ACC 201 Quizzes 1-4

A trial balance will balance if

journal entry is partially posted.

Accounts often need to be adjusted because

many transactions affect more than one time period

Duce company has 5 plants nationwide that cost a total of 100 million $. Current fair value of the plants is 500 Million $. Plants will be recorded and reported as assets at:

100 Million $

A journal provides

A chronological record of transactions

What will not cause a change in the stockholder's equity of a business?

An increase in prepaid expenses.

Swell maps enterprises purchased equipment for 1,300 and 200 $ on an account.

Both journal entries go in debit.

International accounting standards are developed by the

IASB.

Stockholders Equity

Revenues+Retained earnings-expenses-dividends+common stock

What event cannot be quantified into dollars and cents and recorded as an accounting transaction?

The appointment of a new CPA firm to perform and audit.

Current ratio and working capital

increase and remain the same

Expense____ Payable_____

debit, credit

Under IFRS, the trial balance

follows the same format under GAAP

An accounting record of the balances of all assets, liabilities, and stockholder equity accounts is called a

general ledger