Question : 141. Of the following which true about assets A. Assets include physical and : 1233822

141. Of the following which is true about assets 
A. Assets include physical and intangible assets.
B. Assets include only physical assets.
C. Assets are owned solely by the stockholders of the company
D. Assets are the result of selling products or services to customers.

142. Which of the following is not considered to be a liability? 
A. Wages Payable
B. Accounts Receivable
C. Unearned Revenues
D. Accounts Payable

143. Which of the following statements is not true about liabilities? 
A. Liabilities are debts owned to outsiders.
B. Account titles of liabilities often include the term “payable”.
C. Cash received before services are performed are considered to be liabilities.
D. Liabilities do not include wages owed to employees of the company.

144. The stockholders’ equity will be reduced by all of the following accounts except: 
A. Revenues
B. Expenses
C. Dividends
D. All are true.

145. Expenses can best be defined as 
A. assets with no future value to the company.
B. services that have been consumed in the process of generating revenues.
C. costs that have been incurred during the course of business.
D. all are true.

146. The chart of accounts classify the accounts to make identification of the accounts easier. This is done by way of assigning a number to each account. The first number identifies the classification of the type of account. Which of the following indicates the use of this classification? 
A. 1-Assets, 2-Liabilities, 3-Stockholders’ Equity, 4-Expenses, 5-Revenues
B. 1-Assets, 2-Liabilities, 3-Stockholders’ Equity, 4-Revenues, 5-Expenses
C. 1-Assets, 2-Stockholders’ Equity, 3-Revenues, 4-Expenses, 5-Dividends
D. 1-Stockholders’ Equity, 2-Dividends, 3-Revenues, 4-Expenses

147. The ____ is where a transaction can first be found on the accounting records. 
A. chart of accounts
B. income statement
C. balance sheet
D. journal

148. The process of recording a transaction in the journal is called 
A. recording
B. journalizing
C. posting
D. summarizing

149. Joe Brown invests $10,000 into his new business in exchange for capital stock. How would the journal entry for this transaction be entered in the journal? 
A. Cash                           10,000
       Capital stock                   10,000
   Invested cash in business
B. Cash                                          10,000
Capital stock                              10,000
   Invested cash in business
C. Capital stock           10,000
       Cash                                  10,000
   Invested cash in business
D. Capital stock                              10,000
Cash                                          10,000
   Invested cash in business

150. 

June

23

Cash

6,000

       Capital stock

6,000

  Invest cash in Able, Co.

The journal entry will: 
A. Increase Capital stock and decrease Cash
B. Increase Cash and decrease Capital stock
C. Increase Cash and increase Capital stock
D. Decrease Cash and decrease Capital stock