Accounting Sophia Course notes

Accounting Sophia Course : Unit 1: ● Which of the following groups of accounts have a natural credit balance? ○ Liabilities, equity, and revenue ● Which of the following is a violation of Sarbanes-Oxley Act? ○ Not reporting financial information about a business ● Which of the following is true regarding temporary account? ○ After closing at the end of a period, these accounts are reopened at the beginning of the next period. ● Erin owns a heating and cooling company. He routinely inspects a food storage warehouse. Eric is paid a future of $299 for replacing a worn belt the next time he inspects the warehouse. Which of the following correctly shows Ericʼs entry for this transactions? ● ●●Transferring $12,000 in revenue and $8000 in expenses into equity would be performed during which phase of the accounting cycle? ○ Close Which of the following is responsible for the creation and governance of accounting standards in the United States? ○ Financial Standards Accounting Board ( FASB ) Which image below correctly shows a general ledger?