Question 1

If the trial balance totals are not equal, this may have been caused by a transposition error if the difference is divisible by:

Accepted Answer

A) 9) 
B) 7) 
C) 3) 
D) 5) 
A) 9) 
B) 7) 
C) 3) 
D) 5)

Question 2

When developing a chart of accounts, the highest block of numbers is assigned to asset accounts.

Accepted Answer

A) True 
 B)False

Question 3

A business transaction must affect at least two accounts.

Accepted Answer

A) True 
 B)False

Question 4

When an owner invests assets in a business, the capital account is debited.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following accounts is not a permanent account?

Accepted Answer

A) Cash 
B) Thomas Bernard, Capital 
C) Salaries Expense 
D) Accounts Payable 
A) Cash 
B) Thomas Bernard, Capital 
C) Salaries Expense 
D) Accounts Payable

Question 6

Another name for permanent accounts is real accounts.

Accepted Answer

A) True 
 B)False

Question 7

A special type of owner's equity account set up to record withdrawals of assets by the owner for personal use is called a(n)____________ account.

Accepted Answer

The answer of A special type of owner's equity account...

Question 8

The "Net Income" or "Net Loss" is transferred from the income statement to the

Accepted Answer

A) chart of accounts. 
B) trial balance. 
C) balance sheet. 
D) statement of owner's equity. 
A) chart of accounts. 
B) trial balance. 
C) balance sheet. 
D) statement of owner's equity.

Question 9

Which of the following accounts is NOT a nominal account?

Accepted Answer

A) Salaries Expense 
B) Office Supplies 
C) Moriah Paige, Drawing 
D) Rent Revenue 
A) Salaries Expense 
B) Office Supplies 
C) Moriah Paige, Drawing 
D) Rent Revenue

Question 10

If the total on the debit side of a T account is greater than the total on the credit side, the balance is recorded on the debit side.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following would result in an error when preparing the Trial Balance?

Accepted Answer

A) Placing the Accounts Payable balance in the Credit column 
B) Placing the Withdrawal account balance in the Debit column 
C) Placing a Revenue account balance in the Credit column 
D) Placing the balance in Prepaid Rent in the Credit column 
A) Placing the Accounts Payable balance in the Credit column 
B) Placing the Withdrawal account balance in the Debit column 
C) Placing a Revenue account balance in the Credit column 
D) Placing the balance in Prepaid Rent in the Credit column

Question 12

Expense accounts are increased on the ________ side of the account.

Accepted Answer

The answer of Expense accounts are increased on the ________...

Question 13

Another name for temporary accounts is real accounts.

Accepted Answer

A) True 
 B)False

Question 14

The error that occurs when the number $5.00 is written as $50.00 is called a(n)________ error.

Accepted Answer

The answer of The error that occurs when the number...

Question 15

When preparing the trial balance, the total debits MUST equal the total credits.

Accepted Answer

A) True 
 B)False

Question 16

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Accepted Answer

A) True 
 B)False

Exam 3: Analyzing Business Transactions Using T Accounts

If the trial balance totals are not equal, this may have been caused by a transposition error if the difference is divisible by:

When developing a chart of accounts, the highest block of numbers is assigned to asset accounts.

A business transaction must affect at least two accounts.

When an owner invests assets in a business, the capital account is debited.

Which of the following accounts is not a permanent account?

Another name for permanent accounts is real accounts.

A special type of owner's equity account set up to record withdrawals of assets by the owner for personal use is called a(n)____________ account.

The "Net Income" or "Net Loss" is transferred from the income statement to the

Which of the following accounts is NOT a nominal account?

If the total on the debit side of a T account is greater than the total on the credit side, the balance is recorded on the debit side.

Which of the following would result in an error when preparing the Trial Balance?

Expense accounts are increased on the ________ side of the account.

Another name for temporary accounts is real accounts.

The error that occurs when the number $5.00 is written as $50.00 is called a(n)________ error.

When preparing the trial balance, the total debits MUST equal the total credits.

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

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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