Multiple Choice

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The assumption that states that an organization is distinct from its owners is called:

Single Business concept

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Paid $700 for current months advertising costs in the Daily Star newspaper. This transaction will-

increase asset

decrease asset

increase liability

decrease liability

increase owners equity

decrease owners equity

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The company performed $20,000 of services for customers, on credit. This transaction will-

increase asset

decrease asset

increase liability

decrease liability

increase owners equity

decrease owners equity

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Purchased additional equipment for $2,000, paying $400 in cash and the balance will be paid later. This transaction will-

increase asset

decrease asset

increase liability

decrease liability

increase owners equity

decrease owners equity

Sole Proprietorship concept

Objectivity concept

Economic Entity concept

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Multiple Choice

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Historical Cost Principle means valuing an asset at:

what the asset was worth one year ago given the asset was purchased five years ago.

what it would cost to replace the asset.

what was originally paid for the asset.

what the market value of the asset is at the time of preparing the balance sheet.

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Multiple Choice

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A debit balance in which of the following accounts would indicate a likely error?

Owners Drawings

Owners Capital

Accounts Receivable

Supplies Expense

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Multiple Choice

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Which of the following statements about a journal is false?

It is prepared after posting to the ledger accounts.

It provides a chronological record of transactions.

It is the first place where transactions are recorded.

It is a book of original entry.