Questions from General Accounting

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

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

Q: Selected transactions for the Finney Company are presented in journal form below

Selected transactions for the Finney Company are presented in journal form below. Post the transactions to T accounts. Make one T account for each item and determine each account’ se...

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 owner’s

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

Q: Which of the following items are liabilities of Stanley Jewelry Stores?

Which of the following items are liabilities of Stanley Jewelry Stores? (a) Cash. (b) Accounts payable. (c) Drawings. (d) Accounts receivable. (e) Supplies. (f ) Equipment. (g) Salaries payable. (h)...

Q: Describe the parts of a T account.

Describe the parts of a T account.

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. (...

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

Listed below are some items found in the financial statements of Alex Greenspan Co. Indicate in which financial statement(s) the following items would appear. (a) Service revenue. (b) Equipment. (c) A...