A company forgot to record accrued and unpaid employee wages of $350,000 at period-end. This would:
A. understate net income by $350,000
B. overstate net income by $350,000
C. have no effect on net income
D. understate assets by $350,000
查看答案
The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner’s capital account is called the:
A. Closing account
B. Contra account
C. Nominal account
D. Income Summary account
Which of the following accounts would not be included in a post-closing trial balance?
A. Cash
B. Fees Earned
C. Accumulated Depreciation
D. J. C. Smith, Capital
The resources owned by a business are called:
A. assets
B. liabilities
C. the accounting equation
D. owner’s equity
A debit may signify a(n):
A. increase in an asset account
B. decrease in an asset account
C. increase in a liability account
D. increase in the owner’s capital account