Question 1

Which of the following does NOT describe a transposition?

Accepted Answer

A) It is an error. 
B) It causes the difference between the debit total and the credit total to be divisible by 2. 
C) It involves misplaced digits in a number. 
D) It causes the trial balance to be out of balance. 
A) It is an error. 
B) It causes the difference between the debit total and the credit total to be divisible by 2. 
C) It involves misplaced digits in a number. 
D) It causes the trial balance to be out of balance.

Question 2

Increases in the owner's drawing account are recorded with debits.

Accepted Answer

A) True 
 B)False

Question 3

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below.
 
The following transactions occurred during the month of November.
a.	Collected $350 from credit customers
b.	Issued a check for $700 for November's rent
c.	Paid $1,900 for salaries
d.	The owner withdrew $500 in cash for personal expenses
e.	Issued a check for $200 to pay the monthly utility bill
f.	Received $2,845 in cash for services performed
g.	Purchased office equipment for $1,350 on credit
-Using the information shown, prepare a trial balance for Paw Prints Pet Sitters at November 30, 2019.

Accepted Answer

PAW PRINTS PET SITTE

Question 4

Debits are used to record:

Accepted Answer

A) increases in assets. 
B) increases in liabilities. 
C) increases in revenue. 
D) decreases in expenses. 
A) increases in assets. 
B) increases in liabilities. 
C) increases in revenue. 
D) decreases in expenses.

Question 5

Increases in owner's equity are recorded with credits.

Accepted Answer

A) True 
 B)False

Question 6

Rent Revenue is increased by ________ the account.

Accepted Answer

The answer of Rent Revenue is increased by ________ the...

Question 7

When equipment is purchased for cash, the cash account is credited and the ________ account is debited.

Accepted Answer

The answer of When equipment is purchased for cash, the...

Question 8

Debits are used to record increases in:

Accepted Answer

A) assets and liabilities. 
B) assets and expenses. 
C) revenue and owner's equity. 
D) assets and revenue. 
A) assets and liabilities. 
B) assets and expenses. 
C) revenue and owner's equity. 
D) assets and revenue.

Question 9

The following information should be used for questions 
Cash
Accounts  Receivable
 Office Equipment
 Office Supplies 
Accounts Payable 
Brandon Phipps, Capital
Brandon Phipps, Drawing 
Fees Income
Rent Expense 
Salaries Expense 
Utilities Expense

For each of the following transactions determine the accounts to be debited and credited.
-Issued a check to a creditor

Accepted Answer

Debit Acco

Question 10

When recording transactions in the T-accounts, the debits should equal the credits:

Accepted Answer

A) Always. 
B) Sometimes. 
C) Never. 
D) Only for asset accounts. 
A) Always. 
B) Sometimes. 
C) Never. 
D) Only for asset accounts.

Question 11

Increases in assets and revenue are both recorded with debits.

Accepted Answer

A) True 
 B)False

Question 12

An account with a balance that carries over from one accounting period to another is a nominal account.

Accepted Answer

A) True 
 B)False

Question 13

The ending capital balance appears on which of the following statement(s)?

Accepted Answer

A) Income Statement 
B) Statement of owner's equity and balance sheet 
C) Only on the Statement of owner's equity 
D) Statement of owner's equity and income statement 
A) Income Statement 
B) Statement of owner's equity and balance sheet 
C) Only on the Statement of owner's equity 
D) Statement of owner's equity and income statement

Question 14

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

Accepted Answer

A) 9 
B) 5 
C) 3 
D) 2 
A) 9 
B) 5 
C) 3 
D) 2

Question 15

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Accepted Answer

A) Debit Equipment $5,500; Credit Cash $1,500 and Credit Accounts Payable $4,000 
B) Debit Equipment $5,500; Credit Accounts Payable $5,500 
C) Debit Equipment $4,000; Credit Accounts Payable $4,000 
D) Debit Equipment $1,500; Credit Cash $1,500 
A) Debit Equipment $5,500; Credit Cash $1,500 and Credit Accounts Payable $4,000 
B) Debit Equipment $5,500; Credit Accounts Payable $5,500 
C) Debit Equipment $4,000; Credit Accounts Payable $4,000 
D) Debit Equipment $1,500; Credit Cash $1,500

Question 16

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

Accepted Answer

A) debit Cash and credit Salary Expense 
B) debit Salary Expense and credit Cash 
C) debit Ty Knott, Drawing, and credit Cash. 
D) debit Cash and credit Ty Knott, Capital 
A) debit Cash and credit Salary Expense 
B) debit Salary Expense and credit Cash 
C) debit Ty Knott, Drawing, and credit Cash. 
D) debit Cash and credit Ty Knott, Capital

Question 17

If a trial balance is not in balance (the Debit and Credit columns are not equal), a logical first step is to

Accepted Answer

A) check each account balance in the general ledger to the trial balance number. 
B) divide the difference by either 9 or 2. 
C) check the addition of each column. 
D) check each account balance calculation. 
A) check each account balance in the general ledger to the trial balance number. 
B) divide the difference by either 9 or 2. 
C) check the addition of each column. 
D) check each account balance calculation.

Question 18

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

Accepted Answer

A) is $52,950 and would be recorded on the right side of the account. 
B) is $20,450 and would be recorded on the left side of the account. 
C) is $52,950 and would be recorded on the left side of the account. 
D) is $20,450 and would be recorded on the right side of the account. 
A) is $52,950 and would be recorded on the right side of the account. 
B) is $20,450 and would be recorded on the left side of the account. 
C) is $52,950 and would be recorded on the left side of the account. 
D) is $20,450 and would be recorded on the right side of the account.

Question 19

An entry on the left side of an account is called a(n)________.

Accepted Answer

The answer of An entry on the left side of...

Question 20

A firm paid cash to apply against a debt. To record this transaction, the accountant would:

Accepted Answer

A) credit Cash and credit Accounts Payable. 
B) debit Accounts Payable and credit Cash. 
C) debit Accounts Receivable and credit Cash. 
D) debit Cash and credit Accounts Payable. 
A) credit Cash and credit Accounts Payable. 
B) debit Accounts Payable and credit Cash. 
C) debit Accounts Receivable and credit Cash. 
D) debit Cash and credit Accounts Payable.

Exam 3: Analyzing Business Transactions Using T Accounts

Which of the following does NOT describe a transposition?

Increases in the owner's drawing account are recorded with debits.

Debits are used to record:

Increases in owner's equity are recorded with credits.

Rent Revenue is increased by ________ the account.

When equipment is purchased for cash, the cash account is credited and the ________ account is debited.

Debits are used to record increases in:

When recording transactions in the T-accounts, the debits should equal the credits:

Increases in assets and revenue are both recorded with debits.

An account with a balance that carries over from one accounting period to another is a nominal account.

The ending capital balance appears on which of the following statement(s)?

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

If a trial balance is not in balance (the Debit and Credit columns are not equal), a logical first step is to

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

An entry on the left side of an account is called a(n)________.

A firm paid cash to apply against a debt. To record this transaction, the accountant would:

Accounting: The Language of Business

Analyzing Business Transactions

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and Teh Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analysis

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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