Reference no: EM132782455

Problem 1: Which of the following events would not be considered an accounting transaction?

Option 1: Payment of fees to a tax consultant.
Option 2: Purchase of print advertising space fot a new service.
Option 3: Sales of a new product during the first month of operations.
Option 4: Tabulation of the results of a customer satisfaction survey.

Problem 2: The primary function of an account in the accounting system is to

Option 1: store accounting transactions until they are classified.
Option 2: identify the type of organization.
Option 3: accumulate accounting information.
Option 4: determine at what point a transaction should be recorded.

Problem 3: When a customer buys services on credit, the contract is regarded as complete when

Option 1: the services are rendered.
Option 2: the bill is presented.
Option 3: the cash payment is received.
Option 4: the date specified in the contract is at hand.