Question: Hello, Can you please help me to answer these questions ? thank you in advance Number Questions 1 Salary and wages can only be charged
Hello, Can you please help me to answer these questions ? thank you in advance
| Number | Questions |
| 1 | Salary and wages can only be charged to an expense account ( True or false ?) |
| 2 | Invoice should be coded for distribution in the general ledger by referring to the |
| 3 | Prepaid insurance for future periods should be classified as |
| 4 | When an item in accounts payable is paid, the following entry is made |
| 5 | A payment on account to vendor (increase or decrease account payable )? |
| 6 | The accounting method which records transactions with debit and an equal credit is called? |
| 7 | All journals are posted to the |
| 8 | Capital expenditure includes / expenditure for fixed assets |
| 9 | Which of the following statements concerning the standard general ledger is true or false |
| 9A | The general ledger contains the account for asset liabilities and equity |
| 9B | A general ledger and balance sheet are the same |
| 9C | At any point in time, the sum of debit and the sum of the credit in a general ledger will |
| 9D | A statement of financial position cannot be prepared from the General ledger |
| 9E | A general ledger does not contain all the accounts in the accounting system |
| 9F | A general ledger is the basic infrastructure of an accounting system |
| 9G | The cash flow statement is not prepared from information in the general ledger |
| 10 | Why does a general ledger contain a record or summary of every transaction in a business? |
| 11 | In a general ledger liabilities are generally incurred and recorded as a result of |
| 11A | In a general ledger, liabilities are generally incurred and recorded owed by the customer to a company |
| 12 | In a general ledger assets are generally incurred and recorded as a result of |
| 13 | Is paying an outstanding insurance policy is asset or liability? |
| 14 | Is paying an outstanding invoice is asset or liabilities? |
| 15 | Is selling goods to its customer an asset or a liability? |
| 16 | is paying off outstanding debt an asset? |
| 17 | Equipment repair should be classified as |
| 18 | Cost of inventory should be classified as |
| 19 | Utility bills should be classified as |
| 20 | Is investment an asset or a liability? |
| 20A | is a note payable an asset? |
| 20B | is a note receivable a current asset? |
| 20C | Is inventory an asset? |
| 21 | A prepaid expense account is? an expense? |
| 22 | The contra account for account receivable is the allowance for |
| 23 | A credit sale of merchandise for $112.20 reduce or increase account receivable? |
| 23A | Does the return of merchandise by a customer reduce or increase account receivable? |
| 24 | a payment on account by customer reduce or increase account receivable? |
| 24A | a payment on account by customer increase sale? |
| 25 | a customer account is deemed to be uncollectible |
| 26 | What effect has the credit sale to a customer on the account receivable? |
| 26A | what effect has the cash sale to a customer on the account receivable? |
| 27 | when interest charged to customers who have past due increase or decrease account receivable |
| 27A | interest increase or decrease account receivable |
| 28 | a trial balance is used to :( see the general ledger? ) |
| 29 | what is the cross reference of the debit for this account |
| 30 | the accounting method used to record revenues at the time income is received by the business and expenses at the time funds are spent is called |
| 31 | A payment on account to a vendor (increase or decrease account payable) |
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