College Acct 1- Chapter 2

Front

Calculate the debt ratio for Stuart's Bakery with total assets of $42 million and total liabilities of $11 million.

Back

26.2%

Front

What is the normal balance side for Revenue?

Back

Credit

Front

A credit is used to record an increase in all of the following accounts except: Salaries Expense, Interest Revenue, Unearned Revenue, Common Stock, Notes Payable

Back

Salaries Expense

Front

What is the normal balance side for Accounts Receivable?

Back

Debit

Front

Unearned revenues are generally:

Back

Liabilities created when a customer pays in advance for products or services before the goods or services are delivered.

Front

Which of the following accounts has a normal credit balance? Cash, Consulting Fees Earned, Dividends, Machinery, Notes Receivable

Back

Consulting Fees Earned

Front

Which of the following is NOT an equity account? Wages Expense, Supplies Expense, Service Revenue, Unearned Revenue

Back

Unearned Revenue

Front

Which of the following accounts are increased on the credit side?
Options: Liabilities, Common Stock, Dividends,
Common Stock, Revenue, Liabilities,
Assets, Liabilities, Dividends,
Common Stock, Dividends, Liabilities,
Common Stock, Retained Earnings, Dividends

Back

Common Stock, Revenue, Liabilities

Front

If your trial balance has a higher debit balance than credit balance, what does this mean?

Back

An error has been made

Front

An account balance is:

Back

The difference between the total debits and total credits for an account including the beginning balance