Accounting #2

15 Points Per Correct Answer - No time limit  

1. A group of accounts with a common characteristic, such as all customer accounts is a...? General ledger General journal Subsidiary ledger Special journal

2. Net credit sales are normally sold on terms of n/30 (net in 30 days). Net credit sales total $50,000, and the average net accounts receivable is $5,000 in the current period. The collection period ratio is...? 36.5 days 30 days 10 days 73 days

3. The Canadian Institute of Chartered Accountants assumes responsibility for establishing broad reporting guidelines of general applicability as well as specific accounting rules. True False

4. Which of the following is *not* an acceptable statement of the basic accounting equation? Assets - Owner's Equity = Liabilities Assets - Liabilities = Owner's Equity Assets = Liabilities + Owner's Debt Assets = Liabilities + Owner's Equity

5. Which of the following accounts would be increased with a debit? Owner's Drawings Fees Earned Owner's Equity/Capital Rent Payable