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

Office supplies purchased by Janer's Cleaning Service on account were returned.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 3

For a month's transactions for a typical medium-sized business,the salary expense account is likely to have only credit entries.

Accepted Answer

A) True 
 B)False

Question 4

When a business receives a bill from the utility company,no entry should be made until the invoice is paid.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following groups of accounts have a normal debit balance?

Accepted Answer

A) revenues, liabilities, and capital 
B) capital and assets 
C) liabilities and capital 
D) assets and expenses 
A) revenues, liabilities, and capital 
B) capital and assets 
C) liabilities and capital 
D) assets and expenses

Question 6

The erroneous moving of an entire number one or more spaces to the right or left,such as writing $85 as $850,is called a transposition.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following abbreviations is correct?

Accepted Answer

A) Debit, "Dr"; Credit, "Cd" 
B) Debit, "Db"; Credit, "Cr" 
C) Debit, "Db"; Credit, "Cd" 
D) Debit, "Dr"; Credit, "Cr" 
A) Debit, "Dr"; Credit, "Cd" 
B) Debit, "Db"; Credit, "Cr" 
C) Debit, "Db"; Credit, "Cd" 
D) Debit, "Dr"; Credit, "Cr"

Question 8

On January 8,Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

Accepted Answer

​ @#IMG-DLM& While Damien may have paid

Question 9

Match each of the following accounts with its proper account group from the groups listed below.
​
-Patents

Accepted Answer

A) Assets 
B) Liabilities 
C) Owner's Equity 
D) Revenue 
E) Expenses 
A) Assets 
B) Liabilities 
C) Owner's Equity 
D) Revenue 
E) Expenses

Question 10

An account is said to have a debit balance if

Accepted Answer

A) the amount of the debits exceeds the amount of the credits 
B) there are more entries on the debit side than on the credit side 
C) there are more entries on the credit side than on the debit side 
D) the first entry of the accounting period was posted on the debit side 
A) the amount of the debits exceeds the amount of the credits 
B) there are more entries on the debit side than on the credit side 
C) there are more entries on the credit side than on the debit side 
D) the first entry of the accounting period was posted on the debit side

Question 11

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.
-Interest Earned

Accepted Answer

A) Credit side 
B) Debit side 
A) Credit side 
B) Debit side

Question 12

Revenues are equal to the difference between cash receipts and cash payments.

Accepted Answer

A) True 
 B)False

Question 13

The classification and normal balance of the drawing account are

Accepted Answer

A) expense, credit balance 
B) expense, debit balance 
C) liability, credit balance 
D) owner's equity, debit balance 
A) expense, credit balance 
B) expense, debit balance 
C) liability, credit balance 
D) owner's equity, debit balance

Question 14

Accounts are records of increases and decreases in individual financial statement items.

Accepted Answer

A) True 
 B)False

Question 15

A debit may signify a (n)

Accepted Answer

A) decrease in asset accounts 
B) decrease in liability accounts 
C) increase in the capital account 
D) decrease in the drawing account 
A) decrease in asset accounts 
B) decrease in liability accounts 
C) increase in the capital account 
D) decrease in the drawing account

Question 16

Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.

Accepted Answer

A) True 
 B)False

Question 17

The following two situations are independent of each other.​
1.On June 1,the cash account balance was $45,750.During June,cash payments totaled $243,910,and the June 30 balance was $53,200.Determine the cash receipts during June and show your calculation.​
2.On March 1,the supplies account balance was $1,800.During March,supplies of $2,450 were purchased,and supplies of $630 were on hand as of March 31.Determine the supplies expense for March and show your calculation.

Accepted Answer

The answer of The following two situations are independent of...

Question 18

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account.
-Accounts Payable

Accepted Answer

A) Credit side 
B) Debit side 
A) Credit side 
B) Debit side

Question 19

The process of transferring data from the journal to the ledger accounts is called posting.

Accepted Answer

A) True 
 B)False

Question 20

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Debit or credit posting 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

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

Office supplies purchased by Janer's Cleaning Service on account were returned.Which of the following entries for Janer's Cleaning Service records this transaction?

For a month's transactions for a typical medium-sized business,the salary expense account is likely to have only credit entries.

When a business receives a bill from the utility company,no entry should be made until the invoice is paid.

Which of the following groups of accounts have a normal debit balance?

The erroneous moving of an entire number one or more spaces to the right or left,such as writing $85 as $850,is called a transposition.

Which of the following abbreviations is correct?

On January 8,Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

Match each of the following accounts with its proper account group from the groups listed below. -Patents

An account is said to have a debit balance if

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Interest Earned

Revenues are equal to the difference between cash receipts and cash payments.

The classification and normal balance of the drawing account are

Accounts are records of increases and decreases in individual financial statement items.

A debit may signify a (n)

Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Accounts Payable

The process of transferring data from the journal to the ledger accounts is called posting.

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Debit or credit posting omitted

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

Exam 2: Analyzing Transactions

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

Office supplies purchased by Janer's Cleaning Service on account were returned.Which of the following entries for Janer's Cleaning Service records this transaction?

For a month's transactions for a typical medium-sized business,the salary expense account is likely to have only credit entries.

When a business receives a bill from the utility company,no entry should be made until the invoice is paid.

Which of the following groups of accounts have a normal debit balance?

The erroneous moving of an entire number one or more spaces to the right or left,such as writing $85 as $850,is called a transposition.

Which of the following abbreviations is correct?

On January 8,Damien Lawson transfers ownership of several pieces of office equipment to his new business,JumpStart.When new,these items were worth $72,500.The fair market value of the equipment is $60,000.Journalize this transfer.

Match each of the following accounts with its proper account group from the groups listed below. ​ -Patents

An account is said to have a debit balance if

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Interest Earned

Revenues are equal to the difference between cash receipts and cash payments.

The classification and normal balance of the drawing account are

Accounts are records of increases and decreases in individual financial statement items.

A debit may signify a (n)

Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.

For each of the following accounts, indicate whether its normal balance is on the credit side or the debit side of the T account. -Accounts Payable

The process of transferring data from the journal to the ledger accounts is called posting.

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Debit or credit posting omitted

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

Match each of the following accounts with its proper account group from the groups listed below. -Patents