Question 1

A chart of accounts is

Accepted Answer

A) the same as a balance sheet 
B) usually a listing of accounts in alphabetical order 
C) usually a listing of accounts in financial statement order 
D) used in place of a ledger 
A) the same as a balance sheet 
B) usually a listing of accounts in alphabetical order 
C) usually a listing of accounts in financial statement order 
D) used in place of a ledger

Question 2

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a

Accepted Answer

A) credit to Accounts Receivable for $500 
B) credit to Accounts Receivable for $1,000 
C) credit to Accounts Payable for $500 
D) credit to Accounts Payable for $1,000 
A) credit to Accounts Receivable for $500 
B) credit to Accounts Receivable for $1,000 
C) credit to Accounts Payable for $500 
D) credit to Accounts Payable for $1,000

Question 3

On November 30,Damien Lawson is informed by his accountant 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,Damien Lawson is informed by...

Question 4

Expenses can result from

Accepted Answer

A) increasing owner's equity 
B) consuming services 
C) using up liabilities 
D) purchasing assets 
A) increasing owner's equity 
B) consuming services 
C) using up liabilities 
D) purchasing assets

Question 5

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance entered in wrong column or omitted

Accepted Answer

A) Trial balance preparation errors 
B) Account balance errors 
C) Posting errors 
A) Trial balance preparation errors 
B) Account balance errors 
C) Posting errors

Question 6

Which of the following is not true with a double-entry accounting system?

Accepted Answer

A) The accounting equation remains in balance. 
B) The sum of all debits is always equal to the sum of all credits in each journal entry. 
C) Each business transaction will have two debits. 
D) Every transaction affects at least two accounts. 
A) The accounting equation remains in balance. 
B) The sum of all debits is always equal to the sum of all credits in each journal entry. 
C) Each business transaction will have two debits. 
D) Every transaction affects at least two accounts.

Question 7

On November 10,JumpStart provides $2,900 in services to clients.At the time of service,the clients paid $600 in cash and put the balance on account.
(a)Journalize this event.​
(b)On November 20,JumpStart's clients paid an additional $900 on their accounts due.Journalize this event.​
(c)Calculate the accounts receivable balance on November 30.

Accepted Answer

The answer of On November 10,JumpStart provides $2,900 in services...

Question 8

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee.When Jamison receives cash from the employee for the amount of the overpayment,which of the following entries will Jamison make?

Accepted Answer

A) Cash, debit; Wages Expense, credit 
B) Wages Payable, debit; Wages Expense, credit 
C) Wages Expense, debit; Cash, credit 
D) Cash, debit; Wages Payable, credit 
A) Cash, debit; Wages Expense, credit 
B) Wages Payable, debit; Wages Expense, credit 
C) Wages Expense, debit; Cash, credit 
D) Cash, debit; Wages Payable, credit

Question 9

A credit to the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 10

Accounts payable are accounts that you expect will be paid to you.

Accepted Answer

A) True 
 B)False

Question 11

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Accepted Answer

The answer of On June 1,the cash account balance was...

Question 12

Which group of accounts is comprised of only assets?

Accepted Answer

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

Question 13

Prepaid expenses are an example of an expense.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following entries records the investment of cash by Taylor Thomas,owner of a proprietorship?

Accepted Answer

A) debit Taylor Thomas, Capital; credit Accounts Receivable 
B) debit Cash; credit Taylor Thomas, Capital 
C) debit Taylor Thomas, Drawing; credit Cash 
D) debit Cash; credit Taylor Thomas, Drawing 
A) debit Taylor Thomas, Capital; credit Accounts Receivable 
B) debit Cash; credit Taylor Thomas, Capital 
C) debit Taylor Thomas, Drawing; credit Cash 
D) debit Cash; credit Taylor Thomas, Drawing

Question 15

The balance of an account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Accepted Answer

A) True 
 B)False

A chart of accounts is

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a

On November 30,Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

Expenses can result from

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered in wrong column or omitted

Which of the following is not true with a double-entry accounting system?

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee.When Jamison receives cash from the employee for the amount of the overpayment,which of the following entries will Jamison make?

A credit to the cash account will increase the account.

Accounts payable are accounts that you expect will be paid to you.

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Which group of accounts is comprised of only assets?

Prepaid expenses are an example of an expense.

Which of the following entries records the investment of cash by Taylor Thomas,owner of a proprietorship?

The balance of an account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

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Exam 2: Analyzing Transactions

A chart of accounts is

The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500.The correcting entry would include a

On November 30,Damien Lawson is informed by his accountant that $550 of a transaction recording the purchase of office supplies was really office equipment.Prepare the journal entry to correct this situation.

Expenses can result from

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered in wrong column or omitted

Which of the following is not true with a double-entry accounting system?

An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee.When Jamison receives cash from the employee for the amount of the overpayment,which of the following entries will Jamison make?

A credit to the cash account will increase the account.

Accounts payable are accounts that you expect will be paid to you.

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Which group of accounts is comprised of only assets?

Prepaid expenses are an example of an expense.

Which of the following entries records the investment of cash by Taylor Thomas,owner of a proprietorship?

The balance of an account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters