Question 1

Match each of the following accounts with its proper account group from the groups listed below.
​
-Chris Clark,Drawing

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 2

The recording of cash payments from the cash account is done by entering the amount as a credit.

Accepted Answer

A) True 
 B)False

Question 3

The double-entry accounting system records each transaction twice.

Accepted Answer

A) True 
 B)False

Question 4

Liability accounts are increased by debits.

Accepted Answer

A) True 
 B)False

Question 5

The chart of accounts should be the same for each business.

Accepted Answer

A) True 
 B)False

Question 6

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Accepted Answer

The answer of On October 30,Damien Lawson withdraws $3,330 from...

Question 7

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance incorrectly computed

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 8

A trial balance determines the accuracy of the numbers.

Accepted Answer

A) True 
 B)False

Question 9

The posting reference notation used in the journal is the page number.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is not a useful step in finding errors on the trial balance?

Accepted Answer

A) Determine the difference between debits and credits and look for the amount. 
B) Determine the difference between debits and credits and change any account to make the trial balance correct. 
C) Determine the difference between debits and credits, divide the amount by 2, and look for the amount. 
D) Determine the difference between debits and credits, divide the amount by 9, and if it divides evenly, look for a transposition or slide error. 
A) Determine the difference between debits and credits and look for the amount. 
B) Determine the difference between debits and credits and change any account to make the trial balance correct. 
C) Determine the difference between debits and credits, divide the amount by 2, and look for the amount. 
D) Determine the difference between debits and credits, divide the amount by 9, and if it divides evenly, look for a transposition or slide error.

Question 11

Which statement (s)concerning cash is
(are)true?

Accepted Answer

A) Cash will always have more debits than credits. 
B) Cash will never have a credit balance. 
C) Cash is increased by debiting. 
D) All of these choices. 
A) Cash will always have more debits than credits. 
B) Cash will never have a credit balance. 
C) Cash is increased by debiting. 
D) All of these choices.

Question 12

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Column incorrectly added

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 13

On January 12,JumpStart purchased $870 in office supplies.​
(a)Journalize this transaction as if JumpStart paid cash.​
(b)Journalize this transaction as if JumpStart placed it on account.​
(c)On January 18,JumpStart pays the amount due.Journalize this event.

Accepted Answer

The answer of On January 12,JumpStart purchased $870 in office...

Question 14

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

Accepted Answer

A) no entry until the cash is received 
B) Fees Earned, debit; Accounts Receivable, credit 
C) Cash, debit; Fees Earned, credit 
D) Accounts Receivable, debit; Fees Earned, credit 
A) no entry until the cash is received 
B) Fees Earned, debit; Accounts Receivable, credit 
C) Cash, debit; Fees Earned, credit 
D) Accounts Receivable, debit; Fees Earned, credit

Question 15

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Amount incorrectly entered on trial balance

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 16

All of the following accounts are increased with a debit except

Accepted Answer

A) Unearned Revenue 
B) Land 
C) Accounts Receivable 
D) Cash 
A) Unearned Revenue 
B) Land 
C) Accounts Receivable 
D) Cash

Question 17

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance entered on wrong side of account

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 18

A debit balance in which of the following accounts would likely indicate an error?

Accepted Answer

A) Salaries Expense 
B) Notes Payable 
C) Edgar Martin, Drawing 
D) Supplies 
A) Salaries Expense 
B) Notes Payable 
C) Edgar Martin, Drawing 
D) Supplies

Question 19

Journal entries include both debit and credit accounts for each transaction.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following groups of accounts increases with a credit?

Accepted Answer

A) capital, revenues, expenses 
B) assets, capital, revenues 
C) liabilities, capital, revenues 
D) None of these choices 
A) capital, revenues, expenses 
B) assets, capital, revenues 
C) liabilities, capital, revenues 
D) None of these choices

Match each of the following accounts with its proper account group from the groups listed below. -Chris Clark,Drawing

The recording of cash payments from the cash account is done by entering the amount as a credit.

The double-entry accounting system records each transaction twice.

Liability accounts are increased by debits.

The chart of accounts should be the same for each business.

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance incorrectly computed

A trial balance determines the accuracy of the numbers.

The posting reference notation used in the journal is the page number.

Which of the following is not a useful step in finding errors on the trial balance?

Which statement (s)concerning cash is (are)true?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Column incorrectly added

On January 12,JumpStart purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)Journalize this transaction as if JumpStart placed it on account. (c)On January 18,JumpStart pays the amount due.Journalize this event.

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Amount incorrectly entered on trial balance

All of the following accounts are increased with a debit except

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered on wrong side of account

A debit balance in which of the following accounts would likely indicate an error?

Journal entries include both debit and credit accounts for each transaction.

Which of the following groups of accounts increases with a credit?

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

Match each of the following accounts with its proper account group from the groups listed below. ​ -Chris Clark,Drawing

The recording of cash payments from the cash account is done by entering the amount as a credit.

The double-entry accounting system records each transaction twice.

Liability accounts are increased by debits.

The chart of accounts should be the same for each business.

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance incorrectly computed

A trial balance determines the accuracy of the numbers.

The posting reference notation used in the journal is the page number.

Which of the following is not a useful step in finding errors on the trial balance?

Which statement (s)concerning cash is (are)true?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Column incorrectly added

On January 12,JumpStart purchased $870 in office supplies.​ (a)Journalize this transaction as if JumpStart paid cash.​ (b)Journalize this transaction as if JumpStart placed it on account.​ (c)On January 18,JumpStart pays the amount due.Journalize this event.

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Amount incorrectly entered on trial balance

All of the following accounts are increased with a debit except

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered on wrong side of account

A debit balance in which of the following accounts would likely indicate an error?

Journal entries include both debit and credit accounts for each transaction.

Which of the following groups of accounts increases with a credit?

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. -Chris Clark,Drawing

On January 12,JumpStart purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)Journalize this transaction as if JumpStart placed it on account. (c)On January 18,JumpStart pays the amount due.Journalize this event.