Answered: 4. How many approaches accounting has?…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 2E: List the classification of each of the following accounts as A (asset), L (liability), OE (owners...

See similar textbooks

Related questions

Concept explainers

Question

How many approaches accounting has?

		(a) One
		(b) Two
		(c) Three
		(d) None

The process of recording financial data up to trial balance is ______

		Bookkeeping
		Classifying
		Summarizing
		Analyzing

An example of a contra-asset account is:

		Depreciation Expense.
		Accumulated Depreciation.
		Prepaid expenses.
		Unearned revenue.

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque?

		(a) Vehicle account
		(b) Cash account
		(c) Business account
		(d) Bank account

Land is purchased by making a cash down payment of $40,000 and signing a note payable for the balance of $130,000. The journal entry to record this transaction in the accounting records of the purchaser includes:

		A credit to Land for $40,000.
		A debit to Cash for $40,000.
		A debit to Land for $170,000.
		A debit to Note Payable for $130,000.

If the number of debit entries in an account is greater than the number of credit entries, the account will have a debit balance.

True

False

10.

The third (final) step in preparing the statement of cash flows is to

		analyze changes in noncurrent asset and liability accounts.
		compare the net change in cash with the change in the cash account reported on the balance sheet.
		determine net cash provided by operating activities.
		list the noncash activities.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions