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