Financial Accounting ORION Verified Exam Questions and Answers
Latest update 2026/2027
Question:
1. common stock
Answer:
Question:
2. utilities expense
Answer:
Question:
3. notes payable
Answer:
Question:
4. cash
Answer:
Question:
5. Service revenue CH3 Which of the following transactions will require an indented account name for
the Accounts Payable account when recording a journal entry in the general journal? CH2 Which of
the following is included in the journal entry for equipment purchased for $20,000 by paying $5,000
cash and signing a note for the remainder? CH2 A credit to Cash would be posted when you CH2
Entering transaction information directly into the accounts... CH2 Unlike the normal balance in
stockholders' equity accounts, expenses have a debit balance. Why? CH4 A reversing entry is the
opposite of the _____ entry made in the previous period. CH4 Creative Consulting has posted an
adjusting entry to the wrong account. When will the error most likely be discovered, if it is discovered
at all? CH4 Which of the following is a feature of a current liability?
CH4 Winslow, Inc. made the following entries in June:
Answer:
received a bill from daily news for advertising credit to cash pay your rent expense is possible, though
few businesses do so. expenses decrease retained earnings adjusting when reviewing the ledger it is an
obligation to pay debt within a short period of time $320 understatement
Latest update 2026/2027
Question:
1. common stock
Answer:
Question:
2. utilities expense
Answer:
Question:
3. notes payable
Answer:
Question:
4. cash
Answer:
Question:
5. Service revenue CH3 Which of the following transactions will require an indented account name for
the Accounts Payable account when recording a journal entry in the general journal? CH2 Which of
the following is included in the journal entry for equipment purchased for $20,000 by paying $5,000
cash and signing a note for the remainder? CH2 A credit to Cash would be posted when you CH2
Entering transaction information directly into the accounts... CH2 Unlike the normal balance in
stockholders' equity accounts, expenses have a debit balance. Why? CH4 A reversing entry is the
opposite of the _____ entry made in the previous period. CH4 Creative Consulting has posted an
adjusting entry to the wrong account. When will the error most likely be discovered, if it is discovered
at all? CH4 Which of the following is a feature of a current liability?
CH4 Winslow, Inc. made the following entries in June:
Answer:
received a bill from daily news for advertising credit to cash pay your rent expense is possible, though
few businesses do so. expenses decrease retained earnings adjusting when reviewing the ledger it is an
obligation to pay debt within a short period of time $320 understatement
