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- 16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accounts14. How much is the correct balance of the Accumulated retained earnings unappropriated account?(24) Which account would be reported on the income statement? A. Interest Expense B. Notes Payable C. Interest Payable D. Wages Payable
- 12 A trial balance shows a subtotal for current assets and current liabilities. True or False8 Which of the following accounts would be classified as a current liability on a classified balance sheet? Multiple Choice Dividends Deferred Revenue Wages Expense Accounts Receivable12) In the Allowance Method when we we collect on a previously written off receivableA) Assets stay the same, Net Income stays the same.B) Assets increase, Net Income increases.C) It dependsD) Assets decrease, Net Income decreases
- 24- The accounting treatment for provision for doubtful debts will be: a. Added to sundry debtors in the balance sheet b. Deducted from sundry creditors in the balance sheet c. Added to sundry creditors in the balance sheet d. Deducted from sundry debtors in the balance sheet5) The Fair Value Adjustment account has a normal debit balance. (True/False)29 When a liability is paid, which account should be credited? A, Cash B.Accounts payable C. Expense D. Accounts receivable
- What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesIndicate by a (+), (), or (0) whether each of the following events would most likely cause accounts receivable (AR), sales, and profits to increase, decrease, or be affected in an indeterminate manner:212. Subject : - Accounting I understand everything except what category Gain on Debt Extinguishment should be under on the income statements?
