Question 1

The financial statements contain debit and credit columns.

Accepted Answer

A) True 
 B)False

Question 2

A debit to a liability account was posted to the Capital account.This error would cause:

Accepted Answer

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

Question 3

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
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Truck } & & & \
\hline
\end{array}$

Accepted Answer

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

Question 4

When recording transactions in two or more accounts and the totals of the debits and credits are equal,it is called:

Accepted Answer

A) debiting. 
B) crediting. 
C) posting. 
D) double-entry bookkeeping. 
A) debiting. 
B) crediting. 
C) posting. 
D) double-entry bookkeeping.

Question 5

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.
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Lawn Care Fees Earned } & & & \
\hline
\end{array}$

Accepted Answer

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

Question 6

The following is a list of accounts and their balances for Benson Company for the month ended June 30,20xx.Prepare a trial balance in good form.
 $\begin{array} { l l l l } 
\text { Gash } & \$ 1,370 & \text { Elenson, Withdrawals } & \$ 500 \
\text { Accounts Payable } & 770 & \text { Accounts Receivable } & 1,600 \
\text { office Equipment } & 900 & \text { Service Fees } & 2,730 \
\text { Genson, Capital } & 1,500 & \text { Salaries Expense } & 630
\end{array}$

Accepted Answer

The answer of The following is a list of accounts...

Question 7

After deciding which accounts are affected,the next step in analyzing a transaction is to determine to which categories the accounts belong.

Accepted Answer

A) True 
 B)False

Question 8

The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1100.The balance of the account is:

Accepted Answer

A) $800 debit. 
B) $800 credit. 
C) $2,600 credit. 
D) $2,600 debit. 
A) $800 debit. 
B) $800 credit. 
C) $2,600 credit. 
D) $2,600 debit.

Question 9

The trial balance is a financial statement.

Accepted Answer

A) True 
 B)False

Question 10

Which type of account would not be reported on the income statement?

Accepted Answer

A) Revenue 
B) Expenses 
C) Liabilities 
D) None of these answers are correct. 
A) Revenue 
B) Expenses 
C) Liabilities 
D) None of these answers are correct.

Question 11

The following is a list of accounts and their balances for Myra's Company for the month ended May 31,20xx.Prepare a trial balance in good form.
 $\begin{array} { l l l l } 
\text { Wash } & \$ 1,210 & \text { Myra, Withdrawals } & \$980 \
\text { Accounts Payable } & 500 & \text { Accounts Receivable } & 1,200 \
\text { Cffice Equipment } & 2,260 & \text { Service Fees } & 1,835 \
\text { Myra, Capital } & 3,965 & \text { Rent Expense } & 650
\end{array}$

Accepted Answer

The answer of The following is a list of accounts...

Question 12

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.
-$\begin{array} { | l | l | l | l | } 
\hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \
\hline \text { Installation Fees Earned } & & & \
\hline
\end{array}$

Accepted Answer

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

Question 13

The side of an account that increases the balance is always the same as the normal balance side.

Accepted Answer

A) True 
 B)False

Question 14

What is the proper entry to show the owner making an investment in the company?

Accepted Answer

A) A credit to Cash and a debit to Capital 
B) A debit to Cash and a credit to Capital 
C) A debit to Cash and a credit to Revenue 
D) A credit to Cash and a debit to Revenue 
A) A credit to Cash and a debit to Capital 
B) A debit to Cash and a credit to Capital 
C) A debit to Cash and a credit to Revenue 
D) A credit to Cash and a debit to Revenue

Question 15

One asset would be debited and another credited if:

Accepted Answer

A) the business provided services to a cash customer. 
B) the business paid a creditor. 
C) the business bought supplies paying cash. 
D) the business provided services to a credit customer. 
A) the business provided services to a cash customer. 
B) the business paid a creditor. 
C) the business bought supplies paying cash. 
D) the business provided services to a credit customer.

Question 16

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

Accepted Answer

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

Question 17

A credit to an asset account was posted to the Capital account.This error would cause:

Accepted Answer

A) assets to be overstated. 
B) liabilities to be overstated. 
C) Capital to be understated. 
D) Both A and C are correct. 
A) assets to be overstated. 
B) liabilities to be overstated. 
C) Capital to be understated. 
D) Both A and C are correct.

Question 18

The credit side is always the right side of the account.

Accepted Answer

A) True 
 B)False

Question 19

Accounts Payable is an asset account that is increased on the credit side.

Accepted Answer

A) True 
 B)False

Question 20

On which financial statement would you find the ending Capital balance?

Accepted Answer

A) Income statement 
B) Balance Sheet 
C) Statement of owner's equity 
D) Both B and C are correct. 
A) Income statement 
B) Balance Sheet 
C) Statement of owner's equity 
D) Both B and C are correct.

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

The financial statements contain debit and credit columns.

A debit to a liability account was posted to the Capital account.This error would cause:

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 Truck

When recording transactions in two or more accounts and the totals of the debits and credits are equal,it is called:

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 Lawn Care Fees Earned

After deciding which accounts are affected,the next step in analyzing a transaction is to determine to which categories the accounts belong.

The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1100.The balance of the account is:

The trial balance is a financial statement.

Which type of account would not be reported on the income statement?

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 Installation Fees Earned

The side of an account that increases the balance is always the same as the normal balance side.

What is the proper entry to show the owner making an investment in the company?

One asset would be debited and another credited if:

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

A credit to an asset account was posted to the Capital account.This error would cause:

The credit side is always the right side of the account.

Accounts Payable is an asset account that is increased on the credit side.

On which financial statement would you find the ending Capital balance?

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

Filters