Question 1

The normal balance of revenue is a(n) ____________________.

Accepted Answer

The answer of The normal balance of revenue is a(n)...

Question 2

The _________________________ is the file or book that contains all of a company's accounts.

Accepted Answer

The answer of The _________________________ is the file or book...

Question 3

Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.
-Wages and Salaries Expense

Accepted Answer

A) Debit 
B) Credit 
A) Debit 
B) Credit

Question 4

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all.
-Ownership in a company that allows the owner to receive dividends before common shareholders receive any distributions

Accepted Answer

A) Cash 
B) Prepaid Asset 
C) Investments 
D) Taxes Payable 
E) Preferred Stock
F)Accounts Receivable
G)Land
H)Accounts Payable
I)Retained Earnings
J)Notes Receivable
K)Buildings
L)Notes Payable
M)Common Stock 
A) Cash 
B) Prepaid Asset 
C) Investments 
D) Taxes Payable 
E) Preferred Stock
F)Accounts Receivable
G)Land
H)Accounts Payable
I)Retained Earnings
J)Notes Receivable
K)Buildings
L)Notes Payable
M)Common Stock

Question 5

Sunnyside Vacations has a $1,200 account receivable from the John Smith.On September 18, the John makes a partial payment of $1,100 to Sunnyside.The journal entry made on September 18 by Sunnyside to record this transaction includes:

Accepted Answer

A)  A debit to the Cash account of $1,150. 
B)  A debit to the Accounts Receivable account of $1,150. 
C)  A credit to the accounts receivable account of $1,100. 
D)  A credit to the Accounts Receivable account of $1,050. 
A)  A debit to the Cash account of $1,150. 
B)  A debit to the Accounts Receivable account of $1,150. 
C)  A credit to the accounts receivable account of $1,100. 
D)  A credit to the Accounts Receivable account of $1,050.

Question 6

If the company has an _________ from a client, then the client has an ________ to the company.

Accepted Answer

A)  account receivable; account receivable 
B)  account payable; account payable 
C)  account receivable; account payable 
D)  account payable; account receivable 
A)  account receivable; account receivable 
B)  account payable; account payable 
C)  account receivable; account payable 
D)  account payable; account receivable

Question 7

There is a universal chart of accounts that is applicable to all businesses.

Accepted Answer

A) True 
 B)False

Question 8

Use the following five transactions for Monaco & Associates, Inc.to answer the question(s). $$\begin{array}{lll}
october&1&\text { Bills are sent to clients for services provided in September in the amount of  \$ 800 .}\
&9&\text { Dravo Co. delivers office fumiture (\$ 1,060) and office supplies  (\$ 160) to }\
&&\text { Monaco leaving an invoice for  \$ 1,220 .}\

&15&\text { Payment is made to Dravo Co. for the furniture and office supplies delivered }\
&&\text { on October 9.}\
&23&\text { A bill for  \$ 430 for electricity for the month of September is received and will }\
&&\text { be paid on its due date in November.}\
&31&\text { Salaries of  \$ 850  are paid to employees.}\
\end{array}$$
-See the transactions to Monaco & Associates. The journal entry to record the October 15 transaction will include a debit of $1,220 to

Accepted Answer

A)  Salaries Expense 
B)  Salaries Payable 
C)  Prepaid Expenses 
D)  Accounts Payable 
A)  Salaries Expense 
B)  Salaries Payable 
C)  Prepaid Expenses 
D)  Accounts Payable

Question 9

Which pair of accounts has the same set of rules for debit and credit entries?

Accepted Answer

A)  Service Revenue and Rent Expense 
B)  Dividends and Retained Earnings 
C)  Equipment and Salaries Expense 
D)  Accounts Receivable and Accounts Payable 
A)  Service Revenue and Rent Expense 
B)  Dividends and Retained Earnings 
C)  Equipment and Salaries Expense 
D)  Accounts Receivable and Accounts Payable

Question 10

Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.
-Bonds Payable

Accepted Answer

A) Debit 
B) Credit 
A) Debit 
B) Credit

Question 11

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all.
-A warehouse used to store equipment

Accepted Answer

A) Cash 
B) Prepaid Asset 
C) Investments 
D) Taxes Payable 
E) Preferred Stock
F)Accounts Receivable
G)Land
H)Accounts Payable
I)Retained Earnings
J)Notes Receivable
K)Buildings
L)Notes Payable
M)Common Stock 
A) Cash 
B) Prepaid Asset 
C) Investments 
D) Taxes Payable 
E) Preferred Stock
F)Accounts Receivable
G)Land
H)Accounts Payable
I)Retained Earnings
J)Notes Receivable
K)Buildings
L)Notes Payable
M)Common Stock

Question 12

The term "chronological order" is best associated with:

Accepted Answer

A)  a journal. 
B)  a trial balance. 
C)  credit entries. 
D)  capital stock. 
A)  a journal. 
B)  a trial balance. 
C)  credit entries. 
D)  capital stock.

Question 13

Squidly Products sold and delivered modems to Detail Solutions for $6,600 to be paid by Detail Solutions in three equal installments over the next three months.The journal entry made by Squidly to record this transaction will include:

Accepted Answer

A)  A credit to Cash for $6,600. 
B)  A debit to Accounts Receivable for $6,600. 
C)  A debit to Accounts Receivable for $2,200. 
D)  A debit to Sales Revenue for $6,600. 
A)  A credit to Cash for $6,600. 
B)  A debit to Accounts Receivable for $6,600. 
C)  A debit to Accounts Receivable for $2,200. 
D)  A debit to Sales Revenue for $6,600.

