Accounts are classified in the ledgera. alphabeticallyb. in accordance via their appearance in the financial statements c. chronologicallyd. with the accounts offered most regularly noted first

You are watching: A credit balance in which of the following accounts would likely indicate an error?

Which of the following accounts is an owner"s equity account?a. Prepassist Insuranceb. Ross Morris, Capitalc. Cashd. Accounts Payable
An account is said to have a delittle bit balance if a. tbelow are even more entries on the debit side than on the crmodify sideb. the amount of the debits exceeds the amount of the creditsc. the first enattempt of the audit duration was posted on the delittle bit sided. there are even more entries on the crmodify side than on the debit side
Owner"s equity will certainly be reduced by every one of the complying with EXCEPTa. withdrawalsb. expensesc. revenuesd. All of over are correct
Assume that you are producing a chart of accounts for a company. Each account number will have actually 2 digits. The initially digit shows the major account team to which the account belongs. Which of the complying with effectively identifies the major account groups generally stood for by the numbers 1 via 5?a. 1-Assets, 2-Owner"s Equity, 3-Revenues, 4-Expenses, 5-Drawingb. 1-Assets, 2-Liabilities, 3-Owner"s Equity, 4-Expenses, 5-Revenuesc. 1-Assets, 2-Liabilities, 3-Owner"s Equity, 4-Revenues, 5-Expenses
Which of the adhering to types of accounts have actually a normal credit balance?a. Liabilities and expensesb. Revenues and capitalc. Assets and liabilitiesd. Capital and also drawing
Which of the following explains the classification and normal balance of the fees earned account?a. asset, creditb. licapability, creditc. owner"s equity, debitd. revenue, credit
A delittle balance in which of the adhering to accounts would most likely indicate an error?a. Incomes Expenseb. Notes Payablec. Edgar Martin, Drawingd. Supplies
Which of the adhering to entries records the payment of insurance for the present month?a. Cash, debit; Insurance Expense, creditb. Insurance Expense, debit; Cash, creditc. Insurance Expense, debit; Accounts Receivable, creditd. Prepassist Insurance, debit; Cash, credit
Joshua Scott invests $40,000 right into his brand-new business. How would this transaction be entered in the journal in great form?a. Cash 40,000 Joshua Scoot, Capital 40,000 Invested cash in company.b. Cash 40,000 Joshua Scott, Loan 40,000 Invested cash in business.c. Joshua Scott, Capital 40,000 Cash 40,000 Invested cash in organization.d. Joshua Scott, Loan 40,000 Cash 40,000 Invested cash in service.
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Fundamental Financial Accounting Concepts10th EditionDanita Kelley, Gaile Moe, Gordon M Wardlegislation, Jacqueline Berning

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