Question 1

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

Accepted Answer

A)  cash register sales tape. 
B)  bill. 
C)  advertising brochure. 
D)  check. 
A)  cash register sales tape. 
B)  bill. 
C)  advertising brochure. 
D)  check.

Question 2

______________, _______________, and _______________ have debit normal account balances whereas _______________, ________________, and ________________ have credit normal account balances.

Accepted Answer

Assets, ex

Question 3

After a business transaction has been analyzed and entered in the book of original entry, the next step in the recording process is to transfer the information to

Accepted Answer

A)  the company's bank. 
B)  stockholders' equity. 
C)  ledger accounts. 
D)  financial statements. 
A)  the company's bank. 
B)  stockholders' equity. 
C)  ledger accounts. 
D)  financial statements.

Question 4

The number and types of accounts used by different business enterprises are the same if generally accepted accounting principles are being followed by the enterprises.

Accepted Answer

A) True 
 B)False

Question 5

An account is often referred to as a T-account because of the way it is constructed.

Accepted Answer

A) True 
 B)False

Question 6

Which one of the following represents the expanded basic accounting equation?

Accepted Answer

A)  Assets = Liabilities + Common stock + Retained Earnings + Dividends - Revenues - Expenses. 
B)  Assets + Dividends + Expenses = Liabilities + Common stock + Retained Earnings + Revenues. 
C)  Assets - Liabilities - Dividends = Common stock + Retained Earnings + Revenues - Expenses. 
D)  Assets = Revenues + Expenses - Liabilities. 
A)  Assets = Liabilities + Common stock + Retained Earnings + Dividends - Revenues - Expenses. 
B)  Assets + Dividends + Expenses = Liabilities + Common stock + Retained Earnings + Revenues. 
C)  Assets - Liabilities - Dividends = Common stock + Retained Earnings + Revenues - Expenses. 
D)  Assets = Revenues + Expenses - Liabilities.

Question 7

At June 1, 2018, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed credit services of $30,000 and collected accounts receivable of $22,000. What is the balance in accounts receivable at June 30, 2018?

Accepted Answer

The balance at the end of the month is $

Question 8

The usual sequence of steps in the transaction recording process is:

Accepted Answer

A)  journal ➔ analyze ➔ ledger. 
B)  analyze ➔ journal ➔ ledger. 
C)  journal ➔ ledger ➔ analyze. 
D)  ledger ➔ journal ➔ analyze. 
A)  journal ➔ analyze ➔ ledger. 
B)  analyze ➔ journal ➔ ledger. 
C)  journal ➔ ledger ➔ analyze. 
D)  ledger ➔ journal ➔ analyze.

Question 9

An accounting record where transactions are initially recorded in chronological order is called a ________________.

Accepted Answer

The answer of An accounting record where transactions are initially...

Question 10

Prepare a corrected trial balance for Stereolab Company. All accounts should have a normal balance. $\begin{array}{c}
\text {STEROELAB COMPANY}\
\text {Trial Balance}\
\text {For the Quarter Ended 3/31/18}\\
\begin{array}{lrr}
& \underline{\text {Debit}}& \underline{\text {Credit}}\
\text { Cash } & \$ 14,000 & \
\text { Accounts Receivable } &&\$23,000 \
\text { Prepaid Insurance } &2,500 & \
\text { Equipment } &60,000 & \
\text { Accounts Payable }&  & 15,000\
\text { Unearned Service Revenue } &10,000 &  \
\text { Notes Payable } & &25,000\
\text { Common stock } & &38,000\
\text { Dividends }  &&1,500 \
\text { Service Revenue }&  &43,000 \
\text { Salaries and Wages Expense } &15,000\
\text { Utilities Expense } &5,000& \
\text { Rent Expense } & \underline{10,000 }& \
& \underline{\$ 116,500} & \underline{\$ 145,500}
\end{array}
\end{array}$

Accepted Answer

None

Question 11

The name given to entering transaction data in the journal is

Accepted Answer

A)  chronicling. 
B)  listing. 
C)  posting. 
D)  journalizing. 
A)  chronicling. 
B)  listing. 
C)  posting. 
D)  journalizing.

Question 12

Which of the following is the correct sequence of steps in the recording process?

Accepted Answer

A)  Posting, journalizing, analyzing 
B)  Journalizing, analyzing, posting 
C)  Analyzing, posting, journalizing 
D)  Analyzing, journalizing, posting 
A)  Posting, journalizing, analyzing 
B)  Journalizing, analyzing, posting 
C)  Analyzing, posting, journalizing 
D)  Analyzing, journalizing, posting

Question 13

The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement.

