A debit is not the normal balance for which of the following? O a) Asset account b) Dividends account O c) Expense account O d) Common stock account
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- 16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accountsWhich of the following groups of accounts increase with a credit? Oa. assets, common stock, revenues Ob. common stock, revenues, expenses Oc. liabilities, common stock, revenuesA credit balance in which of the following accounts would indicate a likely error?a) Dividendsb) Accounts PayablePage 2|9 c) Fees Earnedd) Capital Stock
- Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful Accounts c. Interest Expense d. Sales6. Discount on Note Payable should be classified as a a. current assetb. contra account to Notes Payablec. part of stockholders' equityd. deferred debit22 - Which of the following accounts is not included in the opening record? A) linked securitiesB) net profit for the periodC) accumulated depreciationD) long term Bank loansE) ordinary income and profits
- 14. How much is the correct balance of the Accumulated retained earnings unappropriated account?Which of the following does not accurately represent the accounting equation? Question 47Answer a. Assets - Liabilities = Stockholders' Equity b. Assets Liabilities = Stockholders' Equity c. Assets Equity d. Assets - Stockholders' Equity = Liabilities Liabilities + Stockholders'20. Are the following statements true or false, according to IAS1 Presentation of Financial Statements? I. Dividends paid should be recognized in the statement of profit or loss and other comprehensive income. II. A loss on disposal of assets should be recognized in the statement of changes in equity. a. True, False b. False, False c. False, True d. True, True
- Question 22 22. (CLO2, PLO5, ZULO1) Permanent accounts are the accounts of Dividends, assets and liabilities Assets, expenses and owners' equity Liabilities, assets and owners' equity dividends, retained earnings, assets and liabilities15 Which account would be increased with a debit? Multiple Choice Supplies Accounts Payable Common Stock Retained Earnings31. The total retained earnings balance typically is not affected by * a. Net Income b. A prior period error c. Dividends paid d. Restrictions