Question 1

Match the items by choosing the appropriate code letter :
-Right side of an account.

Accepted Answer

A)  Account 
B)  Debit 
C)  Credit 
D)  Revenue account 
E)  Ledger
F) Journal
G) Posting
H) Chart of accounts
I) Trial balance
J) Source document 
A)  Account 
B)  Debit 
C)  Credit 
D)  Revenue account 
E)  Ledger
F) Journal
G) Posting
H) Chart of accounts
I) Trial balance
J) Source document

Question 2

For each item below, indicate whether a debit or credit applies:
-Decrease in Supplies

Accepted Answer

A)  Dr. 
B)  Cr. 
A)  Dr. 
B)  Cr.

Question 3

For each of the following accounts indicate: 
(a) the type of account (asset, liability, equity, revenue, expense)
(b) the debit and credit effects
(c) the normal account balance.
  
-Accounts payable

Accepted Answer

The answer of For each of the following accounts indicate:...

Question 4

Match the items by choosing the appropriate code letter :
-A list of accounts and their balances at a given time.

Accepted Answer

A)  Account 
B)  Debit 
C)  Credit 
D)  Revenue account 
E)  Ledger
F) Journal
G) Posting
H) Chart of accounts
I) Trial balance
J) Source document 
A)  Account 
B)  Debit 
C)  Credit 
D)  Revenue account 
E)  Ledger
F) Journal
G) Posting
H) Chart of accounts
I) Trial balance
J) Source document

Question 5

The transactions of the Cockatoo Café Ltd are recorded in the general journal below. You are to post the journal entries to the accounts in the general ledger. After all entries have been posted, you are to prepare a trial balance on the form provided.

Accepted Answer

The answer of The transactions of the Cockatoo Café Ltd...

Question 6

For each item , indicate whether a debit or credit applies:
-Increase in Dividends paid

Accepted Answer

A)  Dr. 
B)  Cr. 
A)  Dr. 
B)  Cr.

Question 7

For each of the following accounts indicate: 
(a) the type of account (asset, liability, equity, revenue, expense)
(b) the debit and credit effects
(c) the normal account balance.
  
-Accounts receivable

Accepted Answer

The answer of For each of the following accounts indicate:...

Question 8

For each item , indicate whether a debit or credit applies:
-Increase in Depreciation expense

Accepted Answer

A)  Dr. 
B)  Cr. 
A)  Dr. 
B)  Cr.

Question 9

Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account.
-An increase in Service revenue.

Accepted Answer

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

Question 10

For each of the following accounts indicate: 
(a) the type of account (asset, liability, equity, revenue, expense)
(b) the debit and credit effects
(c) the normal account balance.
  
-Loan payable

Accepted Answer

The answer of For each of the following accounts indicate:...

Question 11

Describe the function of a general journal and explain why transactions that are found in a general journal must be posted to ledger accounts.

Accepted Answer

The function of a general journal is to

Question 12

A cash payment of a dividend:

Accepted Answer

A)  decreases assets and equity. 
B)  increases assets and equity. 
C)  increases assets and decreases equity. 
D)  decreases assets and increases equity. 
A)  decreases assets and equity. 
B)  increases assets and equity. 
C)  increases assets and decreases equity. 
D)  decreases assets and increases equity.

Question 13

Match the items by choosing the appropriate code letter :
-Shows the debit and credit effects of specific transactions.

Accepted Answer

A)  Account 
B)  Debit 
C)  Credit 
D)  Revenue account 
E)  Ledger
F) Journal
G) Posting
H) Chart of accounts
I) Trial balance
J) Source document 
A)  Account 
B)  Debit 
C)  Credit 
D)  Revenue account 
E)  Ledger
F) Journal
G) Posting
H) Chart of accounts
I) Trial balance
J) Source document

Question 14

Selected transactions for Kookaburra Ltd are listed below. List the number of the transaction and then describe the effect of each transaction on assets, liabilities and equity.
Sample: Made initial cash investment in the business.
The answer would be - Increase in assets and increase in Equity.
-Received cash from customers invoiced in transaction 4.

