Question 1

The Accounts Receivable account is increased by a debit.

Accepted Answer

A) True 
 B)False

Question 2

A liability would be credited and an expense debited if:

Accepted Answer

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

Question 3

Which of the following groups of accounts have a normal credit balance?

Accepted Answer

A) Revenue,liabilities,and capital 
B) Assets,capital,and withdrawals 
C) Liabilities,expenses,and assets 
D) Assets,expenses,and withdrawals 
A) Revenue,liabilities,and capital 
B) Assets,capital,and withdrawals 
C) Liabilities,expenses,and assets 
D) Assets,expenses,and withdrawals

Question 4

Which of the statements of the rules of debit and credit is true?

Accepted Answer

A) Decrease Accounts Receivable with a credit and the normal balance is a credit. 
B) Increase Accounts Payable with a credit and the normal balance is a credit. 
C) Increase Capital with a debit and the normal balance is a debit. 
D) Decrease Cash with a debit and the normal balance is a debit. 
A) Decrease Accounts Receivable with a credit and the normal balance is a credit. 
B) Increase Accounts Payable with a credit and the normal balance is a credit. 
C) Increase Capital with a debit and the normal balance is a debit. 
D) Decrease Cash with a debit and the normal balance is a debit.

Question 5

Determine the beginning owner's equity of a business having beginning assets of $10,000,ending liabilities of $5,000.During the year the liabilities decreased by $1,000.
$ ________

Accepted Answer

$4,000 [$1

Question 6

Dennis,owner of Dennis' Golf Center,withdrew $900 in cash from the business.Record the transaction by:

Accepted Answer

A) debiting Dennis,Withdrawals,$900; crediting Cash,$900. 
B) debiting Accounts Receivable,$900; crediting Cash,$900. 
C) debiting Expense,$900; crediting Cash,$900. 
D) debiting Dennis,Withdrawals,$900; crediting Dennis,Capital,$900. 
A) debiting Dennis,Withdrawals,$900; crediting Cash,$900. 
B) debiting Accounts Receivable,$900; crediting Cash,$900. 
C) debiting Expense,$900; crediting Cash,$900. 
D) debiting Dennis,Withdrawals,$900; crediting Dennis,Capital,$900.

Question 7

An account that would be increased by a credit is:

Accepted Answer

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

Question 8

The Beginning Capital account would appear on which financial statement?

Accepted Answer

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

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

The following transactions occurred during June for Campus Cycle Shop.Record the transactions below in the T accounts.Place the letter of the transaction next to the entry.Foot and calculate the ending balances of the T accounts where appropriate.
a.Tyler invested $6,500 in the bike service from his personal savings account.
b.Bought office equipment for cash,$900.
c.Performed bike service for a customer on account,$1,000.
d.Company cell phone bill received,but not paid,$80.
e.Collected $500 from customer in transaction c.
f.Tyler withdrew $300 for personal use.

Accepted Answer

The answer of The following transactions occurred during June for...

Question 11

Debits must always equal credits.

Accepted Answer

A) True 
 B)False

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

Accepted Answer

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

Question 13

What is X-cel Company's net income or net loss if it had Revenue of $1,800,Salary Expense of $500,Utility Expense of $250,and Withdrawals of $5,000 during October?

Accepted Answer

A) $50 net income 
B) $1,050 net loss 
C) $1,050 net income 
D) $50 net loss 
A) $50 net income 
B) $1,050 net loss 
C) $1,050 net income 
D) $50 net loss

Question 14

Expenses are recorded when paid.

Accepted Answer

A) True 
 B)False

The Accounts Receivable account is increased by a debit.

A liability would be credited and an expense debited if:

Which of the following groups of accounts have a normal credit balance?

Which of the statements of the rules of debit and credit is true?

Determine the beginning owner's equity of a business having beginning assets of $10,000,ending liabilities of $5,000.During the year the liabilities decreased by $1,000. $ ________

Dennis,owner of Dennis' Golf Center,withdrew $900 in cash from the business.Record the transaction by:

An account that would be increased by a credit is:

The Beginning Capital account would appear on which financial statement?

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

Debits must always equal credits.

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 Supplies

What is X-cel Company's net income or net loss if it had Revenue of $1,800,Salary Expense of $500,Utility Expense of $250,and Withdrawals of $5,000 during October?

Expenses are recorded when paid.

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

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

The Accounts Receivable account is increased by a debit.

A liability would be credited and an expense debited if:

Which of the following groups of accounts have a normal credit balance?

Which of the statements of the rules of debit and credit is true?

Determine the beginning owner's equity of a business having beginning assets of $10,000,ending liabilities of $5,000.During the year the liabilities decreased by $1,000. $ ________

Dennis,owner of Dennis' Golf Center,withdrew $900 in cash from the business.Record the transaction by:

An account that would be increased by a credit is:

The Beginning Capital account would appear on which financial statement?

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

Debits must always equal credits.

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 Supplies

What is X-cel Company's net income or net loss if it had Revenue of $1,800,Salary Expense of $500,Utility Expense of $250,and Withdrawals of $5,000 during October?

Expenses are recorded when paid.

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