Chapter 3 Quiz\t\t\t\t\t\t\t\t\t\u00b7 Question 1\t\t\t\t\t\t\t\t\tEconomic events that require recording in the financial statements are called accounting transactions\t\t\t\t\t\t\t\t\t\u00b7 Question 2\t\t\t\t\t\t\t\t\tAn account is often referred to as a T-account because of the way it is constructed.\t\t\t\t\t\t\t\t\t\u00b7 Question 3\t\t\t\t\t\t\t\t\tRevenues are a subdivision of stockholders’ equity.\t\t\t\t\t\t\t\t\t\u00b7 Question 4\t\t\t\t\t\t\t\t\tSalaries and wages payable is a type of expense.\t\t\t\t\t\t\t\t\t\u00b7 Question 5\t\t\t\t\t\t\t\t\tOperating activities are the types of activities the company performs to generate profits.\t\t\t\t\t\t\t\t\t\u00b7 Question 6\t\t\t\t\t\t\t\t\tIf total liabilities decreased by $4,000, then\t\t\t\t\t\t\t\t\t\u00b7 Question 7\t\t\t\t\t\t\t\t\tAn expense\t\t\t\t\t\t\t\t\t\u00b7 Question 8\t\t\t\t\t\t\t\t\tAre advanced receipts from customers treated as revenue at the time of receipt? Why or why not?\t\t\t\t\t\t\t\t\t\u00b7 Question 9\t\t\t\t\t\t\t\t\tWhich statement about an account is true?\t\t\t\t\t\t\t\t\t\u00b7 Question 10\t\t\t\t\t\t\t\t\tWhich one of the following represents the expanded basic accounting equation?\t\t\t\t\t\t\t\t\t\u00b7 Question 11\t\t\t\t\t\t\t\t\tWhich of the following is not an example of a source document that provides evidence of a transaction?\t\t\t\t\t\t\t\t\t\u00b7 Question 12\t\t\t\t\t\t\t\t\tThe primary purpose of the trial balance is to\t\t\t\t\t\t\t\t\t\u00b7 Question 13\t\t\t\t\t\t\t\t\tWhich of the following statements is not true?\t\t\t\t\t\t\t\t\t\u00b7 Question 14\t\t\t\t\t\t\t\t\tAll of the following are characteristics of every accounting information system except it is a system\t\t\t\t\t\t\t\t\t\u00b7 Question 15\t\t\t\t\t\t\t\t\tOn 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?\t\t\t\t\t\t\t\t\t\u00b7 Question 16\t\t\t\t\t\t\t\t\tAll of the following statements regarding the double-entry system are true except\t\t\t\t\t\t\t\t\t\u00b7 Question 17\t\t\t\t\t\t\t\t\tBorrowing money and issuing shares of stock are\t\t\t\t\t\t\t\t\t\u00b7 Question 18\t\t\t\t\t\t\t\t\tThe purpose of the ledger is to\t\t\t\t\t\t\t\t\t\u00b7 Question 19\t\t\t\t\t\t\t\t\tWhich statement is incorrect?\t\t\t\t\t\t\t\t\t\u00b7 Question 20\t\t\t\t\t\t\t\t\tMatch the items below by entering the appropriate code letter in the space provided.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chapter 3 Quiz \u00b7 Question 1 Economic events that require recording in the financial statements are called accounting transactions \u00b7 Question 2 An account is often referred to as a T-account because of the way it is constructed. \u00b7 Question Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200200","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200200"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200200\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}