Answer Happy

Which of the following events would not be recorded by an accountant? Which of the following events would not be recorded by an accountant? O a. Credit purchase. O b. Depreciation on equipment calculated at the end of the firm's financial year. Oc. Placed an order with a supplier. O d. The owner paid his gon's car registration from the business bank account.

Which of the following errors would be detected by a trial balance? O a. The cashier pocketed the cash from a cash sale and did not record it on the register. O b. A cash sale was recorded in the sales account as $548 instead of $584 but was correctly recorded in the bank account O c. Supplies purchased on credit were recorded as a debit to the plant and equipment account and a credit to the accounts payable account O d. Staff wages were recorded as office expenses.

The capital account of Benjie Maintenance, a sole trader, was credited with $15 000. Which of the following would notgiverisetosucha CR? O a. The owner brought in his personal ride-on lawn mower (valued at $15 000) to be used by the business. O b. The owner purchased a family holiday valued at $15 000 using funds from the business, Oc. The owner introduced $15 000 new capital O d. The business earned a profit of $15 000.

If an entity has liabilities of $170 000 and equity of $300 000 its assets are: O a. $370 000 O b. $470 000. O c. $130 000. O d. $230 000.

If an entity receives a deposit in advance of goods or services being supplied, the deposit is initially classified as: O a. a liability O b. revenue. Ос. an asset. O d. an expense.