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11. Question : (TCO D) Describe the process of preparing a trial balance.
What is the
purpose of preparing a trial balance? If a trial balance does not balance,
identify what might be the reasons why it does not balance. If the trial
balance does balance, does that ensure that the ledger accounts are
correct? Explain.
1. Question : (TCO D) An account is an important accounting record
where financial information is stored until needed. Briefly explain (1)
the nature of an account, (2) the different types of accounts, and (3) the
manner in which an account is increased and decreased, and the normal
balance of each type of accounts.
Question 1.1. (TCO A) Assets include (Points : 3)
prepaid insurance and prepaid rent.
dividends paid to shareholders.
loans obtained by the company.
stockholders’ investment in the business.
Question 2.2. (TCO B) For 2014, CAP Corporation reported net income
of $96,000; net sales $1,440,000; and weighted average shares
outstanding of 9,600. There were no preferred dividends. What was the
2014 earnings per share? (Points : 3)
$100.00
$150.00
$10.00
$15.00
Question 3.3. (TCO C) Issuing debt is an example of a(n) (Points : 3)
operating activity.