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Fundamentals of Accounting: Financial Statements, Journal Entries, and Cash Flow Analysis

Study on the basics of accounting, financial statements, and journal entries.

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Fundamentals of Accounting: Financial Statements, Journal Entries, and CashFlow Analysis1.Which of the following is not an asset:a.Accounts Payableb.Furnishing and Equipmentc.Suppliesd.Cash2.Amy Co. acquired $500 worth of supplies oncredit. Which of the followingjournal entries would be recorded?a.Debit supplies, credit cashb.Debit cash, credit suppliesc.Debit supplies, credit accounts payabled.Debit accounts payable, credit supplies payable3.Baker Company earned $10,000 revenue for services provided. Which of thefollowing is correct?a.Baker would credit Revenue.b.Baker would debit Revenue.c.Baker must first collect the revenue before recognizing it.d.Baker would credit an asset.4.Candy Companycollected $5,000 from a customer on account. What journalentry will Candy Company record?a.Debit cash, credit accounts receivableb.Debit cash, credit revenuec.Debit accounts receivable, credit revenued.Debit accounts receivable, credit cashe.None of the above5.Ernie Corporation capitalized a $20,000 automobile. Which of the following ismostly likely true?a.Ernie recorded a liability for $20,000.b.Ernie recorded an asset for $20,000.c.Ernie recorded an expense for $20,000.d.Ernie recorded revenue for $20,000.6.Liabilities are generally classified on a balance sheet asa.small liabilities and large liabilities.b.present liabilities and future liabilities.c.tangible liabilities and intangible liabilities.d.currentliabilities and long-term liabilities.

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