Question 1

Journalizing is the process of entering amounts in the ledger.

Accepted Answer

A) True 
 B)False

Question 2

A debit signifies a decrease in

Accepted Answer

A) assets 
B) expenses 
C) dividends 
D) revenues 
A) assets 
B) expenses 
C) dividends 
D) revenues

Question 3

An account is said to have a debit balance if

Accepted Answer

A) the amount of the debits exceeds the amount of the credits 
B) there are more entries on the debit side than on the credit side 
C) there are more entries on the credit side than on the debit side 
D) the first entry of the accounting period was posted on the debit side 
A) the amount of the debits exceeds the amount of the credits 
B) there are more entries on the debit side than on the credit side 
C) there are more entries on the credit side than on the debit side 
D) the first entry of the accounting period was posted on the debit side

Question 4

The order of the flow of accounting data is 1 record in the ledger,2 record in the journal,3 prepare the financial statements.

Accepted Answer

A) True 
 B)False

Question 5

Randomly listed below are the steps for preparing a trial balance: 1 Verify that the total of the Debit column equals the total of the Credit column.
2 List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance.
3 List the name of the company,the title of the trial balance,and the date the trial balance is prepared.
4 Total the Debit and Credit columns of the trial balance.
What is the proper order of these steps?

Accepted Answer

A) 3,2,4,1 
B) 2,3,4,1 
C) 3,2,1,4 
D) 4,3,2,1 
A) 3,2,4,1 
B) 2,3,4,1 
C) 3,2,1,4 
D) 4,3,2,1

Question 6

When an account receivable is collected in cash,the total assets of the business increase.

Accepted Answer

A) True 
 B)False

Question 7

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop,with cash received.Which of the following entries for Janer's Cleaning Service records this transaction?

Accepted Answer

A) Office Supplies,debit; Cash,credit 
B) Office Supplies,debit; Accounts Payable,credit 
C) Cash,debit; Office Supplies,credit 
D) Accounts Payable,debit; Office Supplies,credit 
A) Office Supplies,debit; Cash,credit 
B) Office Supplies,debit; Accounts Payable,credit 
C) Cash,debit; Office Supplies,credit 
D) Accounts Payable,debit; Office Supplies,credit

Question 8

When a transposition error is made on the trial balance,the difference between the debit and credit totals on the trial balance will be

Accepted Answer

A) zero 
B) twice the amount of the transposition 
C) one-half the amount of the transposition 
D) divisible by 9 
A) zero 
B) twice the amount of the transposition 
C) one-half the amount of the transposition 
D) divisible by 9

Question 9

Prepare a journal entry on October 12 for the fees earned on account, $14,600. Omit explanation.

Accepted Answer

The answer of Prepare a journal entry on October 12...

Question 10

Expenses result from using up assets or consuming services in the process of generating revenues.

Accepted Answer

A) True 
 B)False

Question 11

The classification and normal balance of the dividends account is

Accepted Answer

A) an expense with a credit balance 
B) an expense with a debit balance 
C) a liability with a credit balance 
D) stockholders' equity with a debit balance 
A) an expense with a credit balance 
B) an expense with a debit balance 
C) a liability with a credit balance 
D) stockholders' equity with a debit balance

Question 12

On December 1, JumpStart Company provides $2,800 in services to clients.
a. Journalize this event as if the clients had paid cash at the time the services were rendered. 
b1. Journalize this event as if the clients had placed this on account.
b2. Assume that the clients paid $1,200 of the amount on account on December 30. Journalize this transaction.

Accepted Answer

The answer of On December 1, JumpStart Company provides $2,800...

Question 13

The process of transferring the data from the journal to the ledger accounts is called posting.

