Question 1

A record of all the changes in a particular asset during a period of time is found in a(n):

Accepted Answer

A) transaction. 
B) trial balance. 
C) prior period's balance sheet. 
D) account. 
A) transaction. 
B) trial balance. 
C) prior period's balance sheet. 
D) account.

Question 2

Prepare the journal entry for the following transaction:
The Board of Directors of XYZ Corporation declared dividends of $6,000.These dividends were paid to the stockholders on the same date.

Accepted Answer

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

Question 3

A company had credit sales of $40,000 and cash sales of $14,000 during the month of May.Also during May,the company paid wages of $13,000 and utilities of $2,800.It also received payments from customers on account totaling $8,000.At the beginning of May,the company had a cash balance of $25,000.What is the company's cash balance at the end of May?

Accepted Answer

A) $23,200 
B) $31,200 
C) $39,000 
D) $47,000 
A) $23,200 
B) $31,200 
C) $39,000 
D) $47,000

Question 4

Accounting transactions are initially recorded in the:

Accepted Answer

A) T-account. 
B) ledger. 
C) journal. 
D) financial statements. 
A) T-account. 
B) ledger. 
C) journal. 
D) financial statements.

Question 5

A bookkeeper posted the same journal entry twice.This will cause the trial balance to be out of balance.

Accepted Answer

A) True 
 B)False

Question 6

Transactions provide objective information about the financial impact of an exchange on an entity.

Accepted Answer

A) True 
 B)False

Question 7

The journal is a grouping of all the T-accounts,with their balances.

Accepted Answer

A) True 
 B)False

Question 8

A company recorded a cash payment incorrectly.Accounts Receivable was debited for $1,900 and Cash was credited for $1,900.The correct entry would debit Accounts Payable for $1,900 and credit Cash for $1,900.Is the trial balance out of balance?

Accepted Answer

A) No. 
B) Yes,by $1,900. 
C) Yes,by $3,800. 
D) Yes,by an indeterminate amount. 
A) No. 
B) Yes,by $1,900. 
C) Yes,by $3,800. 
D) Yes,by an indeterminate amount.

Question 9

The normal balance of the Accounts Receivable account is a ________ because it is a(n)________ account.

Accepted Answer

A) credit;liability 
B) debit;stockholders' equity 
C) credit;expense 
D) debit;asset 
A) credit;liability 
B) debit;stockholders' equity 
C) credit;expense 
D) debit;asset

Question 10

Although a trial balance can be prepared at any time,the most common time is at the end of the accounting period.

Accepted Answer

A) True 
 B)False

Question 11

Put an "X" in the appropriate box to indicate if the normal balance of an account is a debit or a credit balance.

Accepted Answer

The answer of Put an "X" in the appropriate box...

Question 12

The accounts of Local Company at May 31,2019 are as follows:   What are the first four lines,in proper order,on the trial balance at May 31,2019?

Accepted Answer

A) Accounts Payable,Accounts Receivable,Cash,Common Stock 
B) Sales Revenue,Salary Expense,Insurance Expense,Supplies 
C) Cash,Accounts Receivable,Supplies,Accounts Payable 
D) Accounts Payable,Dividends,Common Stock,Retained Earnings 
A) Accounts Payable,Accounts Receivable,Cash,Common Stock 
B) Sales Revenue,Salary Expense,Insurance Expense,Supplies 
C) Cash,Accounts Receivable,Supplies,Accounts Payable 
D) Accounts Payable,Dividends,Common Stock,Retained Earnings

Question 13

When listing the assets in the trial balance,the balance for Accounts Receivable was transposed.The correct balance is $4,100 and the amount was written as $1,400.Is the trial balance out of balance?

Accepted Answer

A) No. 
B) Yes,by $1,400. 
C) Yes,by $2,700. 
D) Yes,by $4,100. 
A) No. 
B) Yes,by $1,400. 
C) Yes,by $2,700. 
D) Yes,by $4,100.

Question 14

An accrued liability is a liability for an expense that has not yet been paid.

Accepted Answer

A) True 
 B)False

Question 15

Prepare the journal entry for the following transaction:
On June 12,the business paid $4,500 for the following expenses: employee salary,$3,000;utilities,$1,000,and repairs,$500.

Accepted Answer

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

Question 16

The balance of an account is the difference between the account's total debits and total credits.

Accepted Answer

A) True 
 B)False

Question 17

Muddle Company performs a service for one of its customers and immediately collects the cash.This transaction will:

Accepted Answer

A) have no effect on liabilities. 
B) decrease net income. 
C) decrease Retained Earnings. 
D) increase Accounts Receivable. 
A) have no effect on liabilities. 
B) decrease net income. 
C) decrease Retained Earnings. 
D) increase Accounts Receivable.

Question 18

When a business purchases land with a note payable:

Accepted Answer

A) both assets and stockholders' equity are increased. 
B) assets are decreased and stockholder's equity is increased. 
C) both assets and liabilities are increased. 
D) assets are increased and liabilities are decreased. 
A) both assets and stockholders' equity are increased. 
B) assets are decreased and stockholder's equity is increased. 
C) both assets and liabilities are increased. 
D) assets are increased and liabilities are decreased.

Question 19

Two employees worked one week and were paid salaries of $2,500.The journal entry would:

Accepted Answer

A) debit Cash for $2,500 and credit Salaries Payable for $2,500. 
B) debit Cash for $2,500 and credit Salary Expense for $2,500. 
C) debit Accounts Payable for $2,500 and credit Salary Payable for $2,500. 
D) debit Salary Expense for $2,500 and credit Cash for $2,500. 
A) debit Cash for $2,500 and credit Salaries Payable for $2,500. 
B) debit Cash for $2,500 and credit Salary Expense for $2,500. 
C) debit Accounts Payable for $2,500 and credit Salary Payable for $2,500. 
D) debit Salary Expense for $2,500 and credit Cash for $2,500.

Question 20

When a company pays an amount it owes a creditor:

Accepted Answer

A) assets are decreased and net income is decreased. 
B) assets are decreased and liabilities are increased. 
C) liabilities are decreased and net income is increased. 
D) assets are decreased and liabilities are decreased. 
A) assets are decreased and net income is decreased. 
B) assets are decreased and liabilities are increased. 
C) liabilities are decreased and net income is increased. 
D) assets are decreased and liabilities are decreased.

A record of all the changes in a particular asset during a period of time is found in a(n):

Prepare the journal entry for the following transaction: The Board of Directors of XYZ Corporation declared dividends of $6,000.These dividends were paid to the stockholders on the same date.

Accounting transactions are initially recorded in the:

A bookkeeper posted the same journal entry twice.This will cause the trial balance to be out of balance.

Transactions provide objective information about the financial impact of an exchange on an entity.

The journal is a grouping of all the T-accounts,with their balances.

A company recorded a cash payment incorrectly.Accounts Receivable was debited for $1,900 and Cash was credited for $1,900.The correct entry would debit Accounts Payable for $1,900 and credit Cash for $1,900.Is the trial balance out of balance?

The normal balance of the Accounts Receivable account is a because it is a(n) account.

Although a trial balance can be prepared at any time,the most common time is at the end of the accounting period.

Put an "X" in the appropriate box to indicate if the normal balance of an account is a debit or a credit balance.

The accounts of Local Company at May 31,2019 are as follows: What are the first four lines,in proper order,on the trial balance at May 31,2019?

When listing the assets in the trial balance,the balance for Accounts Receivable was transposed.The correct balance is $4,100 and the amount was written as $1,400.Is the trial balance out of balance?

An accrued liability is a liability for an expense that has not yet been paid.

Prepare the journal entry for the following transaction: On June 12,the business paid $4,500 for the following expenses: employee salary,$3,000;utilities,$1,000,and repairs,$500.

The balance of an account is the difference between the account's total debits and total credits.

Muddle Company performs a service for one of its customers and immediately collects the cash.This transaction will:

When a business purchases land with a note payable:

Two employees worked one week and were paid salaries of $2,500.The journal entry would:

When a company pays an amount it owes a creditor:

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

A record of all the changes in a particular asset during a period of time is found in a(n):

Prepare the journal entry for the following transaction: The Board of Directors of XYZ Corporation declared dividends of $6,000.These dividends were paid to the stockholders on the same date.

Accounting transactions are initially recorded in the:

A bookkeeper posted the same journal entry twice.This will cause the trial balance to be out of balance.

Transactions provide objective information about the financial impact of an exchange on an entity.

The journal is a grouping of all the T-accounts,with their balances.

A company recorded a cash payment incorrectly.Accounts Receivable was debited for $1,900 and Cash was credited for $1,900.The correct entry would debit Accounts Payable for $1,900 and credit Cash for $1,900.Is the trial balance out of balance?

The normal balance of the Accounts Receivable account is a ________ because it is a(n)________ account.

Although a trial balance can be prepared at any time,the most common time is at the end of the accounting period.

Put an "X" in the appropriate box to indicate if the normal balance of an account is a debit or a credit balance.

The accounts of Local Company at May 31,2019 are as follows: What are the first four lines,in proper order,on the trial balance at May 31,2019?

When listing the assets in the trial balance,the balance for Accounts Receivable was transposed.The correct balance is $4,100 and the amount was written as $1,400.Is the trial balance out of balance?

An accrued liability is a liability for an expense that has not yet been paid.

Prepare the journal entry for the following transaction: On June 12,the business paid $4,500 for the following expenses: employee salary,$3,000;utilities,$1,000,and repairs,$500.

The balance of an account is the difference between the account's total debits and total credits.

Muddle Company performs a service for one of its customers and immediately collects the cash.This transaction will:

When a business purchases land with a note payable:

Two employees worked one week and were paid salaries of $2,500.The journal entry would:

When a company pays an amount it owes a creditor:

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

The normal balance of the Accounts Receivable account is a because it is a(n) account.