Question 1

An error that occurs when only one part of a transaction is recorded is known as a __________ - __________ error.

Accepted Answer

The answer of An error that occurs when only one...

Question 2

If a transaction worth $50 is not recorded,the trial balance will:

Accepted Answer

A)  not be effected. 
B)  be out of balance by $50. 
C)  be out of balance by $100. 
D)  be out of balance by $200. 
A)  not be effected. 
B)  be out of balance by $50. 
C)  be out of balance by $100. 
D)  be out of balance by $200.

Question 3

Once all entries have been recorded in the worksheet you should:

Accepted Answer

A)  total all the columns. 
B)  check the total of the asset accounts equals the total of the liability and equity accounts. 
C)  use the column totals to prepare a balance sheet and income statement. 
D)  all of the above. 
A)  total all the columns. 
B)  check the total of the asset accounts equals the total of the liability and equity accounts. 
C)  use the column totals to prepare a balance sheet and income statement. 
D)  all of the above.

Question 4

Which of the following statements about a trial balance is not true?

Accepted Answer

A)  It has a debit and a credit column. 
B)  It is used to check the accuracy of the ledger or journal entries. 
C)  It is prepared at the end of the accounting period. 
D)  It will detect all errors in the ledger accounts. 
A)  It has a debit and a credit column. 
B)  It is used to check the accuracy of the ledger or journal entries. 
C)  It is prepared at the end of the accounting period. 
D)  It will detect all errors in the ledger accounts.

Question 5

A business pays $500 cash for their electricity bill.What effect does this transaction have on the accounting equation?

Accepted Answer

A)  A decrease in the asset cash of $500 and a decrease in the liability accounts payable of $500. 
B)  An increase in the asset cash of $500 and a decrease in profit or loss of $500 to record the electricity expense. 
C)  A decrease in the asset cash of $500 and a decrease in profit or loss of $500 to record the electricity expense. 
D)  A decrease in the asset cash of $500 and an increase in profit or loss of $500 to record the electricity expense. 
A)  A decrease in the asset cash of $500 and a decrease in the liability accounts payable of $500. 
B)  An increase in the asset cash of $500 and a decrease in profit or loss of $500 to record the electricity expense. 
C)  A decrease in the asset cash of $500 and a decrease in profit or loss of $500 to record the electricity expense. 
D)  A decrease in the asset cash of $500 and an increase in profit or loss of $500 to record the electricity expense.

Question 6

If assets are $225 000,opening equity is $100 000,liabilities are $60 000 and income is $145 000,expenses must be:

Accepted Answer

A)  $120 000 
B)  $40 000 
C)  $15 00 
D)  $80 000 
A)  $120 000 
B)  $40 000 
C)  $15 00 
D)  $80 000

Question 7

A worksheet error that is relatively easy to find due to the difference being divisible by nine is known as a ____________________ error.

Accepted Answer

The answer of A worksheet error that is relatively easy...

Question 8

In a manual accounting system,the journal(s)most likely to be used for a business that offers credit to its customers,is/are:

Accepted Answer

A)  the general journal only. 
B)  the credit sales journal only. 
C)  special journals: i.e. cash receipts, cash payments, credit purchases, credit sales and the general journal. 
D)  the cash receipts and credit sales journal. 
A)  the general journal only. 
B)  the credit sales journal only. 
C)  special journals: i.e. cash receipts, cash payments, credit purchases, credit sales and the general journal. 
D)  the cash receipts and credit sales journal.

An error that occurs when only one part of a transaction is recorded is known as a - error.

If a transaction worth $50 is not recorded,the trial balance will:

Once all entries have been recorded in the worksheet you should:

Which of the following statements about a trial balance is not true?

A business pays $500 cash for their electricity bill.What effect does this transaction have on the accounting equation?

If assets are $225 000,opening equity is $100 000,liabilities are $60 000 and income is $145 000,expenses must be:

A worksheet error that is relatively easy to find due to the difference being divisible by nine is known as a ____________________ error.

In a manual accounting system,the journal(s)most likely to be used for a business that offers credit to its customers,is/are:

Introduction to Accounting and Business Decision Making

Accounting in Society

Business Structures

Balance Sheet

Statement of Profit or Loss and Statement of Changes in Equity

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Budgeting

Costvolumeprofit Analysis

Costing and Pricing in an Entity

Capital Investment

Financing the Business

Performance Measurement

Filters

Exam 4: Business Transactions

An error that occurs when only one part of a transaction is recorded is known as a __________ - __________ error.

If a transaction worth $50 is not recorded,the trial balance will:

Once all entries have been recorded in the worksheet you should:

Which of the following statements about a trial balance is not true?

A business pays $500 cash for their electricity bill.What effect does this transaction have on the accounting equation?

If assets are $225 000,opening equity is $100 000,liabilities are $60 000 and income is $145 000,expenses must be:

A worksheet error that is relatively easy to find due to the difference being divisible by nine is known as a ____________________ error.

In a manual accounting system,the journal(s)most likely to be used for a business that offers credit to its customers,is/are:

Introduction to Accounting and Business Decision Making

Accounting in Society

Business Structures

Balance Sheet

Statement of Profit or Loss and Statement of Changes in Equity

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Budgeting

Costvolumeprofit Analysis

Costing and Pricing in an Entity

Capital Investment

Financing the Business

Performance Measurement

Filters

An error that occurs when only one part of a transaction is recorded is known as a - error.