Accounting Fundamentals

Oct 12th, 2015
Price: $5 USD

Question description

12. Which of the following is prepared first?

a. balance sheet

b. expense sheet

c. statement of owner’s equity

d. income statement

20. If cash has been debited, it is likely that:

a. the owner made an investment

b. a charge customer made a payment

c. the business borrowed cash from the bank

d. All of the above.

21. If prepaid rent has been debited, it is likely that:

a. the rent was paid for three months in advance

b. a bill for the past month’s rent was received

c. this month’s rent was paid

d. All of the above.

22. Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger


a. all of the information from the journal was correctly transferred to the ledger

b. all accounts have their correct balances in the ledger

c. only the ledger is accurate; the journal may be incorrect

d. only that the debit dollar amounts equal the credit dollar amounts

23. In preparing the trial balance of the K&L’s Bridal Service, the withdrawal account (which had a

 normal balance in the general ledger) was listed as a credit for $400. What will be the

 difference between the debit and credit sides of the trial balance?

a. $150

b. $200

c. $300

d. $800

24. The trial balance:

a. includes all accounts with a balance in the ledger

b. includes assets, liabilities, capital, withdrawals, revenues and expenses

c. ensures that debits equal credits

d. All of the above.

Unit 1 Examination 

25) The proper format for a journal entry includes all of the following, except:

a. the total amounts of debits must equal the total amount of credits

b. skip a line between transactions

c. the credit portion of the transaction is always first

d. listed in chronological order

Tutor Answer

(Top Tutor) Daniel C.
School: UC Berkeley

Studypool has helped 1,244,100 students

Review from our student for this Answer

Oct 14th, 2015
"Top quality work from this guy! I'll be back!"
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1831 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors