Question 1

The proper order for the accounting process is:

Accepted Answer

A) posting,transaction occurs,journalizing. 
B) transaction occurs,posting,journalizing. 
C) transaction occurs,transaction analyzed,journalizing,and posting. 
D) transaction occurs,posting,transaction analyzed,journalizing. 
A) posting,transaction occurs,journalizing. 
B) transaction occurs,posting,journalizing. 
C) transaction occurs,transaction analyzed,journalizing,and posting. 
D) transaction occurs,posting,transaction analyzed,journalizing. C

Question 2

Prepare the journal entry for the following transaction:
The business acquired land by paying $50,000 in cash and signing a promissory note for $250,000.

Accepted Answer

The answer of Prepare the journal entry for the following...

Question 3

Jaye Company purchased a new building by signing a note for $25,000.The entry to record the transaction is:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)    D

Question 4

In transaction analysis,revenues and expenses that arise in different transactions are recorded in the ________ column of the accounting equation.

Accepted Answer

A) Multistep 
B) Common Stock 
C) Dividends 
D) Retained Earnings 
A) Multistep 
B) Common Stock 
C) Dividends 
D) Retained Earnings

Question 5

Complete the following chart indicating if the account is increased with a debit or a credit.

Accepted Answer

The answer of Complete the following chart indicating if the...

Question 6

An owner makes an investment of cash into the business and receives shares of stock.This transaction is recorded as a:

Accepted Answer

A) debit to Common Stock and a credit to Cash. 
B) debit to Cash and a credit to Common Stock. 
C) debit to Cash and a credit to Retained Earnings. 
D) debit to Cash and a credit to Stockholder Revenue. 
A) debit to Common Stock and a credit to Cash. 
B) debit to Cash and a credit to Common Stock. 
C) debit to Cash and a credit to Retained Earnings. 
D) debit to Cash and a credit to Stockholder Revenue.

Question 7

An account payable is recorded when a formal promissory note is signed.

Accepted Answer

A) True 
 B)False

Question 8

A company completed the following transactions during the month of October: I.Purchased office supplies on account,$4,400.
  V.Paid the monthly rent of $16,000.
What was the company's net income for the month?

Accepted Answer

A) $13,000 
B) $19,000 
C) $35,000 
D) $51,000 
A) $13,000 
B) $19,000 
C) $35,000 
D) $51,000

Question 9

An example of a transposition error is writing:

Accepted Answer

A) $500 as $50. 
B) $2,000 as $4,000. 
C) $300 as $600. 
D) $1,400 as $4,100. 
A) $500 as $50. 
B) $2,000 as $4,000. 
C) $300 as $600. 
D) $1,400 as $4,100.

Question 10

A company performed services for a customer for cash.This transaction increased assets and:

Accepted Answer

A) decreased stockholders' equity. 
B) increased liabilities. 
C) increased expenses. 
D) increased revenues. 
A) decreased stockholders' equity. 
B) increased liabilities. 
C) increased expenses. 
D) increased revenues.

Question 11

The total debits to an account must equal the total credits to the account.

Accepted Answer

A) True 
 B)False

Question 12

In order to determine the balance in an account,you must look at the:

Accepted Answer

A) source documents. 
B) journals. 
C) ledger. 
D) book of original entry. 
A) source documents. 
B) journals. 
C) ledger. 
D) book of original entry.

Question 13

Company A received cash and issued stock to a new stockholder.In recording this transaction:

Accepted Answer

A) Cash would be debited. 
B) Common Stock would be debited. 
C) Cash would be credited. 
D) Retained Earnings would be credited. 
A) Cash would be debited. 
B) Common Stock would be debited. 
C) Cash would be credited. 
D) Retained Earnings would be credited.

Question 14

A bookkeeper forgot to post a credit to Accounts Receivable,but did post the debit part of the journal entry correctly.Then:

Accepted Answer

A) the trial balance would still balance. 
B) total debits would exceed total credits on the trial balance. 
C) total credits would exceed total debits on the trial balance. 
D) total debits and total credits would both be incorrect on the trial balance. 
A) the trial balance would still balance. 
B) total debits would exceed total credits on the trial balance. 
C) total credits would exceed total debits on the trial balance. 
D) total debits and total credits would both be incorrect on the trial balance.

Question 15

In order to see a complete transaction in one place,you would need to look at the:

Accepted Answer

A) trial balance. 
B) ledger. 
C) journal. 
D) financial statements. 
A) trial balance. 
B) ledger. 
C) journal. 
D) financial statements.

Question 16

Assets,revenues,and dividends are all increased with debits.

Accepted Answer

A) True 
 B)False

Question 17

Decreases in stockholders' equity that result from the cost of operating the business are:

Accepted Answer

A) assets. 
B) revenues. 
C) expenses. 
D) liabilities. 
A) assets. 
B) revenues. 
C) expenses. 
D) liabilities.

