Question 1

The ending capital balance appears on which of the following statement(s)?

Accepted Answer

A)  Statement of owner's equity 
B)  Income Statement 
C)  Statement of owner's equity and balance sheet 
D)  Statement of owner's equity and income statement 
A)  Statement of owner's equity 
B)  Income Statement 
C)  Statement of owner's equity and balance sheet 
D)  Statement of owner's equity and income statement

Question 2

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Accepted Answer

A) True 
 B)False

Question 3

The order in which financial statements are prepared is determined by the fact that information from one is needed to prepare the next.Which statement is prepared last? ____________________.

Accepted Answer

The answer of The order in which financial statements are...

Question 4

Which of the following would cause the Trial Balance to be out of balance?

Accepted Answer

A)  Placing the Capital account balance in the Credit column 
B)  Placing the Equipment account balance in the Debit column 
C)  Placing the Rent Expense account balance in the Debit column 
D)  Placing the Accounts Receivable balance in the Credit column 
A)  Placing the Capital account balance in the Credit column 
B)  Placing the Equipment account balance in the Debit column 
C)  Placing the Rent Expense account balance in the Debit column 
D)  Placing the Accounts Receivable balance in the Credit column

Question 5

Which of the following increase owner's equity?

Accepted Answer

A)  expenses 
B)  revenue 
C)  withdrawals 
D)  receiving cash from customers 
A)  expenses 
B)  revenue 
C)  withdrawals 
D)  receiving cash from customers

Question 6

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.   The following transactions occurred during the month of November.
a.Collected $350 from credit customers
b.Issued a check for $700 for rent
c.Paid $1,900 for salaries
d.The owner withdrew $500 in cash for personal expenses
e.Issued a check for $200 to pay the monthly utility bill
f.Received $2,845 in cash for services performed
g.Purchased office equipment for $1,350 on credit
Using the information shown,prepare an income statement,statement of owner's equity,and balance sheet for Paw Prints Pet Sitters for the month ended November 30,2016.

Accepted Answer

The answer of The accounts and balances for Paw Prints...

Question 7

Select the entry below that records paying employees for work performed during the pay period?

Accepted Answer

A)  debit Cash and credit Salary Expense 
B)  debit Salary Expense and credit Cash 
C)  debit Salary Expense and credit Accounts Receivable 
D)  debit Cash,and credit Accounts Receivable 
A)  debit Cash and credit Salary Expense 
B)  debit Salary Expense and credit Cash 
C)  debit Salary Expense and credit Accounts Receivable 
D)  debit Cash,and credit Accounts Receivable

Question 8

Debits are used to record increases in

Accepted Answer

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

Question 9

Which of the following accounts is NOT a nominal account?

Accepted Answer

A)  Salaries Expense 
B)  Moriah Paige,Drawing 
C)  Rent Revenue 
D)  Office Supplies 
A)  Salaries Expense 
B)  Moriah Paige,Drawing 
C)  Rent Revenue 
D)  Office Supplies

Question 10

Which of the following represents the proper sequence for preparing the financial statements?

Accepted Answer

A)  balance sheet,statement of owner's equity,income statement 
B)  income statement,balance sheet,statement of owner's equity 
C)  income statement,statement of owner's equity,balance sheet 
D)  statement of owner's equity,income statement,balance sheet 
A)  balance sheet,statement of owner's equity,income statement 
B)  income statement,balance sheet,statement of owner's equity 
C)  income statement,statement of owner's equity,balance sheet 
D)  statement of owner's equity,income statement,balance sheet

Question 11

A(n)____________________ account is used to record increases in owner's equity from the sale of goods or services.

Accepted Answer

The answer of A(n)____________________ account is used to record increases...

