4 multiple choice Question 2
4 multiple choice Question
41 (2 points)Zion Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. The effect of this transaction include:
a
Liabilities increase by $75,000 and expenses decrease by $75,000.
b
Assets increase by $75,000 and expenses decrease by $75,000.
c
Assets decrease by $75,000 and expenses decrease by $75,000.
d
Assets increase by $75,000 and expenses increase by $75,000.
e
Assets increase by $75,000 and liabilities increase by $75,000.
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42 (2 points)Which of the following accounts typically do not require end-of-period adjustments?
a
Accrued expenses
b
Depreciable assets
c
All of these examples require end-of-period adjustments
d
Cash
e
Prepaid expenses
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43 (2 points)The internal document prepared by a department manager that informs the purchasing department of its needs that lists the merchandise needed and requests that it be purchased is the
a
Invoice.
b
Invoice approval.
c
Receiving report.
d
Purchase requisition.
e
Purchase order.
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44 (2 points)Which of the following statements is incorrect?
a
The normal balance of an expense account is a credit.
b
The normal balance of accounts receivable is a debit.
c
The normal balance of unearned revenues is a credit.
d
The normal balance of owner's withdrawals is a debit.
e
The normal balance of the owner's capital account is a credit.
Answers
Status NEW
Posted 09 May 2017 06:05 AM
My Price 7.00
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