Question 1

___ 1.Computer

Accepted Answer

A) Dr.(debit) 
B) Cr.(credit) 
A) Dr.(debit) 
B) Cr.(credit)

Question 2

Determine the ending owner's equity of a business having a beginning owner's equity of $9,500,additional investments of $450 withdrawals of $1,000,and net income of $1,400.
$ ________

Accepted Answer

$10,350 [$

Question 3

An asset would be debited and a liability credited if:

Accepted Answer

A) the business bought supplies for cash. 
B) the business incurred an expense and paid it. 
C) the business incurred an expense and did not pay for the expense immediately. 
D) the business bought equipment on account. 
A) the business bought supplies for cash. 
B) the business incurred an expense and paid it. 
C) the business incurred an expense and did not pay for the expense immediately. 
D) the business bought equipment on account.

Question 4

What would be the effect on accounts if the business provided services to a customer collecting cash?

Accepted Answer

A) An asset would be debited and an expense credited. 
B) Capital would be debited and revenue credited. 
C) An asset would be debited and revenue credited. 
D) An asset would be debited and Capital credited. 
A) An asset would be debited and an expense credited. 
B) Capital would be debited and revenue credited. 
C) An asset would be debited and revenue credited. 
D) An asset would be debited and Capital credited.

Question 5

___ 3.M.Bryant,Capital

Accepted Answer

A) Dr.(debit) 
B) Cr.(credit) 
A) Dr.(debit) 
B) Cr.(credit)

Question 6

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon.
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Wages Expense } & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 7

A chart of accounts:

Accepted Answer

A) is set up in alphabetical order. 
B) includes account balances. 
C) is a listing of all the accounts used by a company. 
D) All of the above are correct. 
A) is set up in alphabetical order. 
B) includes account balances. 
C) is a listing of all the accounts used by a company. 
D) All of the above are correct.

Question 8

Which type of account would not be reported on the balance sheet?

Accepted Answer

A) Expense 
B) Cash 
C) Accounts Payable 
D) Accounts Receivable 
A) Expense 
B) Cash 
C) Accounts Payable 
D) Accounts Receivable

Question 9

A ledger:

Accepted Answer

A) is a group of accounts and their balances. 
B) can replace the financial statements. 
C) is the same as a chart of accounts. 
D) None of these answers are correct. 
A) is a group of accounts and their balances. 
B) can replace the financial statements. 
C) is the same as a chart of accounts. 
D) None of these answers are correct.

Question 10

Which of the following is prepared first?

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Statement of owner's equity 
D) Trial balance 
A) Balance sheet 
B) Income statement 
C) Statement of owner's equity 
D) Trial balance

Question 11

A credit may signify a(n):

Accepted Answer

A) increase in assets. 
B) decrease in liabilities. 
C) increase in capital. 
D) increase in withdrawals. 
A) increase in assets. 
B) decrease in liabilities. 
C) increase in capital. 
D) increase in withdrawals.

Question 12

Which of the following accounts would be increased by a debit?

Accepted Answer

A) Cash 
B) Accounts Payable 
C) Capital 
D) Fees Earned 
A) Cash 
B) Accounts Payable 
C) Capital 
D) Fees Earned

Question 13

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon.
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Cleaning Expense } & & & \
\hline
\end{array}$

Accepted Answer

The answer of For each of the following, identify in...

Question 14

Accounts Payable would appear on which financial statement?

Accepted Answer

A) Balance sheet 
B) Income statement 
C) Owner's equity statement 
D) None of these answers are correct. 
A) Balance sheet 
B) Income statement 
C) Owner's equity statement 
D) None of these answers are correct.

Question 15

The right side of any account is the:

Accepted Answer

A) debit side. 
B) credit side. 
C) ending balance. 
D) footings. 
A) debit side. 
B) credit side. 
C) ending balance. 
D) footings.

Question 16

The business incurred an expense and paid it immediately.To record this:

Accepted Answer

A) an expense is debited and a liability is credited. 
B) an expense is debited and an asset is credited. 
C) an expense is debited and Capital is credited. 
D) None of these are correct. 
A) an expense is debited and a liability is credited. 
B) an expense is debited and an asset is credited. 
C) an expense is debited and Capital is credited. 
D) None of these are correct.

Question 17

Accounts Payable had a normal starting balance of $800.There were debit postings of $600 and credit postings of $300 during the month.The ending balance is:

Accepted Answer

A) $500 credit. 
B) $1,000 debit. 
C) $500 debit. 
D) $1,000 credit. 
A) $500 credit. 
B) $1,000 debit. 
C) $500 debit. 
D) $1,000 credit.

Question 18

The Accounts Payable account has total debit postings of $900 and credit postings of $1,500.The balance is:

Accepted Answer

A) $2,200 debit. 
B) $600 credit. 
C) $2,200 credit. 
D) $600 debit. 
A) $2,200 debit. 
B) $600 credit. 
C) $2,200 credit. 
D) $600 debit.

Question 19

A debit to an expense account was posted to a revenue account.This error would cause:

Accepted Answer

A) assets to be overstated. 
B) liabilities to be overstated. 
C) revenue to be understated. 
D) None of the above are correct. 
A) assets to be overstated. 
B) liabilities to be overstated. 
C) revenue to be understated. 
D) None of the above are correct.

Question 20

The ledger is:

Accepted Answer

A) a group of accounts that records data from business transactions. 
B) a tool used to make sure that all accounts have normal balances. 
C) a chronological record of the day's transactions. 
D) a tool used to ensure that debits equal credits. 
A) a group of accounts that records data from business transactions. 
B) a tool used to make sure that all accounts have normal balances. 
C) a chronological record of the day's transactions. 
D) a tool used to ensure that debits equal credits.

Exam 2: Debits and Credits: Analyzing and Recording Business Transactions

___ 1.Computer

Determine the ending owner's equity of a business having a beginning owner's equity of $9,500,additional investments of $450 withdrawals of $1,000,and net income of $1,400. $ ________

An asset would be debited and a liability credited if:

What would be the effect on accounts if the business provided services to a customer collecting cash?

___ 3.M.Bryant,Capital

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. - Column 1 Column 2 Column 3 Wages Expense

A chart of accounts:

Which type of account would not be reported on the balance sheet?

A ledger:

Which of the following is prepared first?

A credit may signify a(n):

Which of the following accounts would be increased by a debit?

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account appears upon. - Column 1 Column 2 Column 3 Cleaning Expense

Accounts Payable would appear on which financial statement?

The right side of any account is the:

The business incurred an expense and paid it immediately.To record this:

Accounts Payable had a normal starting balance of $800.There were debit postings of $600 and credit postings of $300 during the month.The ending balance is:

The Accounts Payable account has total debit postings of $900 and credit postings of $1,500.The balance is:

A debit to an expense account was posted to a revenue account.This error would cause:

The ledger is:

Accounting Concepts and Procedures

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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