Accepted Answer

No net cha

Question 15

For each of the following accounts indicate: 
(a) the type of account (asset, liability, equity, revenue, expense)
(b) the debit and credit effects
(c) the normal account balance.
  
-Dividends

Accepted Answer

The answer of For each of the following accounts indicate:...

Question 16

During an accounting period, a business has numerous transactions affecting each of the following accounts. Select for each account what it is likely to have:
-Dividends

Accepted Answer

A)  debit entries only 
B)  credit entries only 
C)  both debit and credit entries 
A)  debit entries only 
B)  credit entries only 
C)  both debit and credit entries

Question 17

Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account.
-An increase in Share capital.

Accepted Answer

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

Question 18

For each item below, indicate whether a debit or credit applies:
-Increase in Revenues

Accepted Answer

A)  Dr. 
B)  Cr. 
A)  Dr. 
B)  Cr.

Match the items by choosing the appropriate code letter : -Right side of an account.

For each item below, indicate whether a debit or credit applies: -Decrease in Supplies

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Accounts payable

Match the items by choosing the appropriate code letter : -A list of accounts and their balances at a given time.

The transactions of the Cockatoo Café Ltd are recorded in the general journal below. You are to post the journal entries to the accounts in the general ledger. After all entries have been posted, you are to prepare a trial balance on the form provided.

For each item , indicate whether a debit or credit applies: -Increase in Dividends paid

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Accounts receivable

For each item , indicate whether a debit or credit applies: -Increase in Depreciation expense

Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account. -An increase in Service revenue.

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Loan payable

Describe the function of a general journal and explain why transactions that are found in a general journal must be posted to ledger accounts.

A cash payment of a dividend:

Match the items by choosing the appropriate code letter : -Shows the debit and credit effects of specific transactions.

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Dividends

During an accounting period, a business has numerous transactions affecting each of the following accounts. Select for each account what it is likely to have: -Dividends

Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account. -An increase in Share capital.

For each item below, indicate whether a debit or credit applies: -Increase in Revenues

An Introduction to Accounting

Accrual Accounting Concepts

Inventories

Reporting and Analysing Inventory

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Technology Concepts

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters

Exam 2: The Recording Process

Match the items by choosing the appropriate code letter : -Right side of an account.

For each item below, indicate whether a debit or credit applies: -Decrease in Supplies

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Accounts payable

Match the items by choosing the appropriate code letter : -A list of accounts and their balances at a given time.

The transactions of the Cockatoo Café Ltd are recorded in the general journal below. You are to post the journal entries to the accounts in the general ledger. After all entries have been posted, you are to prepare a trial balance on the form provided.

For each item , indicate whether a debit or credit applies: -Increase in Dividends paid

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Accounts receivable

For each item , indicate whether a debit or credit applies: -Increase in Depreciation expense

Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account. -An increase in Service revenue.

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Loan payable

Describe the function of a general journal and explain why transactions that are found in a general journal must be posted to ledger accounts.

A cash payment of a dividend:

Match the items by choosing the appropriate code letter : -Shows the debit and credit effects of specific transactions.

For each of the following accounts indicate: (a) the type of account (asset, liability, equity, revenue, expense) (b) the debit and credit effects (c) the normal account balance. -Dividends

During an accounting period, a business has numerous transactions affecting each of the following accounts. Select for each account what it is likely to have: -Dividends

Under a double-entry accounting system, show how the entry for each transaction listed is entered in the ledger by choosing debit or credit to indicate the increase or decrease in the effected account. -An increase in Share capital.

For each item below, indicate whether a debit or credit applies: -Increase in Revenues

An Introduction to Accounting

Accrual Accounting Concepts

Inventories

Reporting and Analysing Inventory

Accounting Information Systems

Reporting and Analysing Cash and Receivables

Reporting and Analysing Non-Current Assets

Reporting and Analysing Liabilities

Reporting and Analysing Equity

Statement of Cash Flows

Financial Statement Analysis and Decision Making

Analysing and Integrating Gaap

Technology Concepts

Introduction to Management Accounting

Cost Accounting Systems

Costvolumeprofit Relationships

Budgeting

Filters