Questions from Financial Accounting

Q: What are the three basic forms of profit-oriented business organizations

What are the three basic forms of profit-oriented business organizations?

Q: What are the basic steps in the recording process?

What are the basic steps in the recording process?

Q: What is the basic accounting equation?

What is the basic accounting equation?

Q: (a) Define the terms assets, liabilities, and stockholders’

(a) Define the terms assets, liabilities, and stockholders’ equity. (b) What items affect stockholders’ equity?

Q: (a) What is the primary source document for recording

(a) What is the primary source document for recording (1) cash sales and (2) credit sales? (b) Using XXs for amounts, give the journal entry for each of the transactions in part (a).

Q: Which of the following items are liabilities of jewelry stores?

Which of the following items are liabilities of jewelry stores? (a) Cash. (f) Equipment. (b) Accounts payable. (h) Service revenue. (c) Dividends. (g) Salaries and wages payable. (d) Accounts rec...

Q: (a) When entering a transaction in the journal, should

(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or credit?

Q: The account number is entered as the last step in posting the

The account number is entered as the last step in posting the amounts from the journal to the ledger. What is the advantage of this step?

Q: Indicate how the following business transactions affect the basic accounting equation.

Indicate how the following business transactions affect the basic accounting equation. (a) Paid cash for janitorial services. (b) Purchased equipment for cash. (c) Invested cash in the business for st...

Q: Listed below are some items found in the financial statements of Jonas

Listed below are some items found in the financial statements of Jonas Co. Indicate in which financial statement(s) the following items would appear. (a) Service revenue. (e) Retained earnings. (b)...