Accounting Sophia Course :
Unit 1:
Which of the following groups of accounts have a natural credit balance?
Liabilities, equity, and revenue
Which of
... [Show More] the following is a violation of Sarbanes-Oxley Act?
Not reporting financial information about a business
Which of the following is true regarding temporary account?
After closing at the end of a period, these accounts are reopened at the
beginning of the next period.
Erin owns a heating and cooling company. He routinely inspects a food storage
warehouse. Eric is paid a future of $299 for replacing a worn belt the next time
he inspects the warehouse. Which of the following correctly shows Ericʼs entry
for this transactions?
Transferring $12,000 in revenue and $8000 in expenses into equity would be
performed during which phase of the accounting cycle?
Close
Which of the following is responsible for the creation and governance of
accounting standards in the United States?
Financial Standards Accounting Board ( FASB )
Which image below correctly shows a general ledger?
●
○
●
○
●
●
○
●
○
●
○
●
○
●
○
●
Which of the purpose of the 1120 form?
To calculate a corporationʼs invoice tax responsibility.
An auditorʼs role is which of the following?
To objectively analyze a companyʼs accounting data.
Permanent Accounts are accounts in which balances carry over from one
accounting period to the next accounting period.
MacMillan Supply recently purchased $7,500 worth of new office furniture
from Furniture Plus. They made a 20% down payment, with the balance due to
Furniture Plus in 30 days.
Debit Office Furniture : $7,500/
Credit Cash: $1,500
Credit Accounts Payable: $6,000
Which of the following correctly describes the difference between an LLP and
LLC?
Partners of an LLC are NOT responsible for liabilities, while partners of a
LLP are responsible for their investment amount.
The ovens, refrigerators and cookware at Deanʼs BBQ shack restaurant are
considered which of the following?
Assets.
Accounting has itʼs roots in the 15th century, when which of the following
groups of people used the double entry accounting system?
Italian Merchants
Which of the following is NOT an example of the purchase of accounting?
Victor calculated how much it would cost him to file a tax return for his
clients company.
Money borrowed from a bank to purchase new machinery would be
considered which of the following? [Show Less]