11. All of the following are balance sheet accounts except:
a. revenue accounts.
b. asset accounts.
c. liability accounts.
d. owners' equity accounts.
12. Which of the following appear in a general ledger?
a. Debit
b. Credit
c. Balance
d. all of the above
13. Notes payable, Accounts Payable and Income tax payable are example of
a. asset accounts.
b. liability accounts.
c. drawing accounts.
d. expense accounts.
14. The basic element used in an accounting system to classify and summarize business transactions is the:
a. Liabilities
b. Account.
c. None
d. Both
15. Revenue affects which account in balance sheet ?
a. assets
b. owner's equity
c. liabilities
d. assets and expenses
16. Jerry accepts a formal, written promise from an employee of his hotel to pay a certain sum. The employee plans to repay the hotel within the current fiscal year, and states this intention in the note." Notes Receivable" are classified as:
a. liabilities.
b. T account
c. expenses.
d. assets.
17. Trish is preparing a financial statement for which she needs the balances of the owners' capital and Net Income or Net loss. Which statement is Trish most likely preparing?
a. an income statement
b. an adjusted trial balance
c. a statement of owners' equity
d. a statement of cash flows