IAS Coaching in Warangal
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UPSC Civil Services examination is one of the most preferred career options among the youth in India. Most of the... View Article
List of IAS Subjects 2024 [UPSC Subjects]
The civil services exam is one of the most prestigious examinations conducted in the country. Apart from being highly competitive,... View Article
Which of the following accounts requires a debit to close the account at year-end?
Prepaid rent. Sales revenue. Unearned revenue. Wage expense. Answer b. Sales revenue Explanation: In a T-account, their balances or equilibriums... View Article
Which of the following statements regarding the balance sheet is false?
Buildings and equipment are reported at book value. Assets are reported in the order of liquidity. Current liabilities are obligations... View Article
Which of the following transactions and events results in an increase in liabilities and a decrease in net income?
The accrual of wages expense at year-end. Collecting cash from a customer for services to be provided in the future.... View Article
Which of the following accounts is used to initially record a deferral?
Interest payable. Interest revenue. Supplies. Supplies expense. Answer c. Supplies Explanation: Some of the supplies that aren’t used in production... View Article
Which is the correct sequence of the following steps in the accounting cycle?
Prepare journal entries, analyse transactions, prepare an adjusted trial balance. Prepare adjusted trial balance, prepare closing entries, and prepare financial... View Article
Which of the following account balances would be closed at year-end?
Interest expense Accumulated depreciation Retained earnings Unearned revenues Answer a. Interest expense Explanation: Interest expense identifies with the expense of... View Article
Which of the following will result in an increase in earnings per share?
Accruing expenses at year-end. Selling additional shares of common stock during the year. Accruing revenue at year-end. Receiving cash from... View Article
Which of the following accounts is used to record an accrual for expenses?
Prepaid rent. Unearned revenues. Accounts receivable. Interest payable. Answer d. Interest payable Explanation: Interest payable is a liability in accounting... View Article
Which of the following transactions and events results in a decrease in both total assets and net income?
Recognising previously recorded deferred revenue as revenue. Collecting cash from an account receivable. The accrual of wages expense at year-end.... View Article
Which of the following correctly describes the effects of initially recording deferred revenue when cash is received from a customer?
Retained earnings increases. Liabilities are not affected. Revenue has increased. Net Income is not affected. Answer d. Net Income is... View Article
Which of the following accounts normally have a credit balance?
Unearned revenue; prepaid rent; sales revenue. Sales revenue; expenses; retained earnings. Sales revenue; cash; unearned revenue. Accounts payable; retained earnings;... View Article
Which of the following statements is correct?
Recording revenue results in an increase in assets or a decrease in liabilities. Recording revenue results in an increase in... View Article
Which of the following correctly describes the recording of a dividend declaration by a company’s board of directors?
A debit to retained earnings and a credit to cash. A debit to additional paid-in capital and a credit to... View Article
In what order are current assets listed on a balance sheet?
By dollar amount (largest first). By date of acquisition (earliest first). By relevance to the operation of the business. By... View Article
Accounts payable would be reported within which of the following financial statements?
Income statement. Statement of cash flows. Balance sheet. Statement of stockholders’ equity. Answer c. Balance sheet Explanation: In accounting, a... View Article
Which of the following transactions would result in an increase in the current ratio?
Collection of cash from an account receivable. Selling shares of stock to stockholders in exchange for cash. Purchasing a building... View Article
Borrowing cash from a bank would result in which of the following?
A debit to cash and a credit to notes payable. A debit to notes payable and a credit to cash.... View Article
