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ACC 556 ACC556 ACC/556 WEEK 2 HOMEWORK CHAPTER 3

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ACC 556 WEEK 2 HOMEWORK CHAPTER 3 • Question 1 Economic events that require recording in the financial statements are called accounting transactions. • Question 2 An account is often referred to as a T-account because of the way it is constructed. • Question 3 Revenues are a subdivision of stockholders’ equity. • Question 4 Salaries and wages payable is a type of expense. • Question 5 Operating activities are the types of activities the company performs to generate profits. • Question 6 If total liabilities decreased by $4,000, then .• Question 7 An expense .• Question 8 Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? • Question 9 Which statement about an account is true? • Question 10 Which one of the following represents the expanded basic accounting equation? • Question 11 Which of the following is not an example of a source document that provides evidence of a transaction? • Question 12 The primary purpose of the trial balance is to • Question 13 Which of the following statements is not true? Question 14 All of the following are characteristics of every accounting information system except it is a system • Question 15 On June 1, 2014, England Inc. reported a cash balance of $21,000. During June, England made deposits of $8,000 and made disbursements totaling $24,000. What is the cash balance at the end of June? Selected Answer: $5,000 debit balance • Question 16 All of the following statements regarding the double-entry system are true except • Question 17 Borrowing money and issuing shares of stock are • Question 18 The purpose of the ledger is to • Question 19 Which statement is incorrect? • Question 20 Match the items below by entering the appropriate code letter in the space provided. o Question Selected Match Account H. An accounting record of increases and decreases in specific assets, liabilities, and stockholders’ equity items. Normal account balance F. The side which increases an account. Debit B. Left side of an account. Revenue account C. Has a credit normal balance Ledger A. The entire group of accounts maintained by a company. Journal D. Shows the debit and credit effects of specific transactions. Posting E. Transferring journal entries to ledger accounts. Chart of accounts H. An accounting record of increases and decreases in specific assets, liabilities, and stockholders’ equity items. Trial balance J. A list of accounts and their balances at a given time. Source document I. A list of all the accounts used by a company. o Accounting Assignment Help, Accounting Homework help, Accounting Study Help, Accounting Course Help

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