Are they right? 9.Internal users of accounting information include: Shareholders

Question

Are they right?

9.Internal users of accounting information include:

Shareholders

Customers

Creditors

Government regulators

Line Supervisor

10.Which of the following statements regarding account classification is true?

Assets and revenues are the same thing

If employees have not yet been paid for their work, the company has wages payable

Retained earnings equal cash which the company has earned and kept

Revenue is another term for profit

Revenue minus expense equals retained earnings

11.A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances is called a(n):

Account balance

Trial balance

Ledger

Chart of accounts

General Journal

12.The accounting process begins with:

Analysis of business transactions and events

Preparation of financial statements and other reports

Summarizing the recorded effects of business transactions

Presentation of financial information to decision-makers

Preparation of the trial balance

13.Source documents:

Include the ledger

Are the sources of accounting information

Must be in electronic form

Are based on accounting entries

Include the chart of accounts

14.A $120 credit to Office Equipment was credited to Fees Earned by mistake. By what amounts are the accounts under or overstated as a result of this error?

Office Equipment, overstated $120; Fees Earned, overstated $120.

Office Equipment, understated $240; Fees Earned, overstated $120.

Office Equipment, overstated $120; Fees Earned, understated $120.

Office Equipment, understated $120; Fees Earned, overstated $120.

Office Equipment, overstated $240; Fees Earned, understated $120.

15.What is another name for the general journal?

The book

The ledger

The book of original entry

The record

The account book

Shareholders

Customers

Creditors

Government regulators

Line Supervisor

Explanation / Answer

Yes except 14.Office Equipment, understated $240; Fees Earned, overstated $120.

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