Question 14

A cancelled check would be a source document for which of the following?

Accepted Answer

A)  recording a purchase of inventory on credit 
B)  recording cash received on an customer account 
C)  recording accrued payroll 
D)  recording a cash payment to a creditor 
A)  recording a purchase of inventory on credit 
B)  recording cash received on an customer account 
C)  recording accrued payroll 
D)  recording a cash payment to a creditor

Question 15

The payment of employee salaries has what effect on the accounting equation?

Accepted Answer

A)  Assets decrease and stockholders' equity decreases. 
B)  Liabilities decrease and stockholders' equity decreases. 
C)  Assets decrease and liabilities increase. 
D)  Assets increase and liabilities decrease. 
A)  Assets decrease and stockholders' equity decreases. 
B)  Liabilities decrease and stockholders' equity decreases. 
C)  Assets decrease and liabilities increase. 
D)  Assets increase and liabilities decrease.

Question 16

The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is a(an)

Accepted Answer

A)  Chart of accounts 
B)  General Journal 
C)  General Ledger 
D)  Account 
A)  Chart of accounts 
B)  General Journal 
C)  General Ledger 
D)  Account

Question 17

Transactions are recorded in the general journal in:

Accepted Answer

A)  Alphabetical order. 
B)  Account number order. 
C)  Chronological order. 
D)  Financial statement order. 
A)  Alphabetical order. 
B)  Account number order. 
C)  Chronological order. 
D)  Financial statement order.

Question 18

Blake and Ryan each invest $30,000 in a business and are given shares of stock in Jones Industries as evidence of their ownership interests.For this transaction, identify the effect on the accounting equation.

Accepted Answer

A)  Assets increase and liabilities increase. 
B)  Assets increase and stockholders' equity increases. 
C)  Liabilities increase and stockholders' equity decreases. 
D)  Liabilities decrease and assets decrease. 
A)  Assets increase and liabilities increase. 
B)  Assets increase and stockholders' equity increases. 
C)  Liabilities increase and stockholders' equity decreases. 
D)  Liabilities decrease and assets decrease.

Question 19

​Payment of a dividend decreases both cash and stockholders' equity of the distributing business.

Accepted Answer

A) True 
 B)False

Question 20

​_________________________ provides the proof needed in an accounting system to record a transaction.

Accepted Answer

The answer of ​_________________________ provides the proof needed in an...

The normal balance of revenue is a(n) ____________________.

The _________________________ is the file or book that contains all of a company's accounts.

Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Wages and Salaries Expense

Sunnyside Vacations has a $1,200 account receivable from the John Smith.On September 18, the John makes a partial payment of $1,100 to Sunnyside.The journal entry made on September 18 by Sunnyside to record this transaction includes:

If the company has an _ from a client, then the client has an to the company.

There is a universal chart of accounts that is applicable to all businesses.

Which pair of accounts has the same set of rules for debit and credit entries?

Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Bonds Payable

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all. -A warehouse used to store equipment

The term "chronological order" is best associated with:

Squidly Products sold and delivered modems to Detail Solutions for $6,600 to be paid by Detail Solutions in three equal installments over the next three months.The journal entry made by Squidly to record this transaction will include:

A cancelled check would be a source document for which of the following?

The payment of employee salaries has what effect on the accounting equation?

The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is a(an)

Transactions are recorded in the general journal in:

Blake and Ryan each invest $30,000 in a business and are given shares of stock in Jones Industries as evidence of their ownership interests.For this transaction, identify the effect on the accounting equation.

Payment of a dividend decreases both cash and stockholders' equity of the distributing business.

_________________________ provides the proof needed in an accounting system to record a transaction.

Accounting As a Form of Communication

Financial Statements and the Annual Report

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities, Contingencies, and the True Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Exploring Accounting Standards and Differences around the World

Filters

Exam 3: Processing Accounting Information

The normal balance of revenue is a(n) ____________________.

The _________________________ is the file or book that contains all of a company's accounts.

Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Wages and Salaries Expense

Sunnyside Vacations has a $1,200 account receivable from the John Smith.On September 18, the John makes a partial payment of $1,100 to Sunnyside.The journal entry made on September 18 by Sunnyside to record this transaction includes:

If the company has an _________ from a client, then the client has an ________ to the company.

There is a universal chart of accounts that is applicable to all businesses.

Which pair of accounts has the same set of rules for debit and credit entries?

Each account has a normal balance.For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. -Bonds Payable

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all. -A warehouse used to store equipment

The term "chronological order" is best associated with:

Squidly Products sold and delivered modems to Detail Solutions for $6,600 to be paid by Detail Solutions in three equal installments over the next three months.The journal entry made by Squidly to record this transaction will include:

A cancelled check would be a source document for which of the following?

The payment of employee salaries has what effect on the accounting equation?

The record used to accumulate monetary information for each individual asset, liability, stockholders' equity, revenue, and expense item is a(an)

Transactions are recorded in the general journal in:

Blake and Ryan each invest $30,000 in a business and are given shares of stock in Jones Industries as evidence of their ownership interests.For this transaction, identify the effect on the accounting equation.

​Payment of a dividend decreases both cash and stockholders' equity of the distributing business.

​_________________________ provides the proof needed in an accounting system to record a transaction.

Accounting As a Form of Communication

Financial Statements and the Annual Report

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant and Equipment, and Intangibles

Current Liabilities, Contingencies, and the True Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Exploring Accounting Standards and Differences around the World

Filters

If the company has an _ from a client, then the client has an to the company.

Payment of a dividend decreases both cash and stockholders' equity of the distributing business.

_________________________ provides the proof needed in an accounting system to record a transaction.