A01S : Introduction to Accounting
Accounting provides information to:
All of the above.
Which is an advantage of a sole proprietorship form of business?
There is limited personal risk.
The business can continue indefinitely.
The owner makes all the decisions.
All of the above.
If total assets are $35,000 and total liabilities are $8,000, Capital must equal:
Revenue, expenses, and withdrawals are subdivisions of:
All of the above.
A formal account that has columns for date, explanation, post reference, debit, and credit is called the:
standard account form.
chart of accounts.
An account that would be decreased by a credit is:
The time period for which a statement of owner’s equity is prepared is a(n):
Financial statements that are prepared for a period shorter than a year are called:
accounting period statements.
fiscal year statements.
How are explanations distinguished in the journal?
They are underlined.
They are in bold print.
They are indented below the credit entries.
They are written at the margin, in line with the debit entries.
Prepaid Rent is considered to be a(n):
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