Exams & Certification

A general journal a. chronologically lists transactions and other events, expressed in terms of debits and credits.b. contains one record for each of the asset, liability, stockholders’ equity, revenue, and expense accounts.c. lists all the increases and decreases in each account in one place.d. contains only adjusting entries. The correct answer and explanation is : […]

External events do not include a. interaction between an entity and its environment.b. a change in the price of a good or service that an entity buys or sells, a flood or earthquake.c. improvement in technology by a competitor.d. using buildings and machinery in operations. The correct answer and explanation is : The correct answer

Nominal accounts are also called a. temporary accounts.b. permanent accounts.c. real accounts.d. none of these. The correct answer and explanation is : The correct answer is: a. temporary accounts. Explanation: Nominal accounts, also referred to as temporary accounts, are accounts that track a business’s financial transactions over a specific accounting period, such as a fiscal

Which of the following is a nominal (temporary) account? a. Unearned Revenueb. Salary Expensec. Inventoryd. Retained Earnings The correct answer and explanation is : The correct answer is b. Salary Expense. Explanation: In accounting, accounts are classified into two major types: permanent and temporary (nominal) accounts. Analysis of the given options: Thus, Salary Expense is

Which of the following is a real (permanent) account? a. Goodwillb. Salesc. Accounts Receivabled. Both Goodwill and Accounts Receivable The correct answer and explanation is : The correct answer is d. Both Goodwill and Accounts Receivable. Explanation: In accounting, accounts are categorized into two main types: permanent (real) accounts and temporary (nominal) accounts. Understanding the

A trial balance may prove that debits and credits are equal, but a. an amount could be entered in the wrong account.b. a transaction could have been entered twice.c. a transaction could have been omitted.d. all of these. The correct answer and explanation is : The correct answer is d. all of these. A trial

A trial balance a. proves that debits and credits are equal in the ledger.b. supplies a listing of open accounts and their balances that are used in preparing financial statements.c. is normally prepared three times in the accounting cycle.d. all of these. The correct answer and explanation is : The correct answer is d. all

One of the most difficult things to learn in physics is that our everyday language is not always precise enough. For instance, we might say a car is “slowing down”, but that only gives us information about velocity, not its acceleration. What can we say about the velocity of a car which has negative acceleration

The debit and credit analysis of a transaction normally takes place a. before an entry is recorded in a journal.b. when the entry is posted to the ledger.c. when the trial balance is prepared.d. at some other point in the accounting cycle. The correct answer and explanation is : The correct answer is a. before

Draw a ray diagram of a reflecting type telescope. State two advantages of this telescope over a refracting telescope. The correct answer and explanation is : Here is the ray diagram of a reflecting telescope. It shows how light from a distant object is first captured by the primary mirror, which reflects the light to