Question 1

Which of the following stockholder equity accounts follow the same debit and credit rules as liabilities?

Accepted Answer

A) Capital Stock only 
B) Dividends only 
C) Retained Earnings and Capital Stock 
D) Retained Earnings,Capital Stock,and Dividends 
A) Capital Stock only 
B) Dividends only 
C) Retained Earnings and Capital Stock 
D) Retained Earnings,Capital Stock,and Dividends

Question 2

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

The answer of All nine transactions for Dalton Survey Company...

Question 3

An account is said to have a debit balance if

Accepted Answer

A) the amount of the debits exceeds the amount of the credits 
B) there are more entries on the debit side than on the credit side 
C) there are more entries on the credit side than on the debit side 
D) the first entry of the accounting period was posted on the debit side 
A) the amount of the debits exceeds the amount of the credits 
B) there are more entries on the debit side than on the credit side 
C) there are more entries on the credit side than on the debit side 
D) the first entry of the accounting period was posted on the debit side

Question 4

For a month's transactions for a typical medium-sized business,the accounts payable account is likely to have only credit entries.

Accepted Answer

A) True 
 B)False

Question 5

The normal balance of a capital stock account is a debit.

Accepted Answer

A) True 
 B)False

Question 6

Which side of the account increases a cash account?

Accepted Answer

A) credit 
B) neither a debit or a credit 
C) debit 
D) both a debit and a credit 
A) credit 
B) neither a debit or a credit 
C) debit 
D) both a debit and a credit

Question 7

Journal entries can have more than two accounts as long as the debits equal the credits.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following entries records the cash sale of capital stock to stockholders?

Accepted Answer

A) debit Capital Stock;credit Cash 
B) debit Cash;credit Capital Stock 
C) debit Cash;credit Revenue 
D) debit Revenue;credit Cash 
A) debit Capital Stock;credit Cash 
B) debit Cash;credit Capital Stock 
C) debit Cash;credit Revenue 
D) debit Revenue;credit Cash

Question 9

Accepted Answer

The answer of