ACC 290 Week 2 Charter for Collaborative Learning Activities
ACC 290 Chapter 3 Orion
• Question 1 Correct ! The costs that a firm incurs when operating its business cause retained earnings to decrease . Expenses decrease retained earnings .
• Question 2 Correct ! Since assets only decreased $ 50,000 , and liabilities decreased by $ 90,000 , stockholders ’ equity has to increase by $ 40,000 to keep the accounting equation balanced . During 2014 , Gibson Company assets decreased $ 50,000 and its liabilities decreased $ 90,000 . Its stockholders ’ equity
• Question 3 Correct ! Payment of dividends reduces both cash and retained earnings . Payment of a dividend
• Question 4 An account is a part of the financial information system and is described by all except which one of the following ?
• Question 5 Which accounts normally have debit balances ?
• Question 6 Which of the following is the correct sequence of events ?
• Question 7 Where is the first place every transaction is recorded ?
• Question 8 What type of account is unearned revenue ?
• Question 9 Correct ! Accounts will appear in the trial balance in the same order that they appear in the ledger . Accounts are listed on the trial balance in
Practice Question 51
• Question 1 Which of the following is not one of the primary types of the financing activities in the statement of cash flows ? =================================================
ACC 290 Week 2 Charter for Collaborative Learning Activities
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