Accepted Answer

A) True 
 B)False

Question 14

Net income will result when

Accepted Answer

A) revenues credits > expenses debits 
B) revenues debits > expenses credits 
C) expenses credits = revenues debits 
D) revenues credits = expenses debits 
A) revenues credits > expenses debits 
B) revenues debits > expenses credits 
C) expenses credits = revenues debits 
D) revenues credits = expenses debits

Question 15

The balance of an account is determined by

Accepted Answer

A) adding all of the debits to all of the credits 
B) always subtracting the debits from the credits 
C) always subtracting the credits from the debits 
D) adding all of the debits,adding all of the credits,and then subtracting the smaller sum from the larger sum 
A) adding all of the debits to all of the credits 
B) always subtracting the debits from the credits 
C) always subtracting the credits from the debits 
D) adding all of the debits,adding all of the credits,and then subtracting the smaller sum from the larger sum

Question 16

For a month's transactions for a typical medium-sized business,the accounts payable account is likely to have only credit entries.

Accepted Answer

A) True 
 B)False

Question 17

The process of recording a transaction in the journal is called journalizing.

Accepted Answer

A) True 
 B)False

Question 18

A trial balance determines the accuracy of the numbers.

Accepted Answer

A) True 
 B)False

Question 19

Which one of the statements below is not a purpose for the journal?

Accepted Answer

A) to show increases and decreases in accounts 
B) to show a chronological order by date 
C) to show a complete transaction in one place 
D) to help locate errors 
A) to show increases and decreases in accounts 
B) to show a chronological order by date 
C) to show a complete transaction in one place 
D) to help locate errors

Question 20

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:
a. Received $18,000 from sale of common stock.
b. Purchased equipment for $27,000,paying $10,000 in cash and giving a note payable for the remainder.
c. Paid $2,300 for rent for April.
d. Purchased $1,500 of supplies on account.
e. Recorded $9,800 of fees earned on account.
f. Received $7,500 in cash for fees earned.
g. Paid $1,200 to creditors on account.
h .Paid wages of $3,425.
i. Received $7,900 from customers on account.
j. Recorded dividends of $1,875.

Accepted Answer

The answer of Record the following selected transactions for April...

Journalizing is the process of entering amounts in the ledger.

A debit signifies a decrease in

An account is said to have a debit balance if

The order of the flow of accounting data is 1 record in the ledger,2 record in the journal,3 prepare the financial statements.

When an account receivable is collected in cash,the total assets of the business increase.

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop,with cash received.Which of the following entries for Janer's Cleaning Service records this transaction?

When a transposition error is made on the trial balance,the difference between the debit and credit totals on the trial balance will be

Prepare a journal entry on October 12 for the fees earned on account, $14,600. Omit explanation.

Expenses result from using up assets or consuming services in the process of generating revenues.

The classification and normal balance of the dividends account is

The process of transferring the data from the journal to the ledger accounts is called posting.

Net income will result when

The balance of an account is determined by

For a month's transactions for a typical medium-sized business,the accounts payable account is likely to have only credit entries.

The process of recording a transaction in the journal is called journalizing.

A trial balance determines the accuracy of the numbers.

Which one of the statements below is not a purpose for the journal?

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

Journalizing is the process of entering amounts in the ledger.

A debit signifies a decrease in

An account is said to have a debit balance if

The order of the flow of accounting data is 1 record in the ledger,2 record in the journal,3 prepare the financial statements.

When an account receivable is collected in cash,the total assets of the business increase.

Office supplies were sold by Janer's Cleaning Service at cost to another repair shop,with cash received.Which of the following entries for Janer's Cleaning Service records this transaction?

When a transposition error is made on the trial balance,the difference between the debit and credit totals on the trial balance will be

Prepare a journal entry on October 12 for the fees earned on account, $14,600. Omit explanation.

Expenses result from using up assets or consuming services in the process of generating revenues.

The classification and normal balance of the dividends account is

The process of transferring the data from the journal to the ledger accounts is called posting.

Net income will result when

The balance of an account is determined by

For a month's transactions for a typical medium-sized business,the accounts payable account is likely to have only credit entries.

The process of recording a transaction in the journal is called journalizing.

A trial balance determines the accuracy of the numbers.

Which one of the statements below is not a purpose for the journal?

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