Question 1

The Drawings account is an example of an expense.

Accepted Answer

A) True 
 B)False

Question 2

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 3

Georgia Company has a condensed income statement as shown::
   REQUIRED:
Prepare a horizontal analysis of Georgia Company's income statements. Comment on the trends, both favorable and unfavorable.

Accepted Answer

@#IMG-DLM&_TB2085_00_TB2085_00 The trend in sales

Question 4

In accordance with the debit and credit rules, which of the following is true?

Accepted Answer

A)  Debits increase assets. 
B)  Credits increase assets. 
C)  Debits increase both assets and capital. 
D)  Credits increase both assets and liabilities. 
A)  Debits increase assets. 
B)  Credits increase assets. 
C)  Debits increase both assets and capital. 
D)  Credits increase both assets and liabilities.

Question 5

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 6

Journalize the entries to correct the following errors:

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 7

The ____ is where a transaction can first be found on 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 8

On January 1, 2010, Cary Parsons 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 Parsons' 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

@#IMG-DLM&_TB2085_00

Question 9

An account has three parts to it; a title, an increase side, and a decrease side.

Accepted Answer

A) True 
 B)False

Question 10

Expenses use up assets or consume services in the process of generating revenues.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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 each credit:
   Present your answers in the following form:

Accepted Answer

@#IMG-DLM&_TB2085_00

Question 13

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 14

Which of the following types of accounts have a normal credit balance?

Accepted Answer

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

Question 15

Expenses can result from:

Accepted Answer

A)  increasing owner's equity. 
B)  consuming services. 
C)  using up liabilities. 
D)  all are true. 
A)  increasing owner's equity. 
B)  consuming services. 
C)  using up liabilities. 
D)  all are true.

Question 16

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Accepted Answer

A) True 
 B)False

Question 17

Unearned Revenues account is an example of a liability.

Accepted Answer

A) True 
 B)False

Question 18

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 19

The chart of account for the Corning Company includes some of the following accounts: $\begin{array}{|l|l|}
\hline \text { Account Name } & \text { Account Number } \
\hline \text { Cash } & 11 \
\hline \text { Accounts Receivable } & 13 \
\hline \text { Prepaid Insurance } & 15 \
\hline \text { Accounts Payable } & 21 \
\hline \text { Unamed Revenue } & 24 \
\hline \text { Corning, Capital } & 31 \
\hline \text { Corning, Drawing } & 32 \
\hline \text { Fees Earned } & 41 \
\hline \text { Salaries Expense } & 54 \
\hline \text { Rent Expense } & 56 \
\hline & \
\end{array}$ On the journal page 3, the following transaction was found:
$\begin{array} { | l | l | l | } 
\hline \text { Prepaid Insuranse } & 1,530 & \
\hline \text { Cash } & & 1,530 \
\hline & &
\end{array}$ What is the post reference that will be found on the Prepaid Insurance account?

Accepted Answer

A)  11 
B)  15 
C)  3 
D)  None 
A)  11 
B)  15 
C)  3 
D)  None

Question 20

Revenue accounts are increased by credits.

Accepted Answer

A) True 
 B)False

The Drawings account is an example of an expense.

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

Georgia Company has a condensed income statement as shown:: REQUIRED: Prepare a horizontal analysis of Georgia Company's income statements. Comment on the trends, both favorable and unfavorable.

In accordance with the debit and credit rules, which of the following is true?

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

Journalize the entries to correct the following errors:

The ____ is where a transaction can first be found on the accounting records.

An account has three parts to it; a title, an increase side, and a decrease side.

Expenses use up assets or consume services in the process of generating revenues.

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

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 each credit: Present your answers in the following form:

A list of the accounts is called

Which of the following types of accounts have a normal credit balance?

Expenses can result from:

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Unearned Revenues account is an example of a liability.

A debit signifies a decrease in

Revenue accounts are increased by credits.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

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 Drawings account is an example of an expense.

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

Georgia Company has a condensed income statement as shown:: REQUIRED: Prepare a horizontal analysis of Georgia Company's income statements. Comment on the trends, both favorable and unfavorable.

In accordance with the debit and credit rules, which of the following is true?

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

Journalize the entries to correct the following errors:

The ____ is where a transaction can first be found on the accounting records.

An account has three parts to it; a title, an increase side, and a decrease side.

Expenses use up assets or consume services in the process of generating revenues.

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

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 each credit: Present your answers in the following form:

A list of the accounts is called

Which of the following types of accounts have a normal credit balance?

Expenses can result from:

The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

Unearned Revenues account is an example of a liability.

A debit signifies a decrease in

Revenue accounts are increased by credits.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

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