Question 1

The process of transferring the debits and credits from the journal entries to the accounts is called

Accepted Answer

A)  sliding 
B)  transposing 
C)  journalizing 
D)  posting 
A)  sliding 
B)  transposing 
C)  journalizing 
D)  posting

Question 2

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to confirm this suspicion?

Accepted Answer

A)  Determine the amount of the error and look for that amount on the trial balance. 
B)  Determine the amount of the error and divide by two,then look for that amount on the trial balance. 
C)  Determine the amount of the error and refer to the journal entries for that amount. 
D)  Determine the amount of the error and divide by nine.If the result is evenly divided,then this type of error is likely. 
A)  Determine the amount of the error and look for that amount on the trial balance. 
B)  Determine the amount of the error and divide by two,then look for that amount on the trial balance. 
C)  Determine the amount of the error and refer to the journal entries for that amount. 
D)  Determine the amount of the error and divide by nine.If the result is evenly divided,then this type of error is likely.

Question 3

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 4

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

Accepted Answer

A chart of accounts is set up by assigni

Question 5

On November 30,the company accountant discovers that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

Accepted Answer

The answer of On November 30,the company accountant discovers that...

Question 6

The Unearned Revenues account is an example of a liability.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A)  chart of accounts 
B)  income statement 
C)  trial balance 
D)  horizontal analysis 
A)  chart of accounts 
B)  income statement 
C)  trial balance 
D)  horizontal analysis

Question 8

On August 30,JumpStart incurred the following expenses:
Payment to the landlord for August rent,$2,300
Payment to the Gas & Electric Company for August's bill,$525
Payment of employee wages for the last half of August,$1,750
Payment of shopping center's parking lot cleaning fee,$275
​
Journalize these payments as one journal entry.

Accepted Answer

The answer of On August 30,JumpStart incurred the following expenses:
Payment...

Question 9

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 10

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 11

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 12

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

Accepted Answer

A) True 
 B)False

Question 13

Which group of accounts is composed of only assets?

Accepted Answer

A)  Cash,Accounts Payable,Buildings 
B)  Accounts Receivable,Revenue,Cash 
C)  Prepaid Expenses,Buildings,Patents 
D)  Unearned Revenues,Prepaid Expenses,Cash 
A)  Cash,Accounts Payable,Buildings 
B)  Accounts Receivable,Revenue,Cash 
C)  Prepaid Expenses,Buildings,Patents 
D)  Unearned Revenues,Prepaid Expenses,Cash

Question 14

Accounts are records of increases and decreases in individual accounting equation elements.

Accepted Answer

A) True 
 B)False

Question 15

Office supplies purchased by Janer's Cleaning Service on account were returned.The office supplies had not yet been paid for.Which of the following entries for Janer's Cleaning Service records this transaction?

Accepted Answer

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

Question 16

Which of the following stockholders' equity accounts follows the same debit and credit rules as liabilities?

Accepted Answer

A)  expense accounts only 
B)  dividends accounts only 
C)  revenue,common stock,and retained earnings accounts 
D)  expense and dividends accounts 
A)  expense accounts only 
B)  dividends accounts only 
C)  revenue,common stock,and retained earnings accounts 
D)  expense and dividends accounts

Question 17

Which of the following applications of the rules of debit and credit is true?

Accepted Answer

A)  decrease Prepaid Insurance with a credit and the normal balance is a credit 
B)  increase Accounts Payable with a credit and the normal balance is a debit 
C)  increase Equipment with a debit and the normal balance is a debit 
D)  decrease Cash with a debit and the normal balance is a credit 
A)  decrease Prepaid Insurance with a credit and the normal balance is a credit 
B)  increase Accounts Payable with a credit and the normal balance is a debit 
C)  increase Equipment with a debit and the normal balance is a debit 
D)  decrease Cash with a debit and the normal balance is a credit

Question 18

Randomly listed below are the steps for preparing a 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 19

Several transactions are listed below,with the accounting equation stated to the right side of each.Use the following identification codes to indicate the effects of each transaction on the accounting equation.Write your answers in the space provided under the accounting equation.You need an identification code for each element of the accounting equation.An example is given before the first transaction.
​
   ​

Accepted Answer

The answer of Several transactions are listed below,with the accounting...

Question 20

A credit may signify a

Accepted Answer

A)  decrease in assets 
B)  decrease in liabilities 
C)  decrease in common stock 
D)  decrease in revenue 
A)  decrease in assets 
B)  decrease in liabilities 
C)  decrease in common stock 
D)  decrease in revenue

Exam 2: Analyzing Transactions

The process of transferring the debits and credits from the journal entries to the accounts is called

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to confirm this suspicion?

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

The chart of accounts classifies the accounts to make identification of the accounts easier.Describe the numbering system businesses use in setting up the chart of accounts.

On November 30,the company accountant discovers that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

The Unearned Revenues account is an example of a liability.

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

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

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.

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?

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

Which group of accounts is composed of only assets?

Accounts are records of increases and decreases in individual accounting equation elements.

Office supplies purchased by Janer's Cleaning Service on account were returned.The office supplies had not yet been paid for.Which of the following entries for Janer's Cleaning Service records this transaction?

Which of the following stockholders' equity accounts follows the same debit and credit rules as liabilities?

Which of the following applications of the rules of debit and credit is true?

Randomly listed below are the steps for preparing a trial balance: ​ What is the proper order of these steps?

A credit may signify a

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

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.

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?