Question 1

The cash account will always be debited.

Accepted Answer

A) True 
 B)False

Question 2

Transactions are initially entered into a record called a journal.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is not a correct rule of debits and credits?

Accepted Answer

A)  Assets,expenses,and dividends are increased by debits. 
B)  Assets are decreased by credits and have a normal debit balance. 
C)  Liabilities,revenues,and stockholders' equity are increased by credits. 
D)  The normal balance for revenues and expenses is a credit. 
A)  Assets,expenses,and dividends are increased by debits. 
B)  Assets are decreased by credits and have a normal debit balance. 
C)  Liabilities,revenues,and stockholders' equity are increased by credits. 
D)  The normal balance for revenues and expenses is a credit.

Question 4

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

Accepted Answer

A)  all of the information from the journal was correctly transferred to the ledger 
B)  all accounts have their correct balances in the ledger 
C)  only the journal is accurate; the ledger may be incorrect 
D)  only that the debit dollar amounts equal the credit dollar amounts 
A)  all of the information from the journal was correctly transferred to the ledger 
B)  all accounts have their correct balances in the ledger 
C)  only the journal is accurate; the ledger may be incorrect 
D)  only that the debit dollar amounts equal the credit dollar amounts

Question 5

Which of the following entries records the collection of cash from cash customers?

Accepted Answer

A)  Fees Earned,debit; Cash,credit 
B)  Fees Earned,debit; Accounts Receivable,credit 
C)  Cash,debit; Fees Earned,credit 
D)  Accounts Receivable,debit; Fees Earned,credit 
A)  Fees Earned,debit; Cash,credit 
B)  Fees Earned,debit; Accounts Receivable,credit 
C)  Cash,debit; Fees Earned,credit 
D)  Accounts Receivable,debit; Fees Earned,credit

Question 6

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 7

The process of initially recording a business transaction is called

Accepted Answer

A)  correcting 
B)  posting 
C)  journalizing 
D)  balancing 
A)  correcting 
B)  posting 
C)  journalizing 
D)  balancing

Question 8

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

Accepted Answer

The answer of Set up T accounts for Cash; Accounts...

Question 9

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Accepted Answer

The answer of On October 30,JumpStart pays $3,330 in dividends...

Question 10

Which of the following entries records the purchase of common stock by stockholders?

Accepted Answer

A)  debit Common Stock; credit Accounts Receivable 
B)  debit Cash; credit Common Stock 
C)  debit Dividends; credit Cash 
D)  debit Fees Earned; credit Common Stock 
A)  debit Common Stock; credit Accounts Receivable 
B)  debit Cash; credit Common Stock 
C)  debit Dividends; credit Cash 
D)  debit Fees Earned; credit Common Stock

The cash account will always be debited.

Transactions are initially entered into a record called a journal.

Which of the following is not a correct rule of debits and credits?

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

Which of the following entries records the collection of cash from cash customers?

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

The process of initially recording a business transaction is called

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Which of the following entries records the purchase of common stock by stockholders?

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current,installment Notes,and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

Filters

Exam 2: Analyzing Transactions

The cash account will always be debited.

Transactions are initially entered into a record called a journal.

Which of the following is not a correct rule of debits and credits?

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

Which of the following entries records the collection of cash from cash customers?

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

The process of initially recording a business transaction is called

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses.

On October 30,JumpStart pays $3,330 in dividends to its stockholders.Journalize this event.

Which of the following entries records the purchase of common stock by stockholders?

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current,installment Notes,and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Cost Systems

Activity-Based Costing

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

Filters