Question 12

A business purchases equipment costing $4,000.They pay $1,500 right away and charge the remaining amount.To record this transaction,the business would:

Accepted Answer

A)  Debit Equipment $2,500;Credit Accounts Payable $2,500 
B)  Debit Equipment $1,500;Credit Cash $1,500 
C)  Debit Equipment $4,000;Credit Accounts Payable $4,000 
D)  Debit Equipment $4,000;Credit Cash $1,500 and Credit Accounts Payable $2,500 
A)  Debit Equipment $2,500;Credit Accounts Payable $2,500 
B)  Debit Equipment $1,500;Credit Cash $1,500 
C)  Debit Equipment $4,000;Credit Accounts Payable $4,000 
D)  Debit Equipment $4,000;Credit Cash $1,500 and Credit Accounts Payable $2,500

Question 13

A firm paid cash to apply against a debt.To record this transaction,the accountant would

Accepted Answer

A)  debit Accounts Receivable and credit Cash. 
B)  debit Accounts Payable and credit Cash. 
C)  debit Cash and credit Accounts Payable. 
D)  credit Cash and credit Accounts Payable. 
A)  debit Accounts Receivable and credit Cash. 
B)  debit Accounts Payable and credit Cash. 
C)  debit Cash and credit Accounts Payable. 
D)  credit Cash and credit Accounts Payable.

Question 14

Accountants use the term ____________________ when referring to the right side of an account.

Accepted Answer

The answer of Accountants use the term ____________________ when referring...

Question 15

The "Net Income" or "Net Loss" is transferred from the income statement to the

Accepted Answer

A)  balance sheet. 
B)  chart of accounts. 
C)  statement of owner's equity. 
D)  trial balance. 
A)  balance sheet. 
B)  chart of accounts. 
C)  statement of owner's equity. 
D)  trial balance.

Question 16

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 copier equipment for $8,500 in cash

Accepted Answer

Debit Copi

Question 17

Expense accounts are increased by ____________________ the accounts.

Accepted Answer

The answer of Expense accounts are increased by ____________________ the...

Question 18

When developing a chart of accounts,the highest block of numbers is assigned to asset accounts.

Accepted Answer

A) True 
 B)False

Question 19

The accounts with their respective balances for Dom's Delivery Service as of June 1 are given below.All accounts have normal balances.   Dom's had the following transactions during the month of June.
a.Paid rent for June,$1,000
b.Dominic Goggin withdrew $4,500 from the business for personal use
c.Performed services for $4,000 in cash
d.Performed services for $22,750 on credit
e.Received $12,000 from credit customers on account
f.Paid the administrative assistant salary of $2,000 and delivery service messenger/driver salary of $3,000 for the month by check
g.Paid the electric and phone bills by check for a total of $600
h.Paid creditors $6,000 on account
i.Purchased $7,500 in supplies on account
j.Paid $1,800 cash for advertising in the local newspaper in June
Using the information shown,create Chart of Accounts numbers for the accounts given for Dom's Delivery Service.

Accepted Answer

Note: Student answers will var

Question 20

The account used to record increases in owner's equity from the sale of goods or services is

Accepted Answer

A)  the revenue account. 
B)  the Cash account. 
C)  the capital account. 
D)  the drawing account. 
A)  the revenue account. 
B)  the Cash account. 
C)  the capital account. 
D)  the drawing account.

Exam 3: Analyzing Business Transactions Using T Accounts

The ending capital balance appears on which of the following statement(s)?

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

The order in which financial statements are prepared is determined by the fact that information from one is needed to prepare the next.Which statement is prepared last? ____________________.

Which of the following would cause the Trial Balance to be out of balance?

Which of the following increase owner's equity?

Select the entry below that records paying employees for work performed during the pay period?

Debits are used to record increases in

Which of the following accounts is NOT a nominal account?

Which of the following represents the proper sequence for preparing the financial statements?

A(n)____________________ account is used to record increases in owner's equity from the sale of goods or services.

A business purchases equipment costing $4,000.They pay $1,500 right away and charge the remaining amount.To record this transaction,the business would:

A firm paid cash to apply against a debt.To record this transaction,the accountant would

Accountants use the term ____________________ when referring to the right side of an account.

The "Net Income" or "Net Loss" is transferred from the income statement to the

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 copier equipment for $8,500 in cash

Expense accounts are increased by ____________________ the accounts.

When developing a chart of accounts,the highest block of numbers is assigned to asset accounts.

The account used to record increases in owner's equity from the sale of goods or services is

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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