Question 1

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

Accepted Answer

A) True 
 B)False

Question 2

All of the following accounts are increased with a debit except:

Accepted Answer

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

Question 3

Prarie Clinic purchased X-ray equipment for $7,500, paid $2,250 down, with the remainder to be paid later. The correct entry would be

Accepted Answer

A)  Equipment 2,250 
Cash 2,250 
B)  Cash 2,250 
Accounts Payable 5,250
Equipment 7,500 
C)  Equipment Expense 7,500 
Accounts Payable 2,250
Cash 5,250 
D)  Equipment 7,500 
Accounts Payable 5,250
Cash 2,250 
A)  Equipment 2,250 
Cash 2,250 
B)  Cash 2,250 
Accounts Payable 5,250
Equipment 7,500 
C)  Equipment Expense 7,500 
Accounts Payable 2,250
Cash 5,250 
D)  Equipment 7,500 
Accounts Payable 5,250
Cash 2,250

Question 4

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 5

Debiting the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 6

Below is the unadjusted trial balance for Dawson Designs.
REQUIRED:
(1) Identify the errors in the following trial balance. All accounts have normal balances.
(2) Prepare a corrected trial balance.

Accepted Answer

(1)
a. The debit column is added incorre

Question 7

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

Accepted Answer

@#IMG-DLM&_TB2085_00_TB2085_00 While the

Question 8

The process of rewriting the information from the journal into the ledger is called

Accepted Answer

A)  sliding 
B)  transposing 
C)  journalizing 
D)  posting 
A)  sliding 
B)  transposing 
C)  journalizing 
D)  posting

Question 9

The double-entry accounting system records each transaction twice.

Accepted Answer

A) True 
 B)False

Question 10

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 11

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

Accepted Answer

A) True 
 B)False

Question 12

The journal includes both debit and credit accounts for each transaction.

Accepted Answer

A) True 
 B)False

Question 13

The erroneous arrangement of digits, such as writing $45 as $54, is called a slide.

Accepted Answer

A) True 
 B)False

Question 14

A chart of accounts is

Accepted Answer

A)  the same as a balance sheet 
B)  usually a listing of accounts in alphabetical order 
C)  usually a listing of accounts in financial statement order 
D)  used in place of a ledger 
A)  the same as a balance sheet 
B)  usually a listing of accounts in alphabetical order 
C)  usually a listing of accounts in financial statement order 
D)  used in place of a ledger

Question 15

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 16

Accounts are classified in the ledger

Accepted Answer

A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  so that accounts used most often are listed first 
A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  so that accounts used most often are listed first

Question 17

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 the side of the account that increases 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 the side of the account that increases the account.

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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 20

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

Accepted Answer

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

The process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

All of the following accounts are increased with a debit except:

Prarie Clinic purchased X-ray equipment for $7,500, paid $2,250 down, with the remainder to be paid later. The correct entry would be

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.

Debiting the cash account will increase the account.

Below is the unadjusted trial balance for Dawson Designs. REQUIRED: (1) Identify the errors in the following trial balance. All accounts have normal balances. (2) Prepare a corrected trial balance.

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

The process of rewriting the information from the journal into the ledger is called

The double-entry accounting system records each transaction twice.

Which of the following abbreviations is correct?

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

The journal includes both debit and credit accounts for each transaction.

The erroneous arrangement of digits, such as writing $45 as $54, is called a slide.

A chart of accounts is

Accounts are classified in the ledger

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

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

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.

In which of the following types of accounts are increases recorded 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 process of transferring the debits and credits from the journal entries to the accounts is known as "updating the accounts".

All of the following accounts are increased with a debit except:

Prarie Clinic purchased X-ray equipment for $7,500, paid $2,250 down, with the remainder to be paid later. The correct entry would be

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.

Debiting the cash account will increase the account.

Below is the unadjusted trial balance for Dawson Designs. REQUIRED: (1) Identify the errors in the following trial balance. All accounts have normal balances. (2) Prepare a corrected trial balance.

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

The process of rewriting the information from the journal into the ledger is called

The double-entry accounting system records each transaction twice.

Which of the following abbreviations is correct?

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

The journal includes both debit and credit accounts for each transaction.

The erroneous arrangement of digits, such as writing $45 as $54, is called a slide.

A chart of accounts is

Accounts are classified in the ledger

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

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

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.

In which of the following types of accounts are increases recorded 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