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In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits. B. Normal balances and decreases are credits. C. Normal balances can either be debits or credits for assets. D. Normal balances are debits and increases can be debits or credits.
Weegy: In classifying transactions the following is true in regard to assets: A. Normal balances and increases are debits. User: An increase in an expense account must be A. debited B. credited C. either debited or credited, depending on the circumstances D. capitalized Weegy: An increase in an expense account must be A. debited. (More)
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Asked 2/28/2012 11:52:46 AM
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In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a A. $600 credit balance B. $1,400 debit balance C. $800 debit balance D. $800 credit balance
Weegy: C. $800 debit balance. $1,400 debit entries - $600 credit entries = $800 debit balance. User: Which ledger contains control accounts? A. Accounts receivable subsidiary ledger B. General ledger C. Accounts payable subsidiary ledger D. General revenue and expense ledger (More)
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Asked 2/28/2012 12:00:39 PM
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Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account? A. Accounts receivable subsidiary ledger B. Accounts receivable control ledger C. General ledger D. Accounts payable subsidiary ledger
Weegy: Debit postings to the individual accounts in an accounts receivable subsidiary ledger generally come from the cash payments journal. (More)
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Asked 2/28/2012 12:15:48 PM
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Under the cash basis of accounting, A. revenue is recognized when services are performed B. expenses are matched with the revenue that is produced C. cash must be received before revenue is recognized D. a promise to pay is sufficient to recognize revenue
Weegy: B. expenses are matched with the revenue that is produced (More)
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Updated 2/28/2012 1:43:17 PM
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Under the cash basis of accounting: C. cash must be received before revenue is recognized.
Added 2/28/2012 1:43:17 PM
The Sarbanes Oxley Act (2002) applies to A. U.S. companies but not international companies B. international companies but not U.S. companies C. U.S. and Canadian companies but not other international companies D. U.S. and international companies
Weegy: A. U.S. companies but not international companies User: 29) The custodian of a company asset should A. have access to the accounting record for that asset B. be someone outside the company C. not have access to the accounting record for that asset D. be an accountant (More)
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Asked 2/28/2012 12:49:48 PM
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