QUESTION 11 All the following are permanent accounts except: O A. Accounts payable. B. Owner's capital. O C. Cash. D. Consulting revenue.
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A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…
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- Effect of transactions on owner's equity Indicate whether each of the following types of transactions will either (a) increase owner's equity or (b) decrease owner's equity: 1.expenses 2.owner's investments 3.owner's withdrawals 4.revenuesEffect of transactions on owner's equity Indicate whether each of the following types of transactions will either (a) increase owner's equity or (b) decrease owner's equity: 1.expenses 2.owner's investments 3.owner's withdrawals 4.revenues10.Which of the following accounts would be increased with a debit? a. Withdrawals account. b. Legal fees earned c. Rent Payable d. Owner’s capital account
- Ch2 Question 15: In which financial statement is the accounting equation displayed? Answer: A. Income statement B. Statement of owner's equity C. Balance sheet D. Statement of cash flows Question 16: When expenses exceed revenues, what is the name of the final figure in the income statement? Answer: A. Net Loss B. Withdrawals C. Ending Owner's Equity D. Net Income10. Accounting treatment of prepaid expenses will be: a. Deducted from assets b. Deducted from the expense in income statement c. Added in liabilities d. Added to that expenses in income statementActivity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities Expens
- PQ 2.11From the following, which are subdivisions of owner’s equity? a. Trees ______b. J. Penny, Capital ______c. Accounts Payable ______d. J. Penny, Withdrawals ______ e. Accounts Receivable ______ f. Advertising Expense ______ g. Taxi Fees Earned ______h. Computer Equipment ______(24) Which account would be reported on the income statement? A. Interest Expense B. Notes Payable C. Interest Payable D. Wages Payable4.1 Identify whether each of the following transactions, which are related to revenue recognition, areaccrual, deferral, or neither.A. earn now, collect nowB. earn now, collect laterC. earn later, collect now
- Multiple choice: 1. Which of the following are the all temporary accounts? A. Liabilities, revenues and expenses B. Revenues, expenses and withdrawals C. Revenues, expenses and capital D. Assets, revenues and withdrawals 2. The income summary account is closed to the: A. Cash account B. Withdrawals account C. Service revenue account D. Capital account43. The purchase of supplies on credit to be use on the main office of the entity, will cause a corresponding what effect on corresponding accounts? a. Increase in assets and decrease in liabilities b. Both increase in assets and liabilities c. Increase in liabilities and decrease in assets d. Both decrease in assets and liabilitiesQUESTION 8 Classify the following items into assets, liabilities, or owner’s equity. a. Office equipment ______ b. Freehold premises _______ c. Capital _________ d. Mortgage on buildings____ e. Debtors _____ f. Short-term loan _________ g. Long-term loan ________ h. Drawings _________ i. Bank ____________ j. Bank overdraft ________ k. Creditors __________ l. Net profit _____
