Question 1

Of the following,which will determine if the accounting equation is in balance?

Accepted Answer

A) journal entry 
B) income statement 
C) trial balance 
D) account reconciliation 
A) journal entry 
B) income statement 
C) trial balance 
D) account reconciliation

Question 2

Which of the following statements is not true about liabilities?

Accepted Answer

A) Liabilities are debts owed to outsiders. 
B) Account titles of liabilities often include the term "payable." 
C) Receiving cash before a service is performed creates a liability. 
D) Liabilities do not include wages owed to employees of the company. 
A) Liabilities are debts owed to outsiders. 
B) Account titles of liabilities often include the term "payable." 
C) Receiving cash before a service is performed creates a liability. 
D) Liabilities do not include wages owed to employees of the company.

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

The process of transferring the data from the journal to the ledger accounts is posting.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

The T account got its name because it resembles the letter "T."

Accepted Answer

A) True 
 B)False

Question 7

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 8

$\begin{array}{|c|c|c|c|c|}
\hline \text { March } & 6 & \text { Casih } && 2,500 & \
\hline & & \text { UnearnedFees } & && 2,500 \
\hline & & \text { ????????????} & & \
\hline
\end{array}$
What is the best explanation for this journal entry?

Accepted Answer

A) Received cash for services performed. 
B) Received cash for services to be performed in the future. 
C) Paid cash in advance for services to be done. 
D) Paid cash for services to be performed. 
A) Received cash for services performed. 
B) Received cash for services to be performed in the future. 
C) Paid cash in advance for services to be done. 
D) Paid cash for services to be performed.

Question 9

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

Accepted Answer

@#IMG-DLM& The trend in sales revenue is unfavorab

Question 10

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30,2014.

Accepted Answer

The answer of Prepare a trial balance,listing the following accounts...

Question 11

Which of the following accounts are debited to record increase in balances?

Accepted Answer

A) assets and liabilities 
B) dividends and liabilities 
C) expenses and liabilities 
D) assets and expenses 
A) assets and liabilities 
B) dividends and liabilities 
C) expenses and liabilities 
D) assets and expenses

Question 12

The process of transferring the debits and credits from the journal entries to the ledger accounts is called

Accepted Answer

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

Question 13

A group of related accounts that make up a complete unit is called a trial balance.

Accepted Answer

A) True 
 B)False

Question 14

The accounts payable account is listed in the chart of accounts as an asset.

Accepted Answer

A) True 
 B)False

Question 15

The chart of accounts for the Corning Corporation includes the following:
 
On journal page 3,the following transaction was found:
$\begin{array}{|c|l|l|}
\hline \text { Prepaid Insurance } & 1,530 & \
\hline \text { Cash } & & 1,530 \
\hline
\end{array}$
What are the posting references that will be found in the journal entry?

Accepted Answer

A) 15 and 11,respectively 
B) 11 and 15,respectively 
C) 11 and 55,respectively 
D) 3 only 
A) 15 and 11,respectively 
B) 11 and 15,respectively 
C) 11 and 55,respectively 
D) 3 only

Question 16

Which of the following abbreviations are 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 17

The post reference notation used in the ledger is the account number.

Accepted Answer

A) True 
 B)False

Question 18

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

Accepted Answer

A) True 
 B)False

Question 19

For each of the following errors,considered individually,indicate whether the error would cause the trial balance totals to be unequal.If the error would cause the trial balance totals to be unequal,indicate whether the debit or credit total is higher and by how much.

Accepted Answer

The answer of For each of the following errors,considered individually,indicate...

Question 20

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

Of the following,which will determine if the accounting equation is in balance?

Which of the following statements is not true about liabilities?

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

The process of transferring the data from the journal to the ledger accounts is posting.

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

The T account got its name because it resembles the letter "T."

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

March 6 Casih 2,500 UnearnedFees 2,500 ???????????? What is the best explanation for this journal entry?

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

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30,2014.

Which of the following accounts are debited to record increase in balances?

The process of transferring the debits and credits from the journal entries to the ledger accounts is called

A group of related accounts that make up a complete unit is called a trial balance.

The accounts payable account is listed in the chart of accounts as an asset.

Which of the following abbreviations are correct?

The post reference notation used in the ledger is the account number.

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

For each of the following errors,considered individually,indicate whether the error would cause the trial balance totals to be unequal.If the error would cause the trial balance totals to be unequal,indicate whether the debit or credit total is higher and by how much.

A list of the accounts is called

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

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Exam 2: Analyzing Transactions

Of the following,which will determine if the accounting equation is in balance?

Which of the following statements is not true about liabilities?

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

The process of transferring the data from the journal to the ledger accounts is posting.

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

The T account got its name because it resembles the letter "T."

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

March 6 Casih 2,500 UnearnedFees 2,500 ???????????? What is the best explanation for this journal entry?

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

Prepare a trial balance,listing the following accounts in proper sequence.The accounts (all normal balances)were taken from the ledger of Sophie Designs Co.on April 30,2014.

Which of the following accounts are debited to record increase in balances?

The process of transferring the debits and credits from the journal entries to the ledger accounts is called

A group of related accounts that make up a complete unit is called a trial balance.

The accounts payable account is listed in the chart of accounts as an asset.

The chart of accounts for the Corning Corporation includes the following: On journal page 3,the following transaction was found: Prepaid Insurance 1,530 Cash 1,530 What are the posting references that will be found in the journal entry?

Which of the following abbreviations are correct?

The post reference notation used in the ledger is the account number.

If the trial balance is in balance,it can be assumed that all journal entries were posted correctly and no errors were made.

For each of the following errors,considered individually,indicate whether the error would cause the trial balance totals to be unequal.If the error would cause the trial balance totals to be unequal,indicate whether the debit or credit total is higher and by how much.

A list of the accounts is called

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

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