Podcast
Questions and Answers
What type of accounts are assets and expenses?
What type of accounts are assets and expenses?
- Credit accounts
- Liabilities
- Equity
- Debit accounts (correct)
In a balanced journal entry, what should be equal?
In a balanced journal entry, what should be equal?
- Total of credit account amounts and assets
- Total of credit account amounts and equity
- Total of debit account amounts and liabilities
- Total of debit account amounts and total of credit account amounts (correct)
Which of the following is a liability?
Which of the following is a liability?
- Land
- Cash
- Notes payable (correct)
- Accounts receivable
What are economic resources that will benefit the business in the future classified as?
What are economic resources that will benefit the business in the future classified as?
If a business issues common stock, how would this transaction affect equity?
If a business issues common stock, how would this transaction affect equity?
When paying rent expenses, which accounts are affected?
When paying rent expenses, which accounts are affected?
In double-entry accounting, when a company issues common stock, the effect is recorded as:
In double-entry accounting, when a company issues common stock, the effect is recorded as:
If a company purchases supplies on account, the appropriate journal entry would be:
If a company purchases supplies on account, the appropriate journal entry would be:
When a company pays rent expenses, the journal entry would include:
When a company pays rent expenses, the journal entry would include:
Recording revenue for services rendered typically involves:
Recording revenue for services rendered typically involves:
In a transaction involving an equity account, which entry is correct?
In a transaction involving an equity account, which entry is correct?
How are debits and credits determined for an asset account?
How are debits and credits determined for an asset account?
Which of the following would result in a credit to the Cash account?
Which of the following would result in a credit to the Cash account?
If Ned Brown, M.D., P.C. pays rent expenses, which accounts are affected?
If Ned Brown, M.D., P.C. pays rent expenses, which accounts are affected?
When recording revenue for services rendered, which accounts are involved?
When recording revenue for services rendered, which accounts are involved?
What happens to the Capital account when common stock is issued?
What happens to the Capital account when common stock is issued?
In the context of the text, what effect does purchasing supplies on account have on the Accounts Payable account?
In the context of the text, what effect does purchasing supplies on account have on the Accounts Payable account?
When recording a transaction involving an asset increase, which accounts are generally affected?
When recording a transaction involving an asset increase, which accounts are generally affected?
