Question: Three multiple-choice questions 1. Recognizing depreciation expense is an example of which transaction? Asset source transaction Asset use transaction Claims exchange transaction Asset exchange transaction

Three multiple-choice questions

1. Recognizing depreciation expense is an example of which transaction?

Asset source transaction

Asset use transaction

Claims exchange transaction

Asset exchange transaction

2. During Year 1, Valentin Co. provided $100,000 of tax consultant services to its clients on account. Valentin Co. has completed the work and sent bills to the clients but has not yet collected any cash. Which of the following statements about Recognizing Accounts Receivable is NOT true?

The increase in Revenue will result in an increase in Retained Earnings.

Valentin Co. will recognize the revenue in Year 1 although the cash has not been collected.

Assets and Liabilities increase on the balance sheet.

The transaction is classified as an Asset Source transaction.

3. An internal document that lists the general ledger account titles and their balances after any adjustments have been made is called what?

Unadjusted Trial Balance

Post-Closing Trial Balance

Adjusted Trial Balance

Daily Trial Balance

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