The Chart of Accounts for Corning Company Includes the Following

question 214

Multiple Choice

The chart of accounts for Corning Company includes the following:
$$\begin{array} { | l | c | } \hline{ \text { Account Name } } & \text { Account Number } \\\hline \text { Cash } & 11 \\\hline \text { Accounts Receivable } & 13 \\\hline \text { Prepaid Insurance } & 15 \\\hline \text { Accounts Payable } & 21 \\\hline \text { Unearned Revenue } & 24 \\\hline \text { Corning Capital } & 31 \\\hline \text { Corning Drawing } & 32 \\\hline \text { Fees Earned } & 41 \\\hline \text { Salaries Expense } & 54 \\\hline \text { Rent Expense } & 56 \\\hline\end{array}$$ ?
Page 3 of the journal contains the following entry:
Prepaid Insurance........1,530
Cash.............................1,530
-What is the posting reference that will be found in the cash account?

• A) 11
• B) 15
• C) 3
• D) 13

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Definitions:

GDP

The total market value of all final goods and services produced within a country's borders in a specified time period.

Depreciation

The process by which physical assets lose value over time due to use, wear and tear, or obsolescence.

GDP

Gross Domestic Product quantifies the complete market or monetary valuation of all end products and services fabricated within a nation's perimeter during a distinct interval.

GDP Deflator

A gauge for the price rates of all fresh, domestically created, final goods and services in a nation's economy, applied in converting nominal GDP to real GDP.