Questions from Financial Accounting

Q: Sunnyvale Loan Company is in the consumer loan business. Sunnyvale borrows

Sunnyvale Loan Company is in the consumer loan business. Sunnyvale borrows from banks and loans out the money at higher interest rates. Sunnyvale’s bank requires Sunnyvale to submit quarterly financia...

Q: Using your answers to Short Exercise 5-17, show how

Using your answers to Short Exercise 5-17, show how the First Interstate Bank will report the following: a. Whatever needs to be reported on its classified balance sheet at June 30, 2013. b. Whatever...

Q: Where do we first record a transaction? a. Ledger

Where do we first record a transaction? a. Ledger b. Journal c. Trial balance d. Account

Q: All of the following are controls for cash received over the counter

All of the following are controls for cash received over the counter except a. The customer should be able to see the amounts entered into the cash register. b. The cash drawer should open only when t...

Q: Which of the following is not an asset account? a

Which of the following is not an asset account? a. Salary Expense b. Service Revenue c. Common Stock d. None of the above accounts is an asset.

Q: Which statement is false? a. Revenues are increased by

Which statement is false? a. Revenues are increased by credits. b. Assets are increased by debits. c. Liabilities are decreased by debits. d. Dividends are increased by credits.

Q: The journal entry to record the receipt of land and a building

The journal entry to record the receipt of land and a building and issuance of commonstock a. Debits Land and Building and credits Common Stock. b. Debits Land and credits Common Stock. c. Debits Land...

Q: The journal entry to record the purchase of supplies on account

The journal entry to record the purchase of supplies on account a. Credits Supplies and debits Accounts Payable. b. Debits Supplies Expense and credits Supplies. c. Credits Supplies and debits Cash. d...

Q: If the credit to record the purchase of supplies on account is

If the credit to record the purchase of supplies on account is not posted, a. Stockholders’ equity will be understated. b. Assets will be understated. c. Liabilities will be understated. d. Expenses w...

Q: The journal entry to record a payment on account will a

The journal entry to record a payment on account will a. Debit Accounts Payable and credit Retained Earnings. b. Debit Cash and credit Expenses. c. Debit Accounts Payable and credit Cash. d. Debit Exp...