Accounting Help for College and University Students

Definition of Fixed Assets

What is a fixed asset?

Accounting concepts

Multiple Choice Questions on Accounting Concepts 1)An example of an asset is: a)a bank loan. b)workers' wages. c)a computer. d)profit. 2) If you start a window cleaning business and deposit $1,000 of your own personal money in a bank account for the business, what effects are there to the accounting equation (Asse ...continues

Accounting Concepts

Multiple Choice Questions on Accounting Concepts 1)You are looking at a financial statement. By studying the information on the statement, you can tell what the business owns (has) and what it owes as of a certain date. You are looking at a (an): a)Income Statement b)Statement of Owner's Equity. c)Statement of Cash Flow ...continues

Debits and Credits

1)The business received cash: a)increase Cash account. b)decrease Cash account. 2)The owner invested cash in the business: a)increase Capital account. b)decrease Capital account. 3)The owner invested cash in the business a)debit Capital account b)credit Capital account 4)The business received cash from a cred ...continues

Debits and Credits

Multiple Choice Questions on debits and credits 1)The business wrote a check: a)increase Cash account. b)decrease Cash account. 2)The business wrote a check to the owner: a)increase Withdrawals account. b)decrease Withdrawals account 3)The business wrote a check to a vendor for supplies it had purchased on cre ...continues

General Journal Entry

Journalise the following transactions: 1)Roy started a window cleaning business by opening a bank account under the name "Pane Is Our Business" with a deposit of $15,000 from his personal account. 2)Purchased supplies on account for $1,500. 3)Billed customers, who have 30 days to pay, a total of $2,600 for window cleani ...continues

Asset accounts described in detail

Definition of assets and a list of common asset accounts

Liability accounts

Definition of liabilities and a list of common liabilities accounts

Owner's equity

Definition of owner's equity and a list of owner's equity items.

Income statement, rate increases

Hello, Could someone help me with this. I have half done but got confussed. Please see the attached document. Thanks! The questions are as follows: 1) Prepare a projected income statement for Metropolitan News for the 20X3-X4 fiscal year using a format that shows the total variable costs and total fixed costs for the new ...continues