Question 18

The trial balance for James Corporation shows that the total debits equal the total credits.This indicates that all of the accounts are free from errors.

Accepted Answer

A) True 
 B)False

Question 19

Each transaction has either an equal effect on both the left- and right-sides of the accounting equation,or an offsetting effect (both positive and negative)on the same side of the equation.

Accepted Answer

A) True 
 B)False

Question 20

A business purchased office supplies of $28,000 on account.The business would:

Accepted Answer

A) debit Accounts Receivable for $28,000 and credit Supplies for $28,000. 
B) debit Supplies for $28,000 and credit Cash for $28,000. 
C) debit Accounts Payable for $28,000 and credit Supplies for $28,000. 
D) debit Supplies for $28,000 and credit Accounts Payable for $28,000. 
A) debit Accounts Receivable for $28,000 and credit Supplies for $28,000. 
B) debit Supplies for $28,000 and credit Cash for $28,000. 
C) debit Accounts Payable for $28,000 and credit Supplies for $28,000. 
D) debit Supplies for $28,000 and credit Accounts Payable for $28,000.

The proper order for the accounting process is:

Prepare the journal entry for the following transaction: The business acquired land by paying $50,000 in cash and signing a promissory note for $250,000.

Jaye Company purchased a new building by signing a note for $25,000.The entry to record the transaction is:

In transaction analysis,revenues and expenses that arise in different transactions are recorded in the ________ column of the accounting equation.

Complete the following chart indicating if the account is increased with a debit or a credit.

An owner makes an investment of cash into the business and receives shares of stock.This transaction is recorded as a:

An account payable is recorded when a formal promissory note is signed.

A company completed the following transactions during the month of October: I.Purchased office supplies on account,$4,400. V.Paid the monthly rent of $16,000. What was the company's net income for the month?

An example of a transposition error is writing:

A company performed services for a customer for cash.This transaction increased assets and:

The total debits to an account must equal the total credits to the account.

In order to determine the balance in an account,you must look at the:

Company A received cash and issued stock to a new stockholder.In recording this transaction:

A bookkeeper forgot to post a credit to Accounts Receivable,but did post the debit part of the journal entry correctly.Then:

In order to see a complete transaction in one place,you would need to look at the:

Assets,revenues,and dividends are all increased with debits.

Decreases in stockholders' equity that result from the cost of operating the business are:

The trial balance for James Corporation shows that the total debits equal the total credits.This indicates that all of the accounts are free from errors.

Each transaction has either an equal effect on both the left- and right-sides of the accounting equation,or an offsetting effect (both positive and negative)on the same side of the equation.

A business purchased office supplies of $28,000 on account.The business would:

The Financial Statements

Accrual Accounting Income

Internal Control Cash

Receivables and Revenue

Inventory Cost of Goods Sold

Plant Assets, natural Resources, Intangibles

Current and Contingent Liabilities

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Investments

Time Value of Money

Filters

Exam 2: Transaction Analysis

The proper order for the accounting process is:

Prepare the journal entry for the following transaction: The business acquired land by paying $50,000 in cash and signing a promissory note for $250,000.

Jaye Company purchased a new building by signing a note for $25,000.The entry to record the transaction is:

In transaction analysis,revenues and expenses that arise in different transactions are recorded in the ________ column of the accounting equation.

Complete the following chart indicating if the account is increased with a debit or a credit.

An owner makes an investment of cash into the business and receives shares of stock.This transaction is recorded as a:

An account payable is recorded when a formal promissory note is signed.

A company completed the following transactions during the month of October: I.Purchased office supplies on account,$4,400. V.Paid the monthly rent of $16,000. What was the company's net income for the month?

An example of a transposition error is writing:

A company performed services for a customer for cash.This transaction increased assets and:

The total debits to an account must equal the total credits to the account.

In order to determine the balance in an account,you must look at the:

Company A received cash and issued stock to a new stockholder.In recording this transaction:

A bookkeeper forgot to post a credit to Accounts Receivable,but did post the debit part of the journal entry correctly.Then:

In order to see a complete transaction in one place,you would need to look at the:

Assets,revenues,and dividends are all increased with debits.

Decreases in stockholders' equity that result from the cost of operating the business are:

The trial balance for James Corporation shows that the total debits equal the total credits.This indicates that all of the accounts are free from errors.

Each transaction has either an equal effect on both the left- and right-sides of the accounting equation,or an offsetting effect (both positive and negative)on the same side of the equation.

A business purchased office supplies of $28,000 on account.The business would:

The Financial Statements

Accrual Accounting Income

Internal Control Cash

Receivables and Revenue

Inventory Cost of Goods Sold

Plant Assets, natural Resources, Intangibles

Current and Contingent Liabilities

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Investments

Time Value of Money

Filters