Question 1

A ________ is a list of all the accounts used by a company and their identification codes but does not contain the balances.

Accepted Answer

The answer of A ________ is a list of all...

Question 2

The ________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts.

Accepted Answer

either an

Question 3

Match the following terms with the appropriate definition.
-Note payable

Accepted Answer

A) A record containing all accounts of a company and their balances. 
B) A written promise to pay a definite sum of money on a specified future date. 
C) The difference between total debits and total credits for an account including the beginning balance. 
D) An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account. 
E) A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.
F)An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
G)The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
H)A list of all accounts used by a company and the identification number assigned to each account.
I)A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
J)A chronological record of each transaction in one place that shows debits and credits for each transaction. 
A) A record containing all accounts of a company and their balances. 
B) A written promise to pay a definite sum of money on a specified future date. 
C) The difference between total debits and total credits for an account including the beginning balance. 
D) An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account. 
E) A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.
F)An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
G)The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
H)A list of all accounts used by a company and the identification number assigned to each account.
I)A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
J)A chronological record of each transaction in one place that shows debits and credits for each transaction.

Question 4

A more structured format that is similar to a T-account in that it has columns for debits and credits,but that is different in that it has columns for transaction date,explanation,and the account balance is the ________.

Accepted Answer

balance co

Question 5

Grills R Us Catering provided $1,000 of catering services and billed its client for the amount owed.Given the choices below,determine the general journal entry that Grills R Us Catering will make to record this transaction.

Accepted Answer

A)  $\begin{array}{|l|r|r|}
\hline \text { Unearned Catering Revenue } & 1,000 & \
\hline \text { Catering Revenue } & & 1,000 \
\hline
\end{array}$ 
B)  $$\begin{array} { | l | r | l | } 
\hline \text { Catering Revenue } & 1,000 & \
\hline \text { Accounts Receivable } & & 1,000 \
\hline
\end{array}$$ 
C)  $$\begin{array} { | l | r | l | } 
\hline \text { Accounts Receivable } & 1,000 & \
\hline \text { Unearned Catering Revenue } & & 1,000 \
\hline
\end{array}$$ 
D)  $$\begin{array} { | l | r | l | } 
\hline \text { Accounts Receivable } & 1,000 & \
\hline \text { Catering Revenue } & & 1,000 \
\hline
\end{array}$$ 
E)  $$\begin{array} { | l | r | l | } 
\hline \text { Cash } & 1,000 & \
\hline \text { Catering Revenue } & & 1,000 \
\hline
\end{array}$$ 
A)  $\begin{array}{|l|r|r|}
\hline \text { Unearned Catering Revenue } & 1,000 & \
\hline \text { Catering Revenue } & & 1,000 \
\hline
\end{array}$ 
B)  $$\begin{array} { | l | r | l | } 
\hline \text { Catering Revenue } & 1,000 & \
\hline \text { Accounts Receivable } & & 1,000 \
\hline
\end{array}$$ 
C)  $$\begin{array} { | l | r | l | } 
\hline \text { Accounts Receivable } & 1,000 & \
\hline \text { Unearned Catering Revenue } & & 1,000 \
\hline
\end{array}$$ 
D)  $$\begin{array} { | l | r | l | } 
\hline \text { Accounts Receivable } & 1,000 & \
\hline \text { Catering Revenue } & & 1,000 \
\hline
\end{array}$$ 
E)  $$\begin{array} { | l | r | l | } 
\hline \text { Cash } & 1,000 & \
\hline \text { Catering Revenue } & & 1,000 \
\hline
\end{array}$$

Question 6

Pippa's Paralegal Services completed these transactions in February:
a.Purchased office supplies on account,$300.
b.Completed work for a client on credit,$500.
c.Paid cash for the office supplies purchased in (a).
d.Completed work for a client and received $800 cash.
e.Received $500 cash for the work described in (b).
f.Received $1,000 from a client for paralegal services to be performed in March.
Prepare journal entries to record the above transactions.Explanations are not necessary.

Accepted Answer

None

Question 7

Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability (L), or equity (SE).
-Prepaid Insurance

Accepted Answer

A) L 
B) SE 
C) R 
D) E 
E) A 
A) L 
B) SE 
C) R 
D) E 
E) A

Question 8

A $15 credit to Sales was posted as a $150 credit.By what amount is the Sales account in error?

Accepted Answer

A)  $150 understated. 
B)  $135 overstated. 
C)  $150 overstated. 
D)  $15 understated. 
E)  $135 understated. 
A)  $150 understated. 
B)  $135 overstated. 
C)  $150 overstated. 
D)  $15 understated. 
E)  $135 understated.

Question 9

The debt ratio of Company A is .31 and the debt ratio of Company B is .21.Based on this information,an investor can conclude:

Accepted Answer

A)  Company B has more debt than Company A. 
B)  Company B has a lower risk from its financial leverage. 
C)  Company A has a lower risk from its financial leverage. 
D)  Company A has 10% more assets than Company B. 
E)  Both companies have too much debt. 
A)  Company B has more debt than Company A. 
B)  Company B has a lower risk from its financial leverage. 
C)  Company A has a lower risk from its financial leverage. 
D)  Company A has 10% more assets than Company B. 
E)  Both companies have too much debt.

