Question 1

The debit side of an account

Accepted Answer

A) depends on whether the account is an asset,liability,or stockholders' equity 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account 
A) depends on whether the account is an asset,liability,or stockholders' equity 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account

Question 2

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

Accepted Answer

A) assets and liabilities 
B) liabilities and expenses 
C) revenues and common stock 
D) common stock and dividends 
A) assets and liabilities 
B) liabilities and expenses 
C) revenues and common stock 
D) common stock and dividends

Question 3

Which of the following groups of accounts are increased with a debit?

Accepted Answer

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

Question 4

The Dividends account is an expense.

Accepted Answer

A) True 
 B)False

Question 5

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a:

Accepted Answer

A) credit to Accounts Receivable for $500 
B) credit to Accounts Receivable for $1,000 
C) credit to Accounts Payable for $500 
D) credit to Accounts Payable for $1,000 
A) credit to Accounts Receivable for $500 
B) credit to Accounts Receivable for $1,000 
C) credit to Accounts Payable for $500 
D) credit to Accounts Payable for $1,000

Question 6

On January 8,stockholders transfer ownership of several pieces of office equipment to the new business,JumpStart,for common stock.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

Accepted Answer

@#IMG-DLM&
While stockholders may have p

Question 7

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Accepted Answer

$75,880 = $96,750 +

Question 8

Depending on the account title,the right side of the account is referred to as the credit side.

Accepted Answer

A) True 
 B)False

Question 9

A dividends account represents the amount of earnings paid to the stockholders.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following entries records the payment of dividends?

Accepted Answer

A) debit Common Stock; credit Cash 
B) debit Dividends; credit Cash 
C) debit Salaries Expense; credit Cash 
D) debit Salaries Expense; credit Salaries Payable 
A) debit Common Stock; credit Cash 
B) debit Dividends; credit Cash 
C) debit Salaries Expense; credit Cash 
D) debit Salaries Expense; credit Salaries Payable

Question 11

The double-entry accounting system records each transaction twice.

Accepted Answer

A) True 
 B)False

Question 12

Normal account balances are on the increase side of the accounts.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

Accepted Answer

A) Prepaid Rent,debit; Rent Revenue,credit. 
B) Cash,debit; Unearned Rent,credit. 
C) Cash,debit; Prepaid Rent,credit. 
D) Cash,debit; Rent Expense,credit. 
A) Prepaid Rent,debit; Rent Revenue,credit. 
B) Cash,debit; Unearned Rent,credit. 
C) Cash,debit; Prepaid Rent,credit. 
D) Cash,debit; Rent Expense,credit.

Question 14

The chart of accounts should be the same for each business.

Accepted Answer

A) True 
 B)False

Question 15

The classification and normal balance of the accounts payable account is

Accepted Answer

A) an asset with a credit balance 
B) a liability with a credit balance 
C) stockholders' equity with a credit balance 
D) revenue with a credit balance 
A) an asset with a credit balance 
B) a liability with a credit balance 
C) stockholders' equity with a credit balance 
D) revenue with a credit balance

Question 16

Journal entries can have more than two accounts as long as the debits equal the credits.

Accepted Answer

A) True 
 B)False

Question 17

Assets are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 18

Expense accounts are increased by credits.

Accepted Answer

A) True 
 B)False

Question 19

The chart of accounts for the Corning Company includes the following:
 
Page 3 of the journal contains the following entry:
 
-What is the posting reference that will be found in the prepaid insurance account?

Accepted Answer

A) 11 
B) 15 
C) 3 
D) 13 
A) 11 
B) 15 
C) 3 
D) 13

Question 20

The chart of accounts for the Corning Company includes the following:
 
Page 3 of the journal contains the following entry:
 
- What posting references will be found in the journal entry?

Accepted Answer

A) 41,3 
B) 3,11 
C) 11,41 
D) 11,3 
A) 41,3 
B) 3,11 
C) 11,41 
D) 11,3

The debit side of an account

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

Which of the following groups of accounts are increased with a debit?

The Dividends account is an expense.

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a:

On January 8,stockholders transfer ownership of several pieces of office equipment to the new business,JumpStart,for common stock.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Depending on the account title,the right side of the account is referred to as the credit side.

A dividends account represents the amount of earnings paid to the stockholders.

Which of the following entries records the payment of dividends?

The double-entry accounting system records each transaction twice.

Normal account balances are on the increase side of the accounts.

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

The chart of accounts should be the same for each business.

The classification and normal balance of the accounts payable account is

Journal entries can have more than two accounts as long as the debits equal the credits.

Assets are increased with debits and decreased with credits.

Expense accounts are increased by credits.

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the prepaid insurance account?

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: - What posting references will be found in the journal entry?

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

Exam 2: Analyzing Transactions

The debit side of an account

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

Which of the following groups of accounts are increased with a debit?

The Dividends account is an expense.

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a:

On January 8,stockholders transfer ownership of several pieces of office equipment to the new business,JumpStart,for common stock.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Depending on the account title,the right side of the account is referred to as the credit side.

A dividends account represents the amount of earnings paid to the stockholders.

Which of the following entries records the payment of dividends?

The double-entry accounting system records each transaction twice.

Normal account balances are on the increase side of the accounts.

Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service.

The chart of accounts should be the same for each business.

The classification and normal balance of the accounts payable account is

Journal entries can have more than two accounts as long as the debits equal the credits.

Assets are increased with debits and decreased with credits.

Expense accounts are increased by credits.

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: -What is the posting reference that will be found in the prepaid insurance account?

The chart of accounts for the Corning Company includes the following: Page 3 of the journal contains the following entry: - What posting references will be found in the journal entry?

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