Reference no: EM133003819
Problem 1: All entries made in an accounting system - must affect both the Asset side and the Liabilities + Equity side of the accounting equation for the accounting system to stay in balance.
a. True
b. False
Problem 2: The Inventory account is decreased by:
a. the Inventory account can only be increased
b. a Debit entry
c. a Credit entry
d. Debit entry or a Credit entry depending on the type of transaction
e. none of the above
Problem 3: The Balance Sheet:
a. shows the beginning balances in the asset accounts
b. is only used by the accountants in the accounting department
c. shows the ending balances in all asset accounts, except the Cash account
d. is a point-in-time financial report
e. none of the above
Problem 4: A company's Accounting Period:
a. must always be 1 month long
b. must always be 3 months long
c. must always be one half of a year long
d. must always be one year long
e. none of the above
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