Question 1

Liability accounts are increased by debits.

Accepted Answer

A) True 
 B)False

Question 2

The cash account will always be debited

Accepted Answer

A) True 
 B)False

Question 3

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

Accepted Answer

The answer of Selected accounts from the ledger of Garrison...

Question 4

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Accepted Answer

A) True 
 B)False

Question 5

Organize the following accounts into the usual sequence of a chart of accounts.
Miscellaneous Expense
Accounts Payable
Retained Earnings
Accounts Receivable
Cash
Capital Stock
Fees Earned
Prepaid Rent
Salaries Expense
Unearned Revenue
Dividends

Accepted Answer

Cash
Accounts Receivable
Prepa

Question 6

Calculate the following:

Accepted Answer

The answer of Calculate the following:
  ...

Question 7

Which of the following accounts increase with a credit?

Accepted Answer

A)  capital stock, revenues, expenses 
B)  assets, capital stock, revenues 
C)  liabilities, capital stock, revenues 
D)  retained earnings, capital stock, assets 
A)  capital stock, revenues, expenses 
B)  assets, capital stock, revenues 
C)  liabilities, capital stock, revenues 
D)  retained earnings, capital stock, assets

Question 8

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

Accepted Answer

A)  all of the information from the journal was correctly transferred to the ledger 
B)  all accounts have their correct balances in the ledger 
C)  only the journal is accurate; the ledger may be incorrect 
D)  only that the debit dollar amounts equal the credit dollar amounts 
A)  all of the information from the journal was correctly transferred to the ledger 
B)  all accounts have their correct balances in the ledger 
C)  only the journal is accurate; the ledger may be incorrect 
D)  only that the debit dollar amounts equal the credit dollar amounts

Question 9

A list of the accounts is called

Accepted Answer

A)  ledger 
B)  chart of accounts 
C)  T account 
D)  debit 
A)  ledger 
B)  chart of accounts 
C)  T account 
D)  debit

Question 10

Revenue accounts are increased by credits.

Accepted Answer

A) True 
 B)False

Question 11

Accepted Answer

The answer of    ...

Question 12

When a company issues new shares of stock, the capital stock account increases due to revenue being earned.

Accepted Answer

A) True 
 B)False

Question 13

Assets are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 14

Accounts

Accepted Answer

A)  do not reflect money amounts 
B)  are not used by entities that manufacture products 
C)  are records of increases and decreases in individual financial statement items 
D)  are only used by large entities with many transactions 
A)  do not reflect money amounts 
B)  are not used by entities that manufacture products 
C)  are records of increases and decreases in individual financial statement items 
D)  are only used by large entities with many transactions

Question 15

Which of the following is not a short-cut 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 amount and change any account to make the trial balance correct. 
C)  Determine the difference between debits and credits, divide the amount by 2, look for the amount. 
D)  Determine the difference between debits and credits, divide the amount by 9, 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 amount and change any account to make the trial balance correct. 
C)  Determine the difference between debits and credits, divide the amount by 2, look for the amount. 
D)  Determine the difference between debits and credits, divide the amount by 9, if it divides evenly, look for a transposition or slide error.

Question 16

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 $630 of supplies were on hand as of March 31. Determine the supplies expense for March and show your calculation.

Accepted Answer

1. $53,200 = $45,750 + Cash re

Question 17

Which of the following accounts is a stockholders' equity account?

Accepted Answer

A)  Cash 
B)  Accounts Payable 
C)  Prepaid Insurance 
D)  Dividends 
A)  Cash 
B)  Accounts Payable 
C)  Prepaid Insurance 
D)  Dividends

Question 18

The payment for the monthly rent will require which of the following entries?

Accepted Answer

A)  debit Cash and debit Rent Expense 
B)  credit Cash and credit Rent Expense 
C)  debit Rent Expense and credit Cash 
D)  credit Rent Expense and debit Cash 
A)  debit Cash and debit Rent Expense 
B)  credit Cash and credit Rent Expense 
C)  debit Rent Expense and credit Cash 
D)  credit Rent Expense and debit Cash

Question 19

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled was $375,880. Determine the cash balance on January 1.

Accepted Answer

@#LAT-DLM& + $305,000 - $375,8

Question 20

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Accepted Answer

A) True 
 B)False

Exam 2: Analyzing Transactions

Liability accounts are increased by debits.

The cash account will always be debited

Selected accounts from the ledger of Garrison Company appear below. For each account, indicate the following:

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Organize the following accounts into the usual sequence of a chart of accounts. Miscellaneous Expense Accounts Payable Retained Earnings Accounts Receivable Cash Capital Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

Calculate the following:

Which of the following accounts increase with a credit?

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means

A list of the accounts is called

Revenue accounts are increased by credits.

When a company issues new shares of stock, the capital stock account increases due to revenue being earned.

Assets are increased with debits and decreased with credits.

Accounts

Which of the following is not a short-cut in finding errors on the trial balance?

Which of the following accounts is a stockholders' equity account?

The payment for the monthly rent will require which of the following entries?

On January 31, the cash account balance was $96,750. During January, cash receipts totaled $305,000 and cash payments totaled was $375,880. Determine the cash balance on January 1.

Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Cost Management for Just-In-Time Environments

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