8. Question 8 Caren Cosmos is the world’s most popular soft rock folk singer. She sold t-shirts online last year and made $7,000. The money from these sales went directly…
19. Question 19 Becky provided a service to a customer, and they have yet to pay. Which type of journal entry would need to be made? 1 / 1 point A Deferral…
17. Question 17 An owner brought in a piece of equipment for servicing and paid for the repair with a check. The owner would then enter the transaction into their…
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…
