Accounting Stock Knowledge

The following are nominal accounts EXCEPT?

• Rent expense

• Accrued expense

• Service revenue

• Interest income

Real accounts are ____?

• temporary accounts

• nominal accounts

• permanent accounts

• contra accounts

Other term for income statement is ______.

• Financial Statement

• Statement of Financial Position

• Balance Sheet

• Statement of Comprehensive Income

Purchased Furniture and Fixtures on account; the value parted with is _______.

• Furniture and Fixtures

• Accounts Payable

• Cash

• Fixed Asset

What major accounts are present in the Balance Sheet?

• Assets, Liabilities, and Capital

• Revenues and Expenses

• Assets, Liabilities, and Revenues

• Revenues, Expenses, and Equity

In the Income Statement, when operating expenses exceed revenue, it is _______.

• net income

• positive results

• net take-home pay

• net loss

Paid utilities expense, the value parted with is ________.

• Cash

• Utilities Expense

• Accounts Payable

• Accrued Utilities Expense

Billed the customer for services rendered on account, the value received is ________?

• Cash

• Service Revenue

• Accounts Receivable

• Accounts Payable

Type of book of accounts used to record purchases on account is _____.

• Sales Journal

• Cash Receipts Journal

• Cash Disbursement Journal

• Purchase Journal

The book of final entry is __________.

• Journal

• Ledger

• Subsidiary ledger

• Cash Receipts Journal