Service Business

Front

Which of the following is NOT an asset for a clothing store: T-Shirt inventory, Accounts receivable, Accounts payable, Shoe inventory?

Back

Accounts payable

Front

Which of the following types of information is found on an income statement? Company cash flow, Company revenues, Company assets, Company liabilities

Back

Company revenues

Front

Under which of the following categories would land appear on a balance sheet? Owner’s equity, Stockholders’ equity, Assets, Liabilities

Back

Assets

Front

Diamond Threads Alterations received $200 in cash for altering a wedding dress. Which account is debited?

Back

Cash

Front

Diamond Threads Alterations received $200 in cash for altering a wedding dress. Which account is credited? Options: Accounts receivable, Inventory, Cash, Service revenue

Back

Service revenue

Front

Which of the following is the first step of the accounting process?
Close temporary accounts,
Analyze transactions,
Prepare financial statements,
Record journal entries

Back

Analyze transactions

Front

Which of the following would immediately occur if a service business performed a job, but the customer agreed to pay in one month? Options: Accounts receivable would increase, Inventory would increase, Cash would increase, Accounts payable would increase

Back

Accounts receivable would increase

Front

Which of the following is NOT an example of an expense? Utilities, Supplies, Revenue, Rent

Back

Revenue

Front

Which account would be debited if Babysitter World paid all employees for their work in April? Options: Salaries, Unearned service revenue, Accounts receivable, Cash

Back

Salaries

Front

Which of the following accounts would be credited if Babysitter World paid all employees for their work in April?
Options:
Unearned service revenue,
Salaries,
Cash,
Accounts receivable

Back

Cash