Chapter 3 Quiz · Question 1 Economic events that require recording in the financial statements are called accounting transactions · Question 2 An account is often referred to as a T-account because of the way it is constructed. · Question 3 Revenues are a subdivision of stockholders’ equity. · Question 4 Salaries and wages payable is a type of expense. · Question 5 Operating activities are the types of activities the company performs to generate profits. · Question 6 If total liabilities decreased by $4,000, then · Question 7 An expense · Question 8 Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? · Question 9 Which statement about an account is true? · Question 10 Which one of the following represents the expanded basic accounting equation? · Question 11 Which of the following is not an example of a source document that provides evidence of a transaction? · Question 12 The primary purpose of the trial balance is to · Question 13 Which of the following statements is not true? · Question 14 All of the following are characteristics of every accounting information system except it is a system · Question 15 On June 1, 2014, England Inc. reported a cash balance of $21,000. During June, England made deposits of $8,000 and made disbursements totaling $24,000. What is the cash balance at the end of June? · Question 16 All of the following statements regarding the double-entry system are true except · Question 17 Borrowing money and issuing shares of stock are · Question 18 The purpose of the ledger is to · Question 19 Which statement is incorrect? · Question 20 Match the items below by entering the appropriate code letter in the space provided.
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