1. Which types of accounts are likely to be listed first in the chart of accounts...

        

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1. Which types of accounts are likely to be listed first in the chart of accounts of a small business? Revenues Expenses Assets Liabilities Owner's Equity dit) in the general journal, which account is normall 2. When writing a simple entry (one debit, one credit) in the general journal, which account is normally written first? The account to be debited The account to be credited 3. Taking an amount from the general journal and recording it in a general ledger account is referred to as which of the following? Journalizing Posting Summarizing of an expense is more likely to involve which of the following? 4. Under double-entry bookkeeping the recording of an expense is more likely to involve which of the following? A decrease in a liability account An increase in an asset account An increase in a liability account f balance? 5. A liability account will usually have which type of balance? Debit Credit 7. Under the accrual method of accounting, does a $10,000 collection of an account receivable change the company's net income? Yes No 9. Which balance would you expect in an income statement account at the start of an accounting year? The prior year's ending balance A zero balance 10. Which amount is more likely to appear in the Cash account at the start of each accounting year? The previous year's ending balance A zero balance 1. Which types of accounts are likely to be listed first in the chart of accounts of a small business? Revenues Expenses Assets Liabilities Owner's Equity dit) in the general journal, which account is normall 2. When writing a simple entry (one debit, one credit) in the general journal, which account is normally written first? The account to be debited The account to be credited 3. Taking an amount from the general journal and recording it in a general ledger account is referred to as which of the following? Journalizing Posting Summarizing of an expense is more likely to involve which of the following? 4. Under double-entry bookkeeping the recording of an expense is more likely to involve which of the following? A decrease in a liability account An increase in an asset account An increase in a liability account f balance? 5. A liability account will usually have which type of balance? Debit Credit 7. Under the accrual method of accounting, does a $10,000 collection of an account receivable change the company's net income? Yes No 9. Which balance would you expect in an income statement account at the start of an accounting year? The prior year's ending balance A zero balance 10. Which amount is more likely to appear in the Cash account at the start of each accounting year? The previous year's ending balance A zero balance

Answer rating: 100% (QA)

1 Assets are listed first In a chart of accounts accounts are shown in the order that they appear on your financial statements Consequently assets lia... View the full answer