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21 Cards in this Set
- Front
- Back
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Which of the following is not a basic function of an accounting system |
To ensure that a business organization will be managed profitably |
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The best definition of an accounting system |
The personal procedure devices and records used by an entity to develop accounting information and communicate this information to decision makers |
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Which financial statement is prepared as a specific date |
The balance sheet |
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The field of accounting may best be described as |
The art of interpreting measuring and describing economic activity |
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If totally assets equal 270,000 and total liabilities equal 202,500, the total owners equity must equal |
67,500 |
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Which of the following best defines an asset |
An economic resource owned by a business and expected to benefit future operations |
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Which of the following is the primary objective of an income statement |
Providing users outside the business organization with information about the company's financial position and operating results |
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A balance sheet is designed to show |
The assets, liabilities, and owners equity of a business as Of a particular date |
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Which of the following transactions would cause an increase in both assets and owners equity |
Investment of cash in the business by the owner |
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The accounting cycle begins with the |
Initial recording of business transactions |
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In a ledger, debit entries cause |
Decreases in liabilities increases in assets and decreases in owners equity |
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The purchase of equipment on credit is recorded by a |
Debit to equipment and a credit to accounts payable |
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The purchase of an office equipment at a cost of 7600 with an immediate payment of 4200 and agreement to pay balance within 60 days recorded by |
A debit of 7600 office equipment Credit of 4200 cash Credit 3400 accounts payable |
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Which of the following is not considered a basic type of adjusting entry |
An entry to convert an asset to a liability |
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Which of the following situation does not require empire company to record an adjusting entry at the end of January |
At the end of January, empire company pays the custodian for January office cleaning services |
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If a hot bagel co. Estimates deprecation on an automobile to be 578 for the year, the company should make the following adjusting entry |
Debit deprecation expense 578 and credit accumulated depreciation 578 |
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Accelerated depreciation is |
A contra-asset account |
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If an asset was purchased on Jan.1 2012 for 140000 with an estimated life of 5 years what is the accumulated depreciation at dec. 31 |
112000 |
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If an asset was purchased on Jan.1 2012 for 140000 with an estimated life of 5 years what is the accumulated depreciation at dec. 31 |
112000 |
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The closing entry for an expense account would consist of a |
Debit to income summary and credit to the expense account |
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The income summary account had debuts of 85000 and credits of 75000 the company had which of the following |
Net loss of 10,000 |
