Reference no: EM132966087
Problem 1: A formal account that has columns for date, explanation, post reference, debit, and credit is called the:
Option 1: T account.
Option 2: standard account form.
Option 3: ledger.
Option 4: chart of accounts.
Problem 2: An account that would be decreased by a credit is:
Option 1: cash.
Option 2: fees earned.
Option 3: capital.
Option 4: accounts payable.
Problem 3: The time period for which a statement of owner's equity is prepared is a(n):
Option 1: calendar year.
Option 2: accounting period.
Option 3: fiscal period.
Option 4: accounting cycle.
Problem 4: Financial statements that are prepared for a period shorter than a year are called:
Option 1: accounting period statements.
Option 2: fiscal year statements.
Option 3: interim statements.
Option 4: journal statements.
Problem 5: How are explanations distinguished in the journal?
Option 1: They are underlined.
Option 2: They are in bold print.
Option 3: They are indented below the credit entries.
Option 4: They are written at the margin, in line with the debit entries.
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