Question 1

Which of the following is true regarding normal balances of accounts?

Accepted Answer

A) All accounts have a normal debit balance. 
B) The normal balance of all accounts will have either a positive or negative balance. 
C) Accounts that have a normal debit balance will only have debit entries, never credit entries. 
D) The normal balance is on the increase side of the account. 
A) All accounts have a normal debit balance. 
B) The normal balance of all accounts will have either a positive or negative balance. 
C) Accounts that have a normal debit balance will only have debit entries, never credit entries. 
D) The normal balance is on the increase side of the account.

Question 2

The balance of an account is determined by

Accepted Answer

A) adding all of the debits to all of the credits 
B) always subtracting the debits from the credits 
C) always subtracting the credits from the debits 
D) adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum 
A) adding all of the debits to all of the credits 
B) always subtracting the debits from the credits 
C) always subtracting the credits from the debits 
D) adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum

Question 3

Assets are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 4

In which of the following types of accounts are decreases recorded by credits?

Accepted Answer

A) liabilities 
B) owner's equity 
C) assets 
D) revenues 
A) liabilities 
B) owner's equity 
C) assets 
D) revenues

Question 5

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts:​   ​ 
  ​ 
  
​   ​ 
  Indicate the following for each debit and credit:​ 
  Present your answers in the following form:

Accepted Answer

The answer of All nine transactions for Dalton Survey Company...

Question 6

A debit signifies a decrease in

Accepted Answer

A) assets 
B) expenses 
C) drawing 
D) revenues 
A) assets 
B) expenses 
C) drawing 
D) revenues

Question 7

On January 1,Merry Walker established a catering service.Listed below are accounts to use for transactions 
(a)through 
(f),each identified by a number.Following this list are the transactions that occurred in Walker's first month of operations.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number
(s)in the appropriate box.​

Accepted Answer

The answer of On January 1,Merry Walker established a catering...

Question 8

On January 1,Merry Walker established a catering service.Listed below are accounts to use for transactions 
(a)through 
(e),each identified by a number.Following this list are the transactions that occurred in Walker's first month of operation.You are to indicate for each transaction the accounts that should be debited and credited by placing the account number
(s)in the appropriate box.​

Accepted Answer

The answer of On January 1,Merry Walker established a catering...

Question 9

Journal entries can have more than two accounts as long as the debits equal the credits.

Accepted Answer

A) True 
 B)False

Question 10

That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n)

Accepted Answer

A) chart of accounts 
B) trial balance 
C) income statement 
D) balance sheet 
A) chart of accounts 
B) trial balance 
C) income statement 
D) balance sheet

Question 11

Which of the following entries records the payment of an account payable?

Accepted Answer

A) debit Cash; credit Accounts Payable 
B) debit Accounts Receivable; credit Cash 
C) debit Cash; credit Supplies Expense 
D) debit Accounts Payable; credit Cash 
A) debit Cash; credit Accounts Payable 
B) debit Accounts Receivable; credit Cash 
C) debit Cash; credit Supplies Expense 
D) debit Accounts Payable; credit Cash

Question 12

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing and therefore should be equal.

Accepted Answer

A) True 
 B)False

Question 13

The normal balance of a capital account is a debit.

Accepted Answer

A) True 
 B)False

Question 14

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

Accepted Answer

The answer of Record the following selected transactions for April...

Question 15

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

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 16

Which of the following entries records the payment of a bill for your insurance premium?

Accepted Answer

A) debit Prepaid Insurance; credit Cash 
B) debit Insurance Payable; credit Accounts Receivable 
C) debit Accounts Payable; credit Cash 
D) debit Cash; credit Prepaid Insurance 
A) debit Prepaid Insurance; credit Cash 
B) debit Insurance Payable; credit Accounts Receivable 
C) debit Accounts Payable; credit Cash 
D) debit Cash; credit Prepaid Insurance

Question 17

Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entries for Janer's Cleaning Service records this transaction?

Accepted Answer

A) Cash, debit; Debbi Janer, Capital, credit 
B) Accounts Payable, debit; Cash, credit 
C) Accounts Receivable, debit; Cash, credit 
D) Accounts Payable, debit; Accounts Receivable, credit 
A) Cash, debit; Debbi Janer, Capital, credit 
B) Accounts Payable, debit; Cash, credit 
C) Accounts Receivable, debit; Cash, credit 
D) Accounts Payable, debit; Accounts Receivable, credit

Question 18

Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.

Accepted Answer

A) True 
 B)False

Question 19

The __________ is where a transaction can first be found in the accounting records.

Accepted Answer

A) chart of accounts 
B) income statement 
C) balance sheet 
D) journal 
A) chart of accounts 
B) income statement 
C) balance sheet 
D) journal

Question 20

The debit side of an account

Accepted Answer

A) depends on whether the account is an asset, liability, or owner's equity 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account 
A) depends on whether the account is an asset, liability, or owner's equity 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account

Which of the following is true regarding normal balances of accounts?

The balance of an account is determined by

Assets are increased with debits and decreased with credits.

In which of the following types of accounts are decreases recorded by credits?

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts: Indicate the following for each debit and credit: Present your answers in the following form:

A debit signifies a decrease in

Journal entries can have more than two accounts as long as the debits equal the credits.

That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n)

Which of the following entries records the payment of an account payable?

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing and therefore should be equal.

The normal balance of a capital account is a debit.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

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

Which of the following entries records the payment of a bill for your insurance premium?

Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entries for Janer's Cleaning Service records this transaction?

Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.

The __________ is where a transaction can first be found in the accounting records.

The debit side of an account

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

Which of the following is true regarding normal balances of accounts?

The balance of an account is determined by

Assets are increased with debits and decreased with credits.

In which of the following types of accounts are decreases recorded by credits?

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts:​ ​ ​ ​ ​ Indicate the following for each debit and credit:​ Present your answers in the following form:

A debit signifies a decrease in

Journal entries can have more than two accounts as long as the debits equal the credits.

That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n)

Which of the following entries records the payment of an account payable?

The totals at the bottom of the trial balance and the totals at the bottom of the balance sheet both show equality and balancing and therefore should be equal.

The normal balance of a capital account is a debit.

Record the following selected transactions for April in a two-column journal,identifying each entry by letter:

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

Which of the following entries records the payment of a bill for your insurance premium?

Cash was paid by Janer's Cleaning Service to creditors on account.Which of the following entries for Janer's Cleaning Service records this transaction?

Withdrawals decrease owner's equity and are listed on the income statement as a deduction from revenue.

The __________ is where a transaction can first be found in the accounting records.

The debit side of an account

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

All nine transactions for Dalton Survey Company for September,the first month of operations,are recorded in the following T accounts: Indicate the following for each debit and credit: Present your answers in the following form:

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