Question 1

Of the following,which is an internal report that will determine if debit balances equal credit balances in the ledger?

Accepted Answer

A) chart of accounts 
B) income statement 
C) trial balance 
D) account reconciliation 
A) chart of accounts 
B) income statement 
C) trial balance 
D) account reconciliation

Question 2

In which order are the accounts listed in the chart of accounts?

Accepted Answer

A) assets,expenses,liabilities,stockholders' equity,revenues 
B) stockholders' equity,assets,liabilities,revenues,expenses 
C) assets,liabilities,stockholders' equity,revenues,expenses 
D) assets,liabilities,revenues,expenses,stockholders' equity 
A) assets,expenses,liabilities,stockholders' equity,revenues 
B) stockholders' equity,assets,liabilities,revenues,expenses 
C) assets,liabilities,stockholders' equity,revenues,expenses 
D) assets,liabilities,revenues,expenses,stockholders' equity

Question 3

Which of the following is not a useful step in finding errors on the trial balance?

Accepted Answer

A) Determine the difference between debits and credits and look for the amount. 
B) Determine the difference between debits and credits and change any account to make the trial balance correct. 
C) Determine the difference between debits and credits,divide the amount by 2,and look for the amount. 
D) Determine the difference between debits and credits,divide the amount by 9,and if it divides evenly,look for a transposition or slide error. 
A) Determine the difference between debits and credits and look for the amount. 
B) Determine the difference between debits and credits and change any account to make the trial balance correct. 
C) Determine the difference between debits and credits,divide the amount by 2,and look for the amount. 
D) Determine the difference between debits and credits,divide the amount by 9,and if it divides evenly,look for a transposition or slide error.

Question 4

Which of the following describes the classification and normal balance of the fees earned account?

Accepted Answer

A) asset,credit 
B) liability,credit 
C) stockholders' equity,debit 
D) revenue,credit 
A) asset,credit 
B) liability,credit 
C) stockholders' equity,debit 
D) revenue,credit

Question 5

The process of recording a transaction in the journal is called

Accepted Answer

A) ledgerizing 
B) journalizing 
C) posting 
D) summarizing 
A) ledgerizing 
B) journalizing 
C) posting 
D) summarizing

Question 6

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle Company paid the invoice.
a. Provide the journal entry for the purchase on account.
b. Provide the journal entry for the payment of the invoice.

Accepted Answer

The answer of On October 10,Nikle Company purchased supplies for...

Question 7

Revenues are equal to the difference between cash receipts and cash payments.

Accepted Answer

A) True 
 B)False

Question 8

A credit to the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 9

A group of related accounts that make up a complete unit is called a trial balance.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following groups of accounts increase with a credit?

Accepted Answer

A) common stock,revenues,expenses 
B) assets,common stock,revenues 
C) liabilities,common stock,revenues 
D) none of these 
A) common stock,revenues,expenses 
B) assets,common stock,revenues 
C) liabilities,common stock,revenues 
D) none of these

Of the following,which is an internal report that will determine if debit balances equal credit balances in the ledger?

In which order are the accounts listed in the chart of accounts?

Which of the following is not a useful step in finding errors on the trial balance?

Which of the following describes the classification and normal balance of the fees earned account?

The process of recording a transaction in the journal is called

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle Company paid the invoice. a. Provide the journal entry for the purchase on account. b. Provide the journal entry for the payment of the invoice.

Revenues are equal to the difference between cash receipts and cash payments.

A credit to the cash account will increase the account.

A group of related accounts that make up a complete unit is called a trial balance.

Which of the following groups of accounts increase with a credit?

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley,internal Control,and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization,stock Transactions,and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

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Exam 2: Analyzing Transactions

Of the following,which is an internal report that will determine if debit balances equal credit balances in the ledger?

In which order are the accounts listed in the chart of accounts?

Which of the following is not a useful step in finding errors on the trial balance?

Which of the following describes the classification and normal balance of the fees earned account?

The process of recording a transaction in the journal is called

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle Company paid the invoice. a. Provide the journal entry for the purchase on account. b. Provide the journal entry for the payment of the invoice.

Revenues are equal to the difference between cash receipts and cash payments.

A credit to the cash account will increase the account.

A group of related accounts that make up a complete unit is called a trial balance.

Which of the following groups of accounts increase with a credit?

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley,internal Control,and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization,stock Transactions,and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters