10 Nov 1. What would be the appropriate entry for the fol
1. What would be the appropriate entry for the following transaction?Bill Co. performed $5,200 in consulting services on account (Points : 2)Credit to Cash, Debit to Accounts ReceivableDebit to Revenue, Debit to CashDebit to Accounts Receivable, Credit to CashDebit to Revenue, Credit to CashDebit to Accounts Receivable, Credit to Revenue2. The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the: (Points : 2)Going-concern principleCost principleRevenue recognition principleObjectivity principleBusiness entity principle3. Generally Accepted Accounting Principles: (Points : 2)Focus on the review of a situationDoes not require financial statementsNever changeIntend to make information on the financial statements relevant, reliable and comparableOversees Security and Exchange Commission4. If equity is $300,000 and liabilities are $192,000, then assets equal: (Points : 2)$108,000$192,000$300,000$492,000$792,0005. Source documents include all of the following except: (Points : 2)Sales ticketsLedgersChecksPurchase ordersBank statements6. A credit is used to record: (Points : 2)An increase in an expense accountAn increase in an asset accountAn increase in an unearned revenue accountA decrease in a revenue accountA decrease to retained earnings7. Which of the following elements are found on the income statement? (Points : 2)CashAccounts ReceivableCommon StockRetained EarningsSalaries Expense8. Technological advancement (Points : 2)Has replaced accountingHas not changed the work that accountants doHas freed accounting professionals to concentrate more on the analysis and interpretation of informationIn accounting has replaced the need for decision makersIn accounting is only available to large corporations9. If the liabilities of a business increased $75,000 during a period of time and the equity in the business decreased $30,000 during the same period, the assets of the business must have: (Points : 2)Decreased $105,000Decreased $45,000Increased $30,000Increased $45,00010. Apatha Company has assets of $600,000, liabilities of $250,000 and equity of $350,000. It buys office equipment on credit for $75,000. The effects of this transaction include: (Points : 2)Assets increase by $75,000 and expenses increase by $75,000Assets increase by $75,000 and expenses decrease by $75,000Liabilities increase by $75,000 and expenses decrease by $75,000Assets decrease by $75,000 and expenses decrease by $75,000Assets increase by $75,000 and liabilities increase by $75,000
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