You are watching: Of the following, which is true about assets?
The increases in stockholders" equity attributable to selling services or products to customers is called..
A chart of accounts is...the same as a balance sheetusually a listing of accounts in alphabetical orderusually a listing of accounts in financial statement orderused in place of a ledger
Which of the following is true about a T-account?The left side of a T account is called the debit side,The left side of a T account is called the credit side,The right side of a T account is called the debit side,Transactions are first recorded in T accounts and then posted in the journal
adding all the debits, adding all the credits, and then subtracting the smaller sum from the larger sum
Which group of accounts is composed of only assets?Cash, Accounts Payable, BuildingsAccounts Receivable, Revenue CashPrepaid Expenses, Buildings, PatentsUnearned Revenues, Prepaid Expenses, Cash
Of the following, which is true about assets?Assets include both physical and intangible itemsAssets include only physical itemsAssets are the personal property of the stockholders of the companyAssets are the result of selling products or services to customers
Which of the following is not considered to be a liability?Wages Payable, Accounts Receivable, Unearned Revenues, Accounts Payable
Which of the following statements is not true about liabilities?Liabilities are debts owed to outsidersAccount titles of liabilities often include the term "payable"cash received before a service is performed creates a liabilityLiabilities include accumulated depreciation
Expenses can result from...selling stockconsuming servicesusing up liabilitiespaying creditors on account
Which of the following entries records the purchase of common stock by stockholders?debit Common Stock; Credit Accounts ReceivableDebit Cash; Credit Common StockDebit dividends; Credit CashDebit Fees Earned; Credit Common Stock
Which of the following groups of accounts have a normal debit balance?revenues, liabilities, and stockholders" equitystockholders" equity and assetsliabilities and stockholders" equityassets and expenses
A credit may signify a...decrease in assetsdecrease in liabilitiesdecrease in common stockdecrease in revenue
Which of the following applications of the rules of debit and credit is true?decrease prepaid insurance with a credit and the normal balance is a creditincrease accounts payable with a credit and the normal balance is a debitincrease equipment with a debit and the normal balance is a debitdecrease cash with a debit and the normal balance is a credit
Office supplies purchased by Janer"s Cleaning Services on account were returned. The office supplies had not yet been paid for. What entries for Janer"s Cleaning Service records this transaction?
Cash was paid by Janer"s Cleaning Service to creditors on account. What entry for Janer"s Cleaning Service records this transaction?
What entry records the receipt of cash for two months" rent? The cash was received in advance of providing the service.
A client has a massage and asks the company bookkeeper to mail her the bill. What entry should the bookkeeper make to record the invoice?
Which of the following is not a correct rule of debits and credits?Assets, expenses, and dividends are increased by debitsAssets are decreased by credits and have a normal debit balanceLiabilities, revenues, and stockholders" equity are increased by creditorsThe normal balance for revenues and expenses is a credit
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