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University of Illinois, Chicago ACTG 210 Quiz 3 1)A paid dividend 2

Accounting

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10. Are advanced receipts from customers treated as revenue at the time of receipt? Why or Why not?
11. After a business transaction has been analyzed and entered in the journal, the next step in the recording process is to transfer the information to
12. The cash account has a credit balance. Which statement is true?
13. A revenue account
14. Which of the following statements is true
15. The usual sequence of steps in the recording process is to
16. IFRS: Under US GAAP
17. Which of the following accounts probably would be listed after the others in a chart of accounts?
18. If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates
19. A chart of accounts for a business firm
20. If a company issues common stock for $40,000 and uses $30,000 of the cash to purchase a stock
21. A payment of a portion of an accounts payable will
22. The basic form of a journal entry has the
23. Which accounts normally have debit balances
24. Equipment costing $20,000 is purchased by paying $5,000 cash and signing a note payable for the remainder. The journal entry should include
25. An account consists of
26. Which collection is made on accounts receivable
27. The right side of an account