Questions from College Accounting

Q: Give an example of a slide and an example of a transposition

Give an example of a slide and an example of a transposition. Explain how you might decide whether an error is a slide or a transposition.

Q: Explain the separate entity concept.

Explain the separate entity concept.

Q: On a sheet of paper, draw the fundamental accounting equation with

On a sheet of paper, draw the fundamental accounting equation with T accounts under each of the account classifications, with plus and minus signs and debit and credit on the appropriate side of each...

Q: List the classification of each of the following accounts as A (

List the classification of each of the following accounts as A (asset), L (liability), OE (owner’s equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increas...

Q: R. Dalberg operates Dalberg’s Tours. The company has the following

R. Dalberg operates Dalberg’s Tours. The company has the following chart of accounts: Using the chart of accounts, record the following transactions in pairs of T accounts. Give th...

Q: During the first month of operation, Graham Expeditions recorded the following

During the first month of operation, Graham Expeditions recorded the following transactions. Describe what has happened in each of the transactions (a) through (k).

Q: Speedy Sewing Services, owned by T. Nguyen, hired a

Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors...

Q: During the first month of operations, Landish Modeling Agency recorded transactions

During the first month of operations, Landish Modeling Agency recorded transactions in T account form. Foot and balance the accounts. Then prepare a trial balance, an income statement, a statement of...

Q: The following errors were made in journalizing transactions. In each case

The following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the trial balance will be understate...

Q: Would the following errors cause the trial balance to have equal or

Would the following errors cause the trial balance to have equal or unequal totals? As a result of the errors, which accounts are overstated (by how much) or understated (by how much)? a. A purchase o...