Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 4, Problem 3MCQ
Which of the following errors would cause the
ANSWERS TO MULTIPLE CHOICE QUIZ
- 1. e
- 2. c
- 3. a
- a. Entering a revenue amount in the Balance Sheet and Statement of Owner’s Equity Debit column.
- b. Entering a liability amount in the Balance Sheet and Statement of Owner’s Equity Credit column.
- c. Entering an expense amount in the Balance Sheet and Statement of Owner’s Equity Debit column.
- d. Entering an asset amount in the Income Statement Debit column.
- e. Entering a liability amount in the Income Statement Credit column.
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Which of the following errors would cause the BalanceSheet and Statement of Owner’s Equity columns of a worksheet to be out of balance? a. Entering a revenue amount in the Balance Sheet and Statement of Owner’s Equity Debit column. b. Entering a liability amount in the Balance Sheet and Statement of Owner’s Equity Credit column. c. Entering an expense amount in the Balance Sheet and Statement of Owner’s Equity Debit column. d. Entering an asset amount in the Income Statement Debit column. e. Entering a liability amount in the Income Statement Credit column.
What is the purpose of a worksheet? In a columnar worksheet similar to Illustration 2A–1 , what would be the result of incorrectly transferring the balance in a liability account to column K, the credit column under income statement?
I. Multiple Choice
Directions: Choose the letter corresponding to the correct answer for each of the
questions provided below.
1. Accounts receivable or the amount to be received when a customer orders on
account is an example of what account?
b. Liability
d. All of the above
a. Asset
c. Equity
2. Expenses incurred on paying utilities belong to what type of account?
b. Liability
d. All of the above
a. Asset
c. Equity
3. If Company A borrows money from company B, the transaction results to
a. İncrease in asset of A and increase in asset in B
b. Increase in asset of A and decrease in equity of B
c. Increase in asset of A and no effect on assets of B
d. Both B and C
4. Equity means assets minus liabilities. Other terms that can be used synonymously
Q2with equity are the following except
a. Capital
b. Net assets
d. Profit
c. Net worth
5. Sources of legal obligation are the following except
a. The law
c. Debts
• Source: Ferrer R.C. et.al. (2017). Fundamentals of Accountancy, Business and…
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
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