Which statement is Not true about Nominal accounts? Question 3 options: A) The activity of nominal...
Which statement is Not true about Nominal accounts?
Question 3 options:
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Homework Answers
Nominal accounts are temporary accounts, whereas assets, liabilities are real accounts dealing with material assets, thus the answer is:-
b) Includes assets, liabilities and net worth accounts
Add Answer to:
Which statement is Not true about Nominal accounts?
Question 3 options:
A)
The activity of nominal...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4...
Saved The post-closing trial balance will have fewer accounts than the adjusted trial balance. Question 4 options: 1) True 2) False Question 5 (0.5 points) An expense account is closed with a credit to the expense account and a debit to the Income Summary account. Question 5 options: 1) True 2) False Question 6 (0.5 points) Cash is a temporary account. Question 6 options: 1) True 2) False Question 7 (0.5 points) Adjusting entries are often made because some business...
Which of the following is NOT true about financial statements?
5.Which of the following is NOT true about financial statements?the balance sheet reports the financial position of a business at a particular point in timethe income statement reports the net cash received during the period as a result of operating activitiesthe statement of cash flows reports the inflows and outflows of cash for the periodthe statement of stockholders' equity includes information about net income and dividends for the period6.Which of the following best describes the purpose of the balance sheet?summarize...
Only need the second question answered Which of the following is a true statement about year-end...
Only need the second question answered
Which of the following is a true statement about year-end closing entries? Revenue accounts must be closed before any other closing entries are recorded. Revenue and expense accounts are closed to the income Summary account, The Dividend account is closed to the Income Summary account. All of these are true. The Income Summary is closed to the Common Stock account. If a purchaser uses a perpetual inventory system and pays the freight cost associated...
you can pick any account that would be found an in average companys chart of accounts....
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
QUESTION 4 The recognition of a revenue would most likely be accompanied by which of the...
QUESTION 4 The recognition of a revenue would most likely be accompanied by which of the following? A. a decrease in assets B. an increase in assets C. the contribution of capital by an owner D. an increase in liabilities E. none of the other answers provided are correct 1 points QUESTION 5 A gain on the disposal of a fixed asset will increase the following on the company’s income statement A. COGS B. Non-operating Income (Loss) C. Net...
Which of the following is true of common-size income statements? Question 10 options: Each income statement...
Which of the following is true of common-size income statements? Question 10 options: Each income statement item is dividend by sales. A common-size comparison results in more dissimilarities than when comparing on a dollar basis. All of the above are income statement items Common size income statements can’t be used to compare firms of different size. Income statement accounts are presented as a percentage of total assets. For a technology dependent firm, a past trend is a good predictor of...
QUESTION 26 An income statement is an itemized statement for the purpose of providing information regarding...
QUESTION 26 An income statement is an itemized statement for the purpose of providing information regarding the results of operations during a specified period of time. True O False QUESTION 27 An income statement is an itemized statement that provides information regarding the status of the assets, liabilities, and owner's equity of a business enterprise as of a specified date True False QUESTION 28 1 por Assets, liabilities, and the owner's capital account are closed at the end of the...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
Multiple Choice What did we learn about COGS & Merchandise Inventory accounts? Question 3 options: We...
Multiple Choice What did we learn about COGS & Merchandise Inventory accounts? Question 3 options: We record COGS in a journal entry when we sell inventory, and that's for moving the cost of inventory from assets to income statement which will result in reducing the net income. In perpetual inventory system, COGS & Merchandise Inventory accounts are both income statement accounts, and they both decrease the net income once recorded in journal entries. When we sell, we will record COGS...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Only need the second question answered
Which of the following is a true statement about year-end closing entries? Revenue accounts must be closed before any other closing entries are recorded. Revenue and expense accounts are closed to the income Summary account, The Dividend account is closed to the Income Summary account. All of these are true. The Income Summary is closed to the Common Stock account. If a purchaser uses a perpetual inventory system and pays the freight cost associated...
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
QUESTION 26 An income statement is an itemized statement for the purpose of providing information regarding the results of operations during a specified period of time. True O False QUESTION 27 An income statement is an itemized statement that provides information regarding the status of the assets, liabilities, and owner's equity of a business enterprise as of a specified date True False QUESTION 28 1 por Assets, liabilities, and the owner's capital account are closed at the end of the...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
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