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What is the effect on the accounting equation

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Reference no: EM132907510

Problem 1: Which of the following represents the correct flow of accounting data?

A) transactions occur; transactions are analyzed; transactions are journalized and posted; source documents are prepared

B) transactions occur; source documents are prepared; transactions are journalized and posted;

C) transactions occur; source documents are prepared; transactions are analyzed; transactions are journalized and posted

D) source documents are prepared; transactions occur; transactions are analyzed; transactions are journalized and posted

Problem 2: Posting a transaction means ________.

A) calculating the balance in an account

B) transferring data from the journal to the ledger

C) preparing a summary of account balances

D) finding the account number in the chart of accounts

Problem 3: A business purchases $500 of office supplies on account. What is the effect on the accounting equation?

A) Office Supplies increase and Cash decreases

B) Office Supplies increase and Accounts Payable increase

C) Office Supplies increase and Accounts Payable decrease

D) Total assets increase and total liabilities decrease

Reference no: EM132907510

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