...ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-23-Quiz-All-Possible-Questions-AC5575.htm ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A new account is opened for each transaction entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13....
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...ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-2-Chapter-23-Quiz-All-Possible-Questions-AC5575.htm ACC 557 WK 2 Chapter 2,3 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A new account is opened for each transaction entered into by a business firm. 2. The recording process becomes more efficient and informative if all transactions are recorded in one account. 3. When the volume of transactions is large, recording them in tabular form is more efficient than using journals and ledgers. 4. An account is often referred to as a T-account because of the way it is constructed. 5. A debit to an account indicates an increase in that account. 6. If a revenue account is credited, the revenue account is increased. 7. The normal balance of all accounts is a debit. 8. Debit and credit can be interpreted to mean increase and decrease, respectively. 9. The double-entry system of accounting refers to the placement of a double line at the end of a column of figures. 10. A credit balance in a liability account indicates that an error in recording has occurred. 11. The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement. 12. Revenues are a subdivision of retained earnings. 13....
Words: 1114 - Pages: 5
...ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-4-Chapter-4-Quiz-All-Possible-Questions-ACC5576.htm ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet. 2. If a worksheet is used, financial statements can be prepared before adjusting entries are journalized. 3. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income. 4. It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet. 5. The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet. 6. The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns. 7. The balance of the depreciation expense account will appear in the income statement debit column of a worksheet. 8. Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year. 9. The Dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period...
Words: 1229 - Pages: 5
...ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions To Purchase Click Link Below: http://strtutorials.com/ACC-557-WK-4-Chapter-4-Quiz-All-Possible-Questions-ACC5576.htm ACC 557 WK 4 Chapter 4 Quiz - All Possible Questions TRUE-FALSE STATEMENTS 1. A worksheet is a mandatory form that must be prepared along with an income statement and balance sheet. 2. If a worksheet is used, financial statements can be prepared before adjusting entries are journalized. 3. If total credits in the income statement columns of a worksheet exceed total debits, the enterprise has net income. 4. It is not necessary to prepare formal financial statements if a worksheet has been prepared because financial position and net income are shown on the worksheet. 5. The adjustments on a worksheet can be posted directly to the accounts in the ledger from the worksheet. 6. The adjusted trial balance columns of a worksheet are obtained by subtracting the adjustment columns from the trial balance columns. 7. The balance of the depreciation expense account will appear in the income statement debit column of a worksheet. 8. Closing entries are unnecessary if the business plans to continue operating in the future and issue financial statements each year. 9. The Dividends account is closed to the Income Summary account in order to properly determine net income (or loss) for the period...
Words: 1229 - Pages: 5
