Question 1

Expenses decrease retained earnings.

Question 2

During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity

Question 3

Payment of a dividend

Question 4

An account is a part of the financial information system and is described by all except which one of the following?

Question 5

Which accounts normally have debit balances?

Question 6

Which of the following is the correct sequence of events?

Question 7

Where is the first place every transaction is recorded?

Question 8

What type of account is unearned revenue?

Question 9

Accounts are listed on the trial balance in

Question 10

Which of the following is not one of the primary types of the financing activities in the statement of cash flows?

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