Choose the right answer for the following:

Which one from the following is not a step in the accounting process?

(a) Identification. (b) Recording. (c) Economic entity. (d) Communication

Which of the following statements about users of accounting information is incorrect?

(a) Management is an internal user. (b) Taxing authorities are external users

(b) Present creditors are external users. (d) Regulatory authorities are internal users.

The financial statement that reports assets, liabilities, and owners equity is the:

(a) income statement. (b) owners equity statement.

(c) balance sheet. (d) statement of cash flows.

The trial balance shows Supplies $1,350 and Supplies Expense $0. If $600 of supplies are on hand at the end of the period, the adjusting entry is:

(a) Supplies Supplies Expense 600 600.

(b) Supplies Supplies Expense 750 750.

(c) Supplies Expense Supplies 750 750.

(d) Supplies Expense Supplies 600 600.

Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?

(a) Purchases. (b) Freight-In

(c) Cost of Goods Sold. (d) Purchase Discounts.

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