Question 10

Match the following terms with the appropriate definition.
-T-account

Accepted Answer

A) Verifiable evidence that transactions have occurred used to record accounting information. 
B) Decrease in an asset, dividend and expense account, and increase in a liability, common stock and revenue account; recorded on the right side of a T-account. 
C) An increase in an asset and expense account, and decrease in a liability, common stock,
and revenue account; recorded on the left side of a T-account. 
D) A company's chronological record of each transaction in one place that shows debits and credits for each transaction. 
E) An accounting system where each transaction affects and is recorded in at least two
accounts; the sum of the debits for each entry must equal the sum of its credits.
F)The process of transferring journal entry information to the ledger accounts.
G)A record of the increases and decreases in a specific asset, liability, equity, revenue, or
expense item.
H)A record containing all the accounts of a company and their balances.
I)A list of accounts and their balances at a point in time.
J)A representation of a ledger account used to understand the effects of transactions. 
A) Verifiable evidence that transactions have occurred used to record accounting information. 
B) Decrease in an asset, dividend and expense account, and increase in a liability, common stock and revenue account; recorded on the right side of a T-account. 
C) An increase in an asset and expense account, and decrease in a liability, common stock,
and revenue account; recorded on the left side of a T-account. 
D) A company's chronological record of each transaction in one place that shows debits and credits for each transaction. 
E) An accounting system where each transaction affects and is recorded in at least two
accounts; the sum of the debits for each entry must equal the sum of its credits.
F)The process of transferring journal entry information to the ledger accounts.
G)A record of the increases and decreases in a specific asset, liability, equity, revenue, or
expense item.
H)A record containing all the accounts of a company and their balances.
I)A list of accounts and their balances at a point in time.
J)A representation of a ledger account used to understand the effects of transactions.

Question 11

A company that finances a relatively large portion of its assets with liabilities is said to have a high degree of financial leverage.

Accepted Answer

A) True 
 B)False

Question 12

Match the following terms with the appropriate definition.
-Ledger

Accepted Answer

A) A record containing all accounts of a company and their balances. 
B) A written promise to pay a definite sum of money on a specified future date. 
C) The difference between total debits and total credits for an account including the beginning balance. 
D) An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account. 
E) A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.
F)An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
G)The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
H)A list of all accounts used by a company and the identification number assigned to each account.
I)A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
J)A chronological record of each transaction in one place that shows debits and credits for each transaction. 
A) A record containing all accounts of a company and their balances. 
B) A written promise to pay a definite sum of money on a specified future date. 
C) The difference between total debits and total credits for an account including the beginning balance. 
D) An increase in an asset, dividend, and expense account, and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account. 
E) A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.
F)An account with debit and credit columns for recording entries and another column for showing the balance of the account after each entry.
G)The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
H)A list of all accounts used by a company and the identification number assigned to each account.
I)A decrease in an asset, dividend, and expense account, and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
J)A chronological record of each transaction in one place that shows debits and credits for each transaction.

Question 13

Identify the statement below that is incorrect.

Accepted Answer

A)  The normal balance of accounts receivable is a debit. 
B)  The normal balance of dividends is a debit. 
C)  The normal balance of unearned revenues is a credit. 
D)  The normal balance of an expense account is a credit. 
E)  The normal balance of the common stock account is a credit. 
A)  The normal balance of accounts receivable is a debit. 
B)  The normal balance of dividends is a debit. 
C)  The normal balance of unearned revenues is a credit. 
D)  The normal balance of an expense account is a credit. 
E)  The normal balance of the common stock account is a credit.

A ________ is a list of all the accounts used by a company and their identification codes but does not contain the balances.

The ________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts.

Match the following terms with the appropriate definition. -Note payable

A more structured format that is similar to a T-account in that it has columns for debits and credits,but that is different in that it has columns for transaction date,explanation,and the account balance is the ________.

Grills R Us Catering provided $1,000 of catering services and billed its client for the amount owed.Given the choices below,determine the general journal entry that Grills R Us Catering will make to record this transaction.

Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability (L), or equity (SE). -Prepaid Insurance

A $15 credit to Sales was posted as a $150 credit.By what amount is the Sales account in error?

The debt ratio of Company A is .31 and the debt ratio of Company B is .21.Based on this information,an investor can conclude:

Match the following terms with the appropriate definition. -T-account

A company that finances a relatively large portion of its assets with liabilities is said to have a high degree of financial leverage.

Match the following terms with the appropriate definition. -Ledger

Identify the statement below that is incorrect.

Accounting in Business

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash, fraud, and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Investments

Partnership Accounting

Filters

Exam 2: Analyzing for Business Transactions

A ________ is a list of all the accounts used by a company and their identification codes but does not contain the balances.

The ________ is a record containing all accounts used by a company as well as the transactions and ending balances of each of the accounts.

Match the following terms with the appropriate definition. -Note payable

A more structured format that is similar to a T-account in that it has columns for debits and credits,but that is different in that it has columns for transaction date,explanation,and the account balance is the ________.

Grills R Us Catering provided $1,000 of catering services and billed its client for the amount owed.Given the choices below,determine the general journal entry that Grills R Us Catering will make to record this transaction.

Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability (L), or equity (SE). -Prepaid Insurance

A $15 credit to Sales was posted as a $150 credit.By what amount is the Sales account in error?

The debt ratio of Company A is .31 and the debt ratio of Company B is .21.Based on this information,an investor can conclude:

Match the following terms with the appropriate definition. -T-account

A company that finances a relatively large portion of its assets with liabilities is said to have a high degree of financial leverage.

Match the following terms with the appropriate definition. -Ledger

Identify the statement below that is incorrect.

Accounting in Business

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash, fraud, and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Investments

Partnership Accounting

Filters