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Business
Accounting
Which of the following is NOT considered a fixed asset? a) Machinery b) Land c) Building d) Accounts Receivable
Which of the following is NOT considered a fixed asset? a) Machinery b) Land c) Building d) Accounts Receivable
BUY
Principles of Accounting Volume 1
19th Edition
ISBN:
9781947172685
Author: OpenStax
Publisher:
OpenStax College
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1 Role Of Accounting In Society
2 Introduction To Financial Statements
3 Analyzing And Recording Transactions
4 The Adjustment Process
5 Completing The Accounting Cycle
6 Merchandising Transactions
7 Accounting Information Systems
8 Fraud, Internal Controls, And Cash
9 Accounting For Receivables
10 Inventory
11 Long-term Assets
12 Current Liabilities
13 Long-term Liabilities
14 Corporation Accounting
15 Partnership Accounting
16 Statement Of Cash Flows
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Chapter Questions
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Problem 1MC: So far, computer systems cannot yet ________. A. receive data and instructions from input devices...
Problem 2MC: Any device used to provide the results of processing data is a(n) ________ device. A. sources B....
Problem 3MC: Source documents ________. A. are input devices B. are output devices C. do not have to be on paper...
Problem 4MC: All of the following can provide source data except ________. A. a scanning device at the grocery...
Problem 5MC: A document that asks you to return an identifying part of it with your payment is a(n) ________. A....
Problem 6MC: Which of the following is false about accounting information systems? A. They provide reports that...
Problem 7MC: An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods...
Problem 8MC: A customer just charged $150 of merchandise on the companys own charge card. Which special journal...
Problem 9MC: A customer just charged $150 of merchandise using MasterCard. Which special journal would the...
Problem 10MC: The company just took a physical count of inventory and found $75 worth of inventory was unaccounted...
Problem 11MC: Your company paid rent of $1,000 for the month with check number 1245. Which journal would the...
Problem 12MC: On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received...
Problem 13MC: Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would...
Problem 14MC: You returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit...
Problem 15MC: Sold goods for $650 cash. Which journal would the company use to record this transaction? A. sales...
Problem 16MC: Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would...
Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...
Problem 18MC: You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s)...
Problem 19MC: The sum of all the accounts in the accounts receivable subsidiary ledger should ________. A. equal...
Problem 20MC: AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting...
Problem 21MC: You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special...
Problem 22MC: You just posted a credit to Stars Inc. in the accounts receivable subsidiary ledger. Which special...
Problem 23MC: You just posted a debit to Cash in the general ledger. Which special journal did it come from? A....
Problem 24MC: You just posted a credit to Accounts Receivable. Which special journal did it come from? A. sales...
Problem 25MC: You just posted a credit to Sales and a debit to Cash. Which special journal did it come from? A....
Problem 26MC: An enterprise resource planning (ERP) system ________. A. is software to help you prepare your tax...
Problem 27MC: Which of the following is not a way to prevent your computer from being attacked by ransomware? A....
Problem 28MC: Big data is mined ________. A. to find business trends B. to record transactions C. as an...
Problem 29MC: Artificial intelligence refers to ________. A. tutorials that can make humans smarter than they...
Problem 30MC: Blockchain is a technology that ________. A. is in the early stages of being developed B. was a...
Problem 31MC: Which of the following is not true about cybercurrency? A. Bitcoin is one of several...
Problem 1Q: Why does a student need to understand how to use a manual, paper-based accounting information system...
Problem 2Q: Provide an example of how paper-based accounting information systems are different from computerized...
Problem 3Q: Why are scanners better than keyboards?
Problem 4Q: Why are there so many different accounting information system software packages?
Problem 5Q: Which area of accounting needs a computerized accounting information system the most—payroll, tax,...
Problem 6Q: The American Institute of Certified Public Accountants (AICPA) has stated that accountants will need...
Problem 7Q: Which special journals also require an entry to a subsidiary ledger?
Problem 8Q: What is a schedule of accounts receivable?
Problem 9Q: How often do we post the cash column in the cash receipts journal to the subsidiary ledger?
Problem 10Q: The schedule of accounts payable should equal what?
Problem 11Q: Which amounts do we post daily and which do we post monthly?
Problem 12Q: Why are special journals used?
Problem 13Q: Name the four main special journals.
Problem 14Q: A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which...
Problem 15Q: The purchase of equipment for cash would be recorded in which special journal?
Problem 16Q: Can a sales journal be used to record sales on account and a cash sale? Why or why not?
Problem 17Q: When should entries from the sales journal be posted?
Problem 18Q: We record a sale on account that involves sales tax in which journal?
Problem 19Q: We record purchases of inventory for cash in which journal(s)?
Problem 20Q: Should the purchases journal have a column that is a debit to Accounts Payable?
Problem 21Q: Forensic means suitable for use in a court of law. How does that have anything to do with...
Problem 1EA: For each of the following, indicate if the statement reflects an input component, output component,...
Problem 2EA: All of the following information pertains to Greens Grocery. Match each of the following parts of...
Problem 3EA: Match the special journal you would use to record the following transactions. Select from the...
Problem 4EA: For each of the transactions, state which special journal (sales journal, cash receipts journal,...
Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....
Problem 6EA: Record the following transactions in the sales journal:
Problem 7EA: Record the following transactions in the cash receipts journal.
Problem 8EA: Maddie Inc. has the following transactions for its first month of business. A. What are the...
Problem 1EB: For each of the following, indicate if the statement reflects an input component, output component,...
Problem 2EB: The following information pertains to Crossroads Consulting, Inc. Match each of the following parts...
Problem 3EB: Match the special journal you would use to record the following transactions.
Problem 4EB: For each of the following transactions, state which special journal (Sales Journal, Cash Receipts...
Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...
Problem 6EB: Record the following transactions in the purchases journal:
Problem 7EB: Record the following transactions in the cash disbursements journal:
Problem 8EB: Piedmont Inc. has the following transactions for its first month of business: A. What are the...
Problem 1PA: On June 30, Oscar Inc.s bookkeeper is preparing to close the books for the month. The accounts...
Problem 2PA: Evie Inc. has the following transactions during its first month of business. Journalize the...
Problem 4PA: Use the journals and ledgers that follow. Total the journals. Post the transactions to the...
Problem 5PA: Brown Inc. records purchases in a purchases journal and purchase returns in the general journal....
Problem 1PB: On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts...
Problem 3PB: Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers)...
Problem 1TP: Why must the Accounts Receivable account in the general ledger match the totals of all the...
Problem 2TP: Why would a company use a subsidiary ledger for its Accounts Receivable?
Problem 3TP: If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on...
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Not considered a fixed asset?
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Which of the following is NOT considered a fixed asset? a) Machinery b) Land c) Building d) Accounts Receivable
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