Questions from College Accounting

Q: The total of the left-hand side of the accounting equation

The total of the left-hand side of the accounting equation must equal the total of the right-hand side. True or false? Please explain.

Q: A balance sheet tells a company where it is going and how

A balance sheet tells a company where it is going and how well it performs. True or false? Please explain.

Q: Using the worksheet in Chapter 11 for Smith Computer Center, journalize

Using the worksheet in Chapter 11 for Smith Computer Center, journalize and post the adjusting entries and prepare the financial statements.

Q: Revenue is an asset. True or false? Please explain.

Revenue is an asset. True or false? Please explain.

Q: What is a contra-cost?

What is a contra-cost?

Q: Why journalize adjusting entries after the formal reports in a manual system

Why journalize adjusting entries after the formal reports in a manual system have been prepared?

Q: Go to http://investor.kelloggs.com/investor-

Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access the Kellogg’s 2013 Annual Report, and look at how Kellogg’s depreciates its equipment. How is the equipment recorded?

Q: Go to the annual 2013 report for Kellogg’s Company at http://

Go to the annual 2013 report for Kellogg’s Company at http://investor.kelloggs .com/investor-relations/annual-reports under Financing Activities, Note 6. What is Kellogg’s scheduled repayment of long-...

Q: Go to the 2013 annual report for Kellogg’s Company at http://

Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/ investor-relations/annual-reports and find the Statement of Cash Flows for Kellogg’s. What is net cash provided by o...

Q: When you look at the 2013 annual report for Kellogg’s Company at

When you look at the 2013 annual report for Kellogg’s Company at http://investor .kelloggs.com/investor-relations/annual-reports, do you think Kellogg’s uses a voucher system?