简答题A separate "account" is maintained in the general ledger, which is set for ____ A、each specific elements of asset, liability and owners' equity. B、every business transaction. C、each business day. D、each journal entry.简答题Which of the following is not one of the criteria that normally must be met for revenue to be recognized according to the revenue recognition principle ? A、Cash has been collected. B、Services have been provided. C、Goods have been delivered to customer. D、The amount the seller expects to receive is determinable.简答题When recording a journal entry, assets accounts are shown first, followed by liabilities accounts, and finally owners' equity accounts.简答题When products are completed, ____ A、Finished Goods Inventory is credited. B、Work in Process Inventory is credited. C、Cost of Goods Sold is debited. D、Work in Process Inventory is debited.简答题According to the realization principle, revenue should be recognized at the time goods are sold or services is rendered.简答题The accounting cycle begins with A、journalizing the business transactions. B、preparation of a trial balance. C、posting of journal entries to ledger accounts. D、foundation of a business.简答题The matching principle controls when expenses are recognized on the income statement.简答题During February, Green Inc. paid an attorney $650 for legal services rendered in January and journalized the business transaction by debiting the Accounts Payable account and crediting the Cash account .简答题The Ledger is a chronological, day-by-day, record of business transactions.简答题When a manufacturing company purchases raw materials or component parts to be used in manufacturing finished goods, these costs are initially debited to ____ A、Expense accounts. B、Raw Materials Inventory. C、Finished Goods Inventory. D、Manufacturing Overhead.简答题Only the balance sheet accounts are included on a trial balance, income statement accounts are not included on a trial balance.简答题Steps in the accounting cycle include (1) prepare trial balance, (2) post each journal entry to the appropriate ledger account, and (3) journalize transactions. Which of the following reflects the correct order of these steps? A、(2), (1), (3). B、(1), (2), (3). C、(3), (1), (2). D、(3), (2), (1).简答题Revenues decrease owners' equity.简答题Goods that are still in the production process would be in which account? A、Raw Materials Inventory. B、Work in Process Inventory. C、Finished Goods Inventory. D、Cost of Goods Sold.简答题When revenues exceed expenses in a given period, ____ A、owners' equity are not impacted. B、owners' equity are decreased. C、owners' equity are increased. D、one cannot determine the impact on owners' equity without additional information.简答题The wages paid to employees working directly on a company's products would be shown as ____ A、debit to Cash. B、debit to Work in Process. C、credit to Work in Process. D、debit to Manufacturing Overhead.简答题In January of each year, the Sunny Hotel holds a very popular Carnival. Tickets must be ordered and paid for in advance, and are typically sold out by December of the preceding year. The realization principle indicates that the revenue from these ticket sales should be recognized in the period ____ A、when the ticket is ordered. B、when the Carnival is held. C、when the cash are received. D、when the ticket is sold.简答题The reason that expenses are recorded by debit entries is that ____ A、all expense transactions involve offsetting credit entries to the Cash account. B、expenses are offset against revenues in the income statement. C、expenses reduce owners' equity. D、the statement is untrue-expenses are recorded by debits.