Question 1

Transactions are typically entered into the General Journal in which order?

Accepted Answer

A)  Alphabetically by account 
B)  By account number, lowest to highest 
C)  By dollar amount, lowest to highest 
D)  By transaction date 
A)  Alphabetically by account 
B)  By account number, lowest to highest 
C)  By dollar amount, lowest to highest 
D)  By transaction date

Question 2

Owners' equity accounts are increased by

Accepted Answer

A)  Debits 
B)  Expenses 
C)  Credits 
D)  The payment of dividends 
A)  Debits 
B)  Expenses 
C)  Credits 
D)  The payment of dividends

Question 3

Revenue accounts are

Accepted Answer

A)  Increased with debit entries 
B)  Assets 
C)  Increased with credit entries 
D)  Subtracted from capital stock 
A)  Increased with debit entries 
B)  Assets 
C)  Increased with credit entries 
D)  Subtracted from capital stock

Question 4

The basic accounting equation can be used to show the changes in assets, liabilities, and owners' equity. Reynolds Corporation recently had the following transactions:
  
Record the monetary consequences of these transactions under the appropriate columns shown below. Also indicate the column totals.

Accepted Answer

Record the monetary consequenc

Question 5

Revenues

Accepted Answer

A)  Decrease assets 
B)  Decrease owners' equity 
C)  Increase liabilities 
D)  Increase owners' equity 
A)  Decrease assets 
B)  Decrease owners' equity 
C)  Increase liabilities 
D)  Increase owners' equity

Question 6

Marbletop, Inc. had the following transactions during a recent month:
  
At the beginning of the month, Marbletop had the following account balances:
   Based on this information, prepare a month-end trial balance for Marbletop, Inc.

Accepted Answer

At the beginning of the month,

Question 7

A book of original entry is called a

Accepted Answer

A)  Journal 
B)  Ledger 
C)  Trial balance 
D)  Check register 
A)  Journal 
B)  Ledger 
C)  Trial balance 
D)  Check register

Question 8

Solo Company borrowed $4,000 from National City Bank on June 1. On August 31, Solo Company paid off the loan plus $100 interest. The correct entry to record the August 31 payment of the loan plus interest is

Accepted Answer

A)  
$\begin{array}{lr}
\text { Cash } & 4,000 \
\text { Interest Expense } & 100\
\text { Notes Payable }&4,100
\end{array}$ 
B) 
$\begin{array} { l c } 
\text { Notes Payable } & 4,000 \
\text { Interest Expense } & 100 \
\text { Cash } & 3,900
\end{array}$ 
C)  
$\begin{array} { l r l } 
\text { Cash } & 4,000 & \
\text { Notes Payable } & 100 & \
\text { Interest Expense } & & 4,100
\end{array}$ 
D)  
$\begin{array} { c c } 
\text { Notes Payable } & 4,000 \
\text { Interest Expense } & 100 \
\text { Cash } & 4,100
\end{array}$ 
A)  
$\begin{array}{lr}
\text { Cash } & 4,000 \
\text { Interest Expense } & 100\
\text { Notes Payable }&4,100
\end{array}$ 
B) 
$\begin{array} { l c } 
\text { Notes Payable } & 4,000 \
\text { Interest Expense } & 100 \
\text { Cash } & 3,900
\end{array}$ 
C)  
$\begin{array} { l r l } 
\text { Cash } & 4,000 & \
\text { Notes Payable } & 100 & \
\text { Interest Expense } & & 4,100
\end{array}$ 
D)  
$\begin{array} { c c } 
\text { Notes Payable } & 4,000 \
\text { Interest Expense } & 100 \
\text { Cash } & 4,100
\end{array}$

Question 9

Golf Company paid a $5,000 cash dividend to its stockholders. The transaction would be posted as

Accepted Answer

The answer of Golf Company paid a $5,000 cash dividend...

Transactions are typically entered into the General Journal in which order?

Owners' equity accounts are increased by

Revenue accounts are

The basic accounting equation can be used to show the changes in assets, liabilities, and owners' equity. Reynolds Corporation recently had the following transactions: Record the monetary consequences of these transactions under the appropriate columns shown below. Also indicate the column totals.

Revenues

Marbletop, Inc. had the following transactions during a recent month: At the beginning of the month, Marbletop had the following account balances: Based on this information, prepare a month-end trial balance for Marbletop, Inc.

A book of original entry is called a

Solo Company borrowed $4,000 from National City Bank on June 1. On August 31, Solo Company paid off the loan plus $100 interest. The correct entry to record the August 31 payment of the loan plus interest is

Golf Company paid a $5,000 cash dividend to its stockholders. The transaction would be posted as

Accounting Information: Users and Uses

Financial Statements: An Overview

Completing the Accounting Cycle

Internal Controls: Ensuring the Integrity of Financial Information

Receivables: Selling a Product or a Service

Inventory and the Cost of Sales

Completing the Operating Cycle

Investments: Property, Plant, and Equipment and Intangible Assets

Financing: Long-Term Liabilities

Financing: Equity

Investments: Debt and Equity Securities

Statement of Cash Flows

Analyzing Financial Statements

Management Accounting and Cost Concepts

Cost Flows and Business Organizations

Activity-Based Costing

Budgeting and Control

Controlling Cost and Profit

Inventory Management and Variable and Absorption Costing

Cost Behavior and Decisions Using C-V-P Analysis

Relevant Information and Decisions

Capital Investment Decisions

New Measures of Performance

Filters

Exam 3: The Accounting Cycle: The Mechanics of Accounting

Transactions are typically entered into the General Journal in which order?

Owners' equity accounts are increased by

Revenue accounts are

The basic accounting equation can be used to show the changes in assets, liabilities, and owners' equity. Reynolds Corporation recently had the following transactions: Record the monetary consequences of these transactions under the appropriate columns shown below. Also indicate the column totals.

Revenues

Marbletop, Inc. had the following transactions during a recent month: At the beginning of the month, Marbletop had the following account balances: Based on this information, prepare a month-end trial balance for Marbletop, Inc.

A book of original entry is called a

Solo Company borrowed $4,000 from National City Bank on June 1. On August 31, Solo Company paid off the loan plus $100 interest. The correct entry to record the August 31 payment of the loan plus interest is

Golf Company paid a $5,000 cash dividend to its stockholders. The transaction would be posted as

Accounting Information: Users and Uses

Financial Statements: An Overview

Completing the Accounting Cycle

Internal Controls: Ensuring the Integrity of Financial Information

Receivables: Selling a Product or a Service

Inventory and the Cost of Sales

Completing the Operating Cycle

Investments: Property, Plant, and Equipment and Intangible Assets

Financing: Long-Term Liabilities

Financing: Equity

Investments: Debt and Equity Securities

Statement of Cash Flows

Analyzing Financial Statements

Management Accounting and Cost Concepts

Cost Flows and Business Organizations

Activity-Based Costing

Budgeting and Control

Controlling Cost and Profit

Inventory Management and Variable and Absorption Costing

Cost Behavior and Decisions Using C-V-P Analysis

Relevant Information and Decisions

Capital Investment Decisions

New Measures of Performance

Filters