Questions from College Accounting

Q: Explain how overhead may be applied.

Explain how overhead may be applied.

Q: What are the functions of accounting?

What are the functions of accounting?

Q: What is the difference between current assets and plant and equipment?

What is the difference between current assets and plant and equipment?

Q: Owner’s equity is subdivided into what categories?

Owner’s equity is subdivided into what categories?

Q: A withdrawal is a business expense. True or false? Please

A withdrawal is a business expense. True or false? Please explain.

Q: As expenses increase they cause owner’s equity to increase. Defend or

As expenses increase they cause owner’s equity to increase. Defend or reject.

Q: What does an income statement show?

What does an income statement show?

Q: The statement of owner’s equity only calculates ending withdrawals. True or

The statement of owner’s equity only calculates ending withdrawals. True or false? Please explain.

Q: Define a ledger.

Define a ledger.

Q: Compare the financial statements prepared from the expanded accounting equation with those

Compare the financial statements prepared from the expanded accounting equation with those prepared from a trial balance.