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Jackson Plumbing Services earned $500 by completing a job for Smith Company. The $500 ...

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Accounting

Jackson Plumbing Services earned $500 by completing a job for Smith Company. The $500
earned by Jackson Plumbing Services is its
A) equity
B) revenue
C) debt
D) gain
GAAP refer to guidelines for accounting information in the United States. The acronym
GAAP in this statement refers to
A) Globally Accepted and Accurate Policies
B) Generally Accredited Accounting Policies
C) Global Accommodation Accounting Principles
D) Generally Accepted Accounting Principles
Which is a true statement regarding the accounting equation?
A) The equation does not need to balance during a specific period.
B) The equation consists of three parts: assets, liabilities, and net income.
C) The equation can be stated as assets minus liabilities equals equity.
D) The equation is an optional tool for accountants to use.
Which of the following statements is true of a trial balance?
A) A trial balance is also known as the chart of accounts.
B) A trial balance is a list of all accounts with their balances.
C) A trial balance is the first step in the accounting cycle.
D) A trial balance is also known as a balance sheet.
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