Reference no: EM132782463

Problem 1: What function that accounting journals serve in the accounting process?

Option 1: Classifying
Option 2: Summarizing
Option 3: Reporting
Option 4: Recording

Problem 2: The normal balance of an account is on the

Option 1: side represented by decrease in the account balance.
Option 2: debit side of the account.
Option 3: side represented by increases in the account balance.
Option 4: credit side of the account.

Problem 3: When cash is debited, a typical credit is to

Option 1: withdrawals.
Option 2: accounts payable.
Option 3: accounts receivable.
Option 4: expenses.

Problem 4: Payment of insurance premiums in advance gives rise to

Option 1: prepaid expense.
Option 2: unearned income.
Option 3: accrued income.
Option 4: accrued expense.