned 2. Interest receivable 3. Long-term investment in stock 4. Prepaid insurance (4 months of rent) 5. Machinery 6. Notes payable (due in 15 years) 7. Copyrights 8. Current portion of long-term note payable 9. Accumulated depreciation—Trucks 10. Office equipment 11. Rent receivable 12. Salaries payable 13. Income taxes payable (due in 11 weeks) 14. Owner, Capital 15. Office supplies 16. Interest payable 17. Rent revenue 18. Notes receivable (due in 120 days) 19. Land (used in operations) 20. Depreciation expense—TrucksQuestion 1 The standard accounting equation Assets - Liabilities = Owner's Equity allows the analysis of normal debit and credit balances of accounts. TRUE FALSE Question 2 A liability is classified as a current liability if it is expected to be settled within the next twelve months after the statement of financial position date. TRUE FALSE