Reading 30: Financial Reporting Mechanics - LOS b ～ Q1-3 accounts, company, style, black, chart

mayanfang1

Q1. A company’s chart of accounts is:

A)   used for entries that offset other accounts.

B)   the set of journal entries that makes up the components of owners’ equity.

C)   a detailed list of the accounts that make up the five financial statement elements.

Q2. Accumulated depreciation and treasury stock are most likely to be shown as what types of accounts?

         Accumulated depreciation             Treasury stock

A)   Contra-asset                      Contra-equity

B)   Contra-asset                      Equity

C)   Liability                           Equity

Q3. Allowance for bad debts and investment in affiliates are most likely to be shown as what types of accounts?

         Allowance for bad debts Investment in affiliates

A)     Contra-asset    Asset

B)     Contra-asset    Liabilities

C)     Liabilities          Asset

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