Posted by jessie on Sunday, March 6, 2011 at 6:52pm.
please help me to get the answers choices below just choice the letter provied. thanks a lot
1.Asset would be increased by :
a.Debit to Prepaid Insurance
b.Debit to expense
c.Credit to Cash
d.Debit to Notes Payable
2.Failure to record a bill from Meralco for services already received will result in:
a.An overstatement of assets
b.An overstatement of Liabilities
c.An overstatement of Equity
d.An understatement of Assets
3.Elise Soriano invested land valued at 95,000 php in her business. This transaction would be recorded by:
a.Dr Cash 95,000 php & Cr Capital Stock 95,000 php
b.Dr Land 95,000 php & Cr Capital Stock 95,000 php
c.Dr Land 95,000 php& Cr Cash 95,000 php
d.Dr Cash 95,000 php & Cr Land 95,000 php
4.Define Trial Balance:
a.It can be considered a Formal inancial Statement
b.Used to prove that there are no errors in the Journal or ledger
c.A listing of every acct in the chart of accts.
d.Listing of the Balance of each account in (both active & inactive) use.
5.Which is correct ?
A.Transaction(s), Journal Entry(s), urce Document(s), Ledger, Trial balance
B.Source docs, Transaction(s), Ledger, Journal entry(s), Trial balance
C.Transaction, Source docs, journal entry(s), Trial balance and ledger
D.Transaction(s), source docs, journal entry(s), ledger, Trial balance
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