Question 1

When an owner invests assets in a business,the capital account is debited.

Accepted Answer

A) True 
 B)False  False

Question 2

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.   Issued a check for $250 to pay creditor for office supplies

Accepted Answer

Debit Accounts Payable $250;credit Cash $250

Question 3

Which of the following would result in an error when preparing the Trial Balance?

Accepted Answer

A)  Placing the Withdrawal account balance in the Debit column 
B)  Placing a Revenue account balance in the Credit column 
C)  Placing the balance in Prepaid Rent in the Credit column 
D)  Placing the Accounts Payable balance in the Credit column 
A)  Placing the Withdrawal account balance in the Debit column 
B)  Placing a Revenue account balance in the Credit column 
C)  Placing the balance in Prepaid Rent in the Credit column 
D)  Placing the Accounts Payable balance in the Credit column C

Question 4

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.   Purchased office supplies for $250 on credit

Accepted Answer

Debit Office Supplie

Question 5

An account whose balance is transferred to another account at the end of an accounting period is a temporary account.

Accepted Answer

A) True 
 B)False

Question 6

Increases in owner's equity are recorded with credits.

Accepted Answer

A) True 
 B)False

Question 7

An increase in an expense results in an increase in owner's equity.

Accepted Answer

A) True 
 B)False

Question 8

Separate written records called ____________________ are kept for each asset and liability and for the owner's equity of a business.

Accepted Answer

The answer of Separate written records called ____________________ are kept...

Question 9

Increases in the owner's drawing account are recorded with debits.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following types of accounts normally have debit balances?

Accepted Answer

A)  assets and revenue 
B)  assets,liabilities,and owner's equity 
C)  expenses and assets 
D)  liabilities and owner's equity 
A)  assets and revenue 
B)  assets,liabilities,and owner's equity 
C)  expenses and assets 
D)  liabilities and owner's equity

Question 11

Which of the following groups contain only accounts that normally have credit balances?

Accepted Answer

A)  Accounts Receivable and Fees Income 
B)  Salaries Expense and Accounts Payable 
C)  Fees Income and John Smith,Capital 
D)  Accounts Payable and Equipment 
A)  Accounts Receivable and Fees Income 
B)  Salaries Expense and Accounts Payable 
C)  Fees Income and John Smith,Capital 
D)  Accounts Payable and Equipment

Question 12

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.   Issued a check for $3,400 to pay salaries

Accepted Answer

Debit Sala

Question 13

Which of the following does NOT describe a transposition?

Accepted Answer

A)  It is an error. 
B)  It involves misplaced digits in a number. 
C)  It causes the difference between the debit total and the credit total to be divisible by 2. 
D)  It causes the trial balance to be out of balance. 
A)  It is an error. 
B)  It involves misplaced digits in a number. 
C)  It causes the difference between the debit total and the credit total to be divisible by 2. 
D)  It causes the trial balance to be out of balance.

Question 14

An entry on the left side of an account is called a(n)___________________.

Accepted Answer

The answer of An entry on the left side of...

Question 15

The error that occurs when the number $5.00 is written as $50.00 is called a(n)____________________ error.

Accepted Answer

The answer of The error that occurs when the number...

Question 16

A business performed $6,000 of services.Their customer paid $1,000 of the amount owed right away but charged the remaining amount.To record this transaction,the business would:

Accepted Answer

A)  Debit Cash $1,000 and Debit Accounts Receivable $5,000;Credit Fee Income $6,000 
B)  Debit Accounts Receivable $5,000 and;Credit Fee Income $5,000 
C)  Debit Cash $1,000;Credit Fee Income $1,000 
D)  Debit Cash $1,000;Credit Accounts Payable $5,000 and Credit Fee Income $6,000 
A)  Debit Cash $1,000 and Debit Accounts Receivable $5,000;Credit Fee Income $6,000 
B)  Debit Accounts Receivable $5,000 and;Credit Fee Income $5,000 
C)  Debit Cash $1,000;Credit Fee Income $1,000 
D)  Debit Cash $1,000;Credit Accounts Payable $5,000 and Credit Fee Income $6,000

Question 17

The account balances from the December 31,2016,trial balance for Haman Accounting Services are shown below.Prepare an income statement,a statement of owner's equity,and a balance sheet for the month ended December 31,2016.

Accepted Answer

The answer of The account balances from the December 31,2016,trial...

Question 18

In a Chart of Accounts,each category of accounts is given a __________ of numbers with gaps so that additional accounts can be added when needed.

Accepted Answer

The answer of In a Chart of Accounts,each category of...

Question 19

A business purchases supplies on account.The entry to record this transaction is:

Accepted Answer

A)  Debit to Cash;Credit Supplies 
B)  Debit to Supplies;Credit Accounts Receivable 
C)  Debit Supplies;Credit Accounts Payable 
D)  Debit Supplies;Credit to Cash 
A)  Debit to Cash;Credit Supplies 
B)  Debit to Supplies;Credit Accounts Receivable 
C)  Debit Supplies;Credit Accounts Payable 
D)  Debit Supplies;Credit to Cash

Question 20

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts.   Gerald Conway makes an additional investment of $2,800 in cash to his business

Accepted Answer

Debit Cash

Exam 3: Analyzing Business Transactions Using T Accounts

When an owner invests assets in a business,the capital account is debited.

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Issued a check for $250 to pay creditor for office supplies

Which of the following would result in an error when preparing the Trial Balance?

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Purchased office supplies for $250 on credit

An account whose balance is transferred to another account at the end of an accounting period is a temporary account.

Increases in owner's equity are recorded with credits.

An increase in an expense results in an increase in owner's equity.

Separate written records called ____________________ are kept for each asset and liability and for the owner's equity of a business.

Increases in the owner's drawing account are recorded with debits.

Which of the following types of accounts normally have debit balances?

Which of the following groups contain only accounts that normally have credit balances?

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Issued a check for $3,400 to pay salaries

Which of the following does NOT describe a transposition?

An entry on the left side of an account is called a(n)___________________.

The error that occurs when the number $5.00 is written as $50.00 is called a(n)____________________ error.

A business performed $6,000 of services.Their customer paid $1,000 of the amount owed right away but charged the remaining amount.To record this transaction,the business would:

The account balances from the December 31,2016,trial balance for Haman Accounting Services are shown below.Prepare an income statement,a statement of owner's equity,and a balance sheet for the month ended December 31,2016.

In a Chart of Accounts,each category of accounts is given a __________ of numbers with gaps so that additional accounts can be added when needed.

A business purchases supplies on account.The entry to record this transaction is:

Conway Copy Shop is owned and operated by Gerald Conway.The shop's accounts are presented below.Review the transactions presented and determine the appropriate debits and credits to the affected accounts. Gerald Conway makes an additional investment of $2,800 in cash to his business

Accounting: the Language of Business

Analyzing Business Transactions

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analyses

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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