The purchase of office supplies on account will: ( ). A: Increase an asset and decrease a liability B: Increase one asset and decrease another asset C: Increase an asset and increase a liability D: Decrease an asset and decrease a liability
The purchase of office supplies on account will: ( ). A: Increase an asset and decrease a liability B: Increase one asset and decrease another asset C: Increase an asset and increase a liability D: Decrease an asset and decrease a liability
If the tax base of an asset exceeds the asset"s carrying value and a reversal is expected in the future: A: a deferred tax asset is created. B: a deferred tax liability is created. C: neither a deferred tax asset nor a deferred tax liability is created.
If the tax base of an asset exceeds the asset"s carrying value and a reversal is expected in the future: A: a deferred tax asset is created. B: a deferred tax liability is created. C: neither a deferred tax asset nor a deferred tax liability is created.
The act of taking a net asset position or a net liability position in some asset class is referred to as ____.
The act of taking a net asset position or a net liability position in some asset class is referred to as ____.
Unearned Revenue is a ________ account and carries a ________ normal balance. A: liability; credit B: asset; credit C: revenue; debit D: asset; debit
Unearned Revenue is a ________ account and carries a ________ normal balance. A: liability; credit B: asset; credit C: revenue; debit D: asset; debit
Unearned revenue is a (n) account. ( ) A: revenue B: expense C: liability D: asset
Unearned revenue is a (n) account. ( ) A: revenue B: expense C: liability D: asset
Unearned Revenue is classified as a(n) ________ account. A: liability B: asset C: revenue D: equity
Unearned Revenue is classified as a(n) ________ account. A: liability B: asset C: revenue D: equity
Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.
Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.
Which one of the following statements is correct? A: An increase in an asset is a debit and an increase in an expense is a credit B: An increase in capital is a debit and an increase in a liability is a credit C: An increase in an expense is a debit and a reduction in an asset is a credit D: A reduction in a liability is a debit and an increase in an expense is a credit
Which one of the following statements is correct? A: An increase in an asset is a debit and an increase in an expense is a credit B: An increase in capital is a debit and an increase in a liability is a credit C: An increase in an expense is a debit and a reduction in an asset is a credit D: A reduction in a liability is a debit and an increase in an expense is a credit
Which of the following is a debit entry? A: Sales B: An increase in a liability C: A decrease in an asset D: An increase in cash
Which of the following is a debit entry? A: Sales B: An increase in a liability C: A decrease in an asset D: An increase in cash
Which of the following accounts are permanent accounts? A: asset B: liability C: owner's capital D: revenue
Which of the following accounts are permanent accounts? A: asset B: liability C: owner's capital D: revenue