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67) A business's source documents may include all of the following except: A) Sales receipts. B) Ledgers. C) Checks. D) Purchase orders. E) Bank statements. 68) A business's source documents: A) Include the ledger. B) Provide objective evidence that a transaction has taken place. C) Must be in electronic form. D) Are records of all increases and decreases in specific asset. E) Include the chart of accounts. 69) A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is known as a(n): A) Journal. B) Posting. C) Trial balance. D) Account. E) Chart of accounts. 70) An account used to record the owner's investments in a business is called a(n): A) Withdrawals account. B) Capital account. C) Revenue account. D) Expense account. E) Liability account. 71) Identify the account used by businesses to record the transfer of assets from a business to its owner for personal use: A) A revenue account. B) The owner's withdrawals account. C) The owner's capital account. D) An expense account. E) A liability account. 72) Identify the statement below that is correct. A) When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense. B) Promises of future payment by the customer are called accounts receivable. C) Increases and decreases in cash are always recorded in the owner's capital account. D) An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a business. E) Accrued liabilities include accounts receivable. 5 Copyright 2019 Š McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

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Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

Test Bank for Fundamental Accounting Principles 24th Edition Wild  

Fundamental Accounting Principles 24th Edition Wild Test Bank 2019 (9781259916960) (1259916960). Instant test bank download. Download from h...

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