Accepted Answer

A) True 
 B)False

Question 14

Match between columns
                        Premises: An entry that involves three or more accounts.
Transferring journal entries to ledger accounts.
The side which increases an account.
A list of all the accounts used by a company.
A record of increases and decreases in specific assets, liabilities, and stockholdersl items.
Left side of an account.
An entry that involves only two accounts.
A book of original entry.
A list of accounts and their balances at a given time.
Has a credit normal balance

Accepted Answer

The Answer of Account and Normal account balance and Debit is...

Question 15

A journal is also known as a book of original entry.

Accepted Answer

A) True 
 B)False

Question 16

Management could determine the amounts due from customers by examining which ledger account?

Accepted Answer

A)  Service Revenue 
B)  Accounts Payable 
C)  Accounts Receivable 
D)  Supplies 
A)  Service Revenue 
B)  Accounts Payable 
C)  Accounts Receivable 
D)  Supplies

Question 17

Camper Van Company purchased equipment for $2,600 cash. As a result of this event,

Accepted Answer

A)  stockholders' equity decreased by $2,600. 
B)  total assets increased by $2,600. 
C)  total assets remained unchanged. 
D)  stockholders' equity decreased and total assets increased by $2,600. 
A)  stockholders' equity decreased by $2,600. 
B)  total assets increased by $2,600. 
C)  total assets remained unchanged. 
D)  stockholders' equity decreased and total assets increased by $2,600.

Question 18

All business transactions must be entered first in the general ledger.

Accepted Answer

A) True 
 B)False

Question 19

After a transaction has been posted, the reference column in the journal should not be blank.

Accepted Answer

A) True 
 B)False

Question 20

Mt. Zion Inc. pays its employees twice a month, on the 7th and the 21st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would

Accepted Answer

A)  increase stockholders' equity by $5,000. 
B)  decrease the balance in Salaries and Wages Expense by $5,000. 
C)  decrease net income for the month by $5,000. 
D)  be recorded by a $5,000 debit to Salaries and Wages Payable and a $4,000 credit to Salaries and Wages Expense. 
A)  increase stockholders' equity by $5,000. 
B)  decrease the balance in Salaries and Wages Expense by $5,000. 
C)  decrease net income for the month by $5,000. 
D)  be recorded by a $5,000 debit to Salaries and Wages Payable and a $4,000 credit to Salaries and Wages Expense.

Exam 2: The Recording Process

Evidence that would not help with determining the effects of a transaction on the accounts would be a(n)

______________, _______________, and _______________ have debit normal account balances whereas _______________, ________________, and ________________ have credit normal account balances.

After a business transaction has been analyzed and entered in the book of original entry, the next step in the recording process is to transfer the information to

The number and types of accounts used by different business enterprises are the same if generally accepted accounting principles are being followed by the enterprises.

An account is often referred to as a T-account because of the way it is constructed.

Which one of the following represents the expanded basic accounting equation?

At June 1, 2018, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed credit services of $30,000 and collected accounts receivable of $22,000. What is the balance in accounts receivable at June 30, 2018?

The usual sequence of steps in the transaction recording process is:

An accounting record where transactions are initially recorded in chronological order is called a ________________.

The name given to entering transaction data in the journal is

Which of the following is the correct sequence of steps in the recording process?

The dividends account is a subdivision of the retained earnings account and appears as an expense on the income statement.

A journal is also known as a book of original entry.

Management could determine the amounts due from customers by examining which ledger account?

Camper Van Company purchased equipment for $2,600 cash. As a result of this event,

All business transactions must be entered first in the general ledger.

After a transaction has been posted, the reference column in the journal should not be blank.

Mt. Zion Inc. pays its employees twice a month, on the 7th and the 21st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would

Accounting in Action

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations Perpetual Approach

Inventories Periodic Approach

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Liabilities

Corporations: Organization, Stock Transactions, and Stockholders Equity

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Pricing

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Time Value of Money

Investments

Payroll Accounting

Subsidiary Ledgers and Special Journals

Other Significant Liabilities

Filters

______, _, and _ have debit normal account balances whereas _, , and ______ have credit normal account balances.

Mt. Zion Inc. pays its employees twice a month, on the 7^th and the 21^st. On June 21, Mt. Zion Inc. paid employee salaries of $5,000. This transaction would