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Accounting test help please?

The income statement reports on operating activities at a point in time. Answer True False 4 points Question 8 Hamilton Industries has liabilities of $105 million and total assets of $350 million. Its equity equals $200 million. Answer True False 4 points Question 9 A revenue account normally has a debit balance. Answer True False 4 points Question 10 Source documents provide evidence of business transactions and are the basis for accounting entries. Answer True False 4 points Question 11 The trial balance is a list of all accounts and their balances from the ledger. Answer True False 4 points Question 12 The heading on each financial statement lists the three W's – Who (the name of the organization), What (the name of the statement) and Where (the organization's address) Answer True False 4 points Question 13 The heading on each financial statement lists the three W's – Who (the name of the organization), What (the name of the statement) and Where (the organization's address) Answer True False 4 points Question 14 The trial balance can serve as a replacement for the balance sheet, since debits must balance with credits. Answer True False 4 points Question 15 Accounting records are also referred to as the books. Answer True False 4 points Question 16 Marian Mosely is the owner of Mosely Accounting Services. Which accounting principle requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services? Answer Monetary unit principle Going-concern principle Cost principle Business entity principle None of these. Since Marian is a sole proprietor, she is not required to separate her personal financial information from the financial information of Mosely Accounting Services 4 points Question 17 Rent expense that is paid with cash appears on which of the following statements? Answer Balance sheet Income Statement Statement of retained earnings Statement of cash flows Both B and D 4 points Question 18 Which of the following statements regarding account classification is true? Answer Assets and revenues are the same thing If employees have not yet been paid for their work, the company has wages payable Retained earnings equal cash which the company has earned and kept Revenue is another term for profit Revenue minus expense equals retained earnings 4 points Question 19 The operating functions of a business include: Answer Research and development Purchasing Marketing Distribution All of the above 4 points Question 20 Accounting is an information and measurement system that: Answer Identifies business activities Records business activities Communicates business activities Helps people make better decisions All of the above 4 points Question 21 An account used to record the owner's investments in the business is called: Answer Dividends Common Stock Revenue Expense Liability 4 points Question 22 Rocky Industries received its telephone bill in the amount of $300 and immediately paid it. Rocky's general journal entry to record this transaction will include a Answer Debit to Telephone Expense for $300 Credit to Accounts Payable for $300 Debit to Cash for $300 Credit to Telephone Expense for $300 Debit to Accounts Payable for $300 4 points Which of the following is a TRUE statement concerning a company's financial statements? Answer Balance Sheet and Income Statement data combined contain the complete financial picture of a given company A Trial Balance is another name for a Balance Sheet Another name for the Income Statement is the Earnings Statement Dividends paid to a company's shareholders are shown on the Income Statement The Balance Sheet shows the financial position of a company for a period of time 4 points

Public Comments

1. There is a big difference between helping and doing it for you. These questions are really easy. Just think about the entries and you will know the answers. A lot of it should be common sense.