Question 1

Match the terms with the definitions.
-The normal balance of asset, expense, and drawing 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 2

Craig deposits $6,000 in an account to start a new business. He should debit Cash and credit his capital account.

Accepted Answer

A) True 
 B)False

Question 3

The difference between the total debits and credits to an account is called a

Accepted Answer

A)  balance. 
B)  ruling. 
C)  footing. 
D)  trial balance. 
A)  balance. 
B)  ruling. 
C)  footing. 
D)  trial balance.

Question 4

John received $350 for delivery services; this transaction increased Cash and revenue.

Accepted Answer

A) True 
 B)False

Question 5

A credit

Accepted Answer

A)  increases assets. 
B)  is on the right side. 
C)  decreases liabilities. 
D)  decreases owner's equity. 
A)  increases assets. 
B)  is on the right side. 
C)  decreases liabilities. 
D)  decreases owner's equity.

Question 6

A T account has which of the following three major parts?

Accepted Answer

A)  a title, a debit side, and a credit side 
B)  a title, a current date, and a balance 
C)  a debit side, a credit side, and a total column 
D)  a debit side, a credit side, and a balance 
A)  a title, a debit side, and a credit side 
B)  a title, a current date, and a balance 
C)  a debit side, a credit side, and a total column 
D)  a debit side, a credit side, and a balance

Question 7

A debit

Accepted Answer

A)  is on the left side. 
B)  decreases assets. 
C)  increases liabilities. 
D)  increases owner's equity. 
A)  is on the left side. 
B)  decreases assets. 
C)  increases liabilities. 
D)  increases owner's equity.

Question 8

The purchase of an asset on account and making a partial payment results in all of the following EXCEPT

Accepted Answer

A)  an increase in an asset account. 
B)  a decrease in the Cash account. 
C)  a balanced accounting equation. 
D)  an increase in owner's equity. 
A)  an increase in an asset account. 
B)  a decrease in the Cash account. 
C)  a balanced accounting equation. 
D)  an increase in owner's equity.

Question 9

A credit increases liabilities and owner's equity.

Accepted Answer

A) True 
 B)False

Question 10

If services for the month total $3,300 in cash and $700 on account, Accounts Receivable increases $700.

Accepted Answer

A) True 
 B)False

Question 11

The balance of a T account is on the side with the larger footing.

Accepted Answer

A) True 
 B)False

Question 12

Accounts that affect owner's equity are

Accepted Answer

A)  assets, capital, and revenue. 
B)  capital, liabilities, and expenses. 
C)  expenses, capital, and drawing. 
D)  drawing, assets, and liabilities. 
A)  assets, capital, and revenue. 
B)  capital, liabilities, and expenses. 
C)  expenses, capital, and drawing. 
D)  drawing, assets, and liabilities.

Question 13

A credit represents a decrease in

Accepted Answer

A)  an asset. 
B)  a liability. 
C)  owner's equity. 
D)  revenues. 
A)  an asset. 
B)  a liability. 
C)  owner's equity. 
D)  revenues.

Question 14

Revenue accounts normally have debit balances.

Accepted Answer

A) True 
 B)False

Question 15

Match the terms with the definitions.
-The difference between the footings 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 16

Prepaid insurance and supplies are assets because they will provide benefits for more than one month.

Accepted Answer

A) True 
 B)False

Question 17

Payment of office rent represents a decrease in

Accepted Answer

A)  a liability account. 
B)  expenses. 
C)  cash. 
D)  a revenue account. 
A)  a liability account. 
B)  expenses. 
C)  cash. 
D)  a revenue account.

Question 18

Payment of rent decreases the Cash account.

Accepted Answer

A) True 
 B)False

Question 19

A T account has three parts: the title, the debit side, and the credit side.

Accepted Answer

A) True 
 B)False

Question 20

A trial balance is a formal business report.

Accepted Answer

A) True 
 B)False

Match the terms with the definitions. -The normal balance of asset, expense, and drawing accounts.

Craig deposits $6,000 in an account to start a new business. He should debit Cash and credit his capital account.

The difference between the total debits and credits to an account is called a

John received $350 for delivery services; this transaction increased Cash and revenue.

A credit

A T account has which of the following three major parts?

A debit

The purchase of an asset on account and making a partial payment results in all of the following EXCEPT

A credit increases liabilities and owner's equity.

If services for the month total $3,300 in cash and $700 on account, Accounts Receivable increases $700.

The balance of a T account is on the side with the larger footing.

Accounts that affect owner's equity are

A credit represents a decrease in

Revenue accounts normally have debit balances.

Match the terms with the definitions. -The difference between the footings of an account.

Prepaid insurance and supplies are assets because they will provide benefits for more than one month.

Payment of office rent represents a decrease in

Payment of rent decreases the Cash account.

A T account has three parts: the title, the debit side, and the credit side.

A trial balance is a formal business report.

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 normal balance of asset, expense, and drawing accounts.

Craig deposits $6,000 in an account to start a new business. He should debit Cash and credit his capital account.

The difference between the total debits and credits to an account is called a

John received $350 for delivery services; this transaction increased Cash and revenue.

A credit

A T account has which of the following three major parts?

A debit

The purchase of an asset on account and making a partial payment results in all of the following EXCEPT

A credit increases liabilities and owner's equity.

If services for the month total $3,300 in cash and $700 on account, Accounts Receivable increases $700.

The balance of a T account is on the side with the larger footing.

Accounts that affect owner's equity are

A credit represents a decrease in

Revenue accounts normally have debit balances.

Match the terms with the definitions. -The difference between the footings of an account.

Prepaid insurance and supplies are assets because they will provide benefits for more than one month.

Payment of office rent represents a decrease in

Payment of rent decreases the Cash account.

A T account has three parts: the title, the debit side, and the credit side.

A trial balance is a formal business report.

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