Name: Nguyễn Phương Minh vnu student id: 21051658

C. divided into discrete accounting periods

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Fall 2022 - Midterm USF - 4
C. divided into discrete accounting periods.
D. considered to be a continuous cycle.

6. Failure to record the receipt of a utility bill for services already received will result in
A. An overstatement of assets
B. An overstatement of liabilities
C. An overstatement of equity
D. An understatement of assets
7. The trial balance:
A. Is a formal financial statement.
B. Is used to prove that there are no errors in the journal or ledger.
C. Provides a listing of every account in the chart of accounts.
D. Provides a listing of the balance of each account in active use.

8. Which of the following types of account would normally appear on the debit side of the initial trial balance?
A. Asset
B. Liability
C. Loans
D. Drawings
E. Income
F. Expense

9. Which of the following statements about an account is true?
A. In its simplest form, an account consists of two parts
B. An account is an individual accounting record of increases and decreases in specific asset, liability and equity.
C. There are separate accounts for specific assets and liabilities but only one account for equity
D. The left side of an account is the credit or decrease side

10. Inventory accounts should be classified in which section of a balance sheet?
A. Current assets
B. Investments
C. Property, plant, and equipment
D. Intangible assets

11. ABC Co. has current assets of $50,000 and total assets of $150,000. ABC has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of ABC's owner's equity?
A. $20,000
B. $30,000
C. $70,000
D. $120,000

12. ABC Co. performed services for Client Kay in December and billed Kay $4,000 with terms of net 30 days. ABC follows the accrual basis of accounting. In January ABC received the $4,000 from Kay. In January ABC will debit Cash, since cash was received. What account should ABC credit in the January entry?

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