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  3. 1 which types of accounts are likely to be listed...

Question: 1 which types of accounts are likely to be listed...

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1. Which types of accounts are likely to be listed first in the chart of accounts of a small business? Revenues Expenses Asse2. When writing a simple entry (one debit, one credit) in the general journal, which account is normally written first? The a3. Taking an amount from the general journal and recording it in a general ledger account is referred to as which of the foll4. Under double-entry bookkeeping the recording of an expense is more likely to involve which of the following? A decrease in5. A liability account will usually have which type of balance? Debit Credit6. Assets-liabilities + owners equity describes which of the following? Accounting equation Income statement Statement of ow7. Under the accrual method of accounting, does a $10,000 collection of an account receivable change the companys net income8. When a sole proprietorship borrows money from its bank, what will be the change in owners equity? A decrease An increase N9. Which balance would you expect in an income statement account at the start of an accounting year? The prior years ending10. Which amount is more likely to appear in the Cash account at the start of each accounting year? The previous years endin11. Under the accrual method of accounting, when should a cost be reported on the income statement? When cash is paid When it12. Under the accrual method of accounting, money paid out in the current accounting year that will not be an expense until tDebit Credit14. When the bank charges a companys checking account balance for a monthly service charge, should the company debit or cred15. If the normal balance in Accounts Receivable must be increased, would you debit or credit the account? Debit Credit17. Under the accrual method of accounting, when a distributor of products receives money from a customer that was billed ear18. What type of account is Allowance for Doubtful Accounts? An asset with a debit balance An asset with a credit balance An19. Should the current value of a companys management team be included in an asset account? Yes No20. Will the balance in Prepaid Insurance be increased with a debit entry or a credit entry? Debit entry

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