Question

please give me your answer

11) Which of the following is a business transaction?

1. A company hires a new marketing manager.
2. A company signs a contact for services to be provided during the first quarter of the next fiscal year.
3. A company pays its employees a year-end bonus.
4. A company applies for a mortgage that will be used to purchase a new office building.

12) The owner of a_____ is personally liable for all the business debts.

A) proprietorship                                             B) corporation

C) limited-liability company D) All of the above are correct.

13) The assets of a company:

1. include property, plant, and equipment and accounts payable.
2.            represent economic resources that are expected to produce a future benefit.
3. include short-term investments and notes payable.
4. must equal the liabilities of the company.

14) The income statement:

1. reports the results of operations since the inception of the business.
2.             covers a defined period of time.
3. must cover only a month in time.
4. is not dated.

15) Every journal entry:

1. must debit at least one account and credit at least one account.
2.            affects both an income statement account and a balance sheet account.
3. must increase at least one account and decrease at least one account.
4. is recorded in either the journal or the ledger.

16) Which of the following is a CORRECT statement about the two bases of accounting (Cash and accrual basis of Accounting)?

1. Cash-basis accounting records expenses only at the end of the  month.
2.     GAAP requires accrual accounting.
3. Only the largest companies in the United States use accrual accounting.
4. Cash-basis accounting records revenues when they are earned.

17) The proper order for the accounting process is:

1. transaction occurs, posting, journalizing.
2.            transaction occurs, posting, transaction analyzed, journalizing.
3. transaction occurs, transaction analyzed, journalizing, and posting.
4. posting, transaction occurs, journalizing.

Answer 1

11.

The answer is option - C

A company pays the employees a year end bonus.

This is the only monetory transaction here. Others are qualitative transaction. Others not transacting with the balances.

12.

The answer option - A

Propreitorship

One owner who usual operates the business under their own name. There can be many employees but only one owner who has personal liability for all of the business debts and obligations.

13.

The answer is option B

Assets that are resources owned by a company and which have future economic benefits  that can be measured and can be expressed in amount. Examples include cash, investments, accounts receivable, inventory, supplies, land, buildings etc.

14.

The answer is option B

the income statement calculates net income or loss over a range of time.

15.

The answer is option A

A journal at least need one debit and one credit.

A journal entry is a record of the transactions in the accounting books of a business.

16.

The answer is option D

In the cash basis the revenues are are recording when they earned and in accuarl basis of accounting record when they occur.

17.

The answer is option c

We cant posting the transaction before it journalizing.