16. Question 16 After the Unadjusted Trial Balance is created, the process of going back and updating information is known as: 1 / 1 point Making substitutions Making adjustments Making corrections Making…
15. Question 15 An owner has deposited several payments they’ve received from customers into the business’s bank account. The owner would then enter this transaction in their accounting software as: …
13. Question 13 A Balance Sheet has four parts: a heading, assets, liabilities, and ______. 1 / 1 point equity total gross profit owner/company name Correct Correct! The four parts of…
11. Question 11 True or False: In order to complete a Statement of Equity, you will need the net profit from the Income Statement. 1 / 1 point True False Correct…
10. Question 10 A customer paid in advance for a service. They need to cancel the service. If the business owner wishes to apply that money towards the customer’s next…
9. Question 9 True or False: The ending cash balance on the Statement of Cash Flow should not equal the cash balance reported on the Balance Sheet. 1 / 1 point True…
8. Question 8 A business owner performs a service but is not paid when the job is performed. Using their accounting software, the owner would enter the transaction as: 1 / 1 point…
7. Question 7 A business owner performs a service and is paid when the job is performed. The owner would then enter this transaction into accounting software as: 1 / 1 point …
6. Question 6 Which of these accounts would have a balance of $0 at the beginning of each new accounting period? 1 / 1 point Accounts receivable Revenue Cash Long-term loan payable…
5. Question 5 A seasonal business like Lou’s Landscaping can have decreased cash during off-season months. Which financial statement would show the cash inflows and outflows for a particular month? …
