Question 1

Match the terms with the definitions.
-The side that increases an account.

Accepted Answer

A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance 
A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance

Question 2

Payment of a telephone bill represents an increase in a(n)

Accepted Answer

A)  asset. 
B)  liability. 
C)  revenue. 
D)  expense. 
A)  asset. 
B)  liability. 
C)  revenue. 
D)  expense.

Question 3

Falana pays wages in the amount of $3,147. This transaction

Accepted Answer

A)  decreases Wage Expense. 
B)  increases Cash. 
C)  increases owner's equity. 
D)  decreases Cash. 
A)  decreases Wage Expense. 
B)  increases Cash. 
C)  increases owner's equity. 
D)  decreases Cash.

Question 4

Increases are entered on the credit side of a(n)

Accepted Answer

A)  asset account. 
B)  liability account. 
C)  expense account. 
D)  drawing account. 
A)  asset account. 
B)  liability account. 
C)  expense account. 
D)  drawing account.

Question 5

To debit an account is to enter an amount on the left side of the account.

Accepted Answer

A) True 
 B)False

Question 6

The trial balance is used in preparing financial statements.

Accepted Answer

A) True 
 B)False

Question 7

Footings in T accounts

Accepted Answer

A)  appear to the left of the amount columns. 
B)  are used for accounts with more than one debit or credit. 
C)  are only used in asset accounts. 
D)  are used for accounts with only one entry. 
A)  appear to the left of the amount columns. 
B)  are used for accounts with more than one debit or credit. 
C)  are only used in asset accounts. 
D)  are used for accounts with only one entry.

Question 8

A trial balance is taken periodically to check the equality of the debits and credits.

Accepted Answer

A) True 
 B)False

Question 9

The balance sheet

Accepted Answer

A)  is a list of all accounts showing the title and balance of each account. 
B)  is used as an aid in preparing the trial balance and income statement. 
C)  is for a period of time. 
D)  shows that assets equal liabilities plus owner's equity. 
A)  is a list of all accounts showing the title and balance of each account. 
B)  is used as an aid in preparing the trial balance and income statement. 
C)  is for a period of time. 
D)  shows that assets equal liabilities plus owner's equity.

Question 10

Match the terms with the definitions.
-To enter an amount of the left side of an account.

Accepted Answer

A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance 
A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance

Question 11

Match the terms with the definitions.
-The total dollar amounts on the debit and credit sides of an account.

Accepted Answer

A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance 
A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance

Question 12

When services are performed for which payment will be received later, accounts receivable increases.

Accepted Answer

A) True 
 B)False

Question 13

A cash payment on a loan affects which of the following accounts?

Accepted Answer

A)  Cash and Accounts Receivable 
B)  Cash and Notes Payable 
C)  Cash and an expense account 
D)  Cash and a revenue account 
A)  Cash and Accounts Receivable 
B)  Cash and Notes Payable 
C)  Cash and an expense account 
D)  Cash and a revenue account

Question 14

Revenues decrease owner's equity.

Accepted Answer

A) True 
 B)False

Question 15

Asset and expense accounts normally have

Accepted Answer

A)  credit balances. 
B)  large balances. 
C)  debit balances. 
D)  negative balances. 
A)  credit balances. 
B)  large balances. 
C)  debit balances. 
D)  negative balances.

Question 16

Jesse made a cash purchase of computer printer cartridges to last for about three months; this transaction increased Supplies and decreased Cash.

Accepted Answer

A) True 
 B)False

Question 17

Match the terms with the definitions.
-The normal balance of liability, owner's equity, and revenue accounts.

Accepted Answer

A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance 
A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance

Question 18

Match the terms with the definitions.
-To enter an amount on the right side of an account.

Accepted Answer

A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance 
A) balance 
B) credit 
C) credit balance 
D) debit 
E) debit balance
F)double-entry accounting
G)footings
H)normal balance
I)T account
J)trial balance

Question 19

The drawing account should be used to show

Accepted Answer

A)  the amount the owner has invested in the business. 
B)  the amount the owner has taken out of the business. 
C)  the amount the business has earned. 
D)  the amount the business has spent. 
A)  the amount the owner has invested in the business. 
B)  the amount the owner has taken out of the business. 
C)  the amount the business has earned. 
D)  the amount the business has spent.

Question 20

Increases in owner's equity are entered as credits.

Accepted Answer

A) True 
 B)False

Match the terms with the definitions. -The side that increases an account.

Payment of a telephone bill represents an increase in a(n)

Falana pays wages in the amount of $3,147. This transaction

Increases are entered on the credit side of a(n)

To debit an account is to enter an amount on the left side of the account.

The trial balance is used in preparing financial statements.

Footings in T accounts

A trial balance is taken periodically to check the equality of the debits and credits.

The balance sheet

Match the terms with the definitions. -To enter an amount of the left side of an account.

Match the terms with the definitions. -The total dollar amounts on the debit and credit sides of an account.

When services are performed for which payment will be received later, accounts receivable increases.

A cash payment on a loan affects which of the following accounts?

Revenues decrease owner's equity.

Asset and expense accounts normally have

Jesse made a cash purchase of computer printer cartridges to last for about three months; this transaction increased Supplies and decreased Cash.

Match the terms with the definitions. -The normal balance of liability, owner's equity, and revenue accounts.

Match the terms with the definitions. -To enter an amount on the right side of an account.

The drawing account should be used to show

Increases in owner's equity are entered as credits.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for a Professional Service Business: The Combination Journal

Filters

Exam 3: The Double-Entry Framework

Match the terms with the definitions. -The side that increases an account.

Payment of a telephone bill represents an increase in a(n)

Falana pays wages in the amount of $3,147. This transaction

Increases are entered on the credit side of a(n)

To debit an account is to enter an amount on the left side of the account.

The trial balance is used in preparing financial statements.

Footings in T accounts

A trial balance is taken periodically to check the equality of the debits and credits.

The balance sheet

Match the terms with the definitions. -To enter an amount of the left side of an account.

Match the terms with the definitions. -The total dollar amounts on the debit and credit sides of an account.

When services are performed for which payment will be received later, accounts receivable increases.

A cash payment on a loan affects which of the following accounts?

Revenues decrease owner's equity.

Asset and expense accounts normally have

Jesse made a cash purchase of computer printer cartridges to last for about three months; this transaction increased Supplies and decreased Cash.

Match the terms with the definitions. -The normal balance of liability, owner's equity, and revenue accounts.

Match the terms with the definitions. -To enter an amount on the right side of an account.

The drawing account should be used to show

Increases in owner's equity are entered as credits.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employer Taxes and Reports

Accounting for Sales and Cash Receipts

Accounting for Purchases and Cash Payments

Special Journals

Accounting for Merchandise Inventory

Adjustments and the Work Sheet for a Merchandising Business

Financial Statements and Year-End Accounting for a Merchandising Business

Accounting for a Professional Service Business: The Combination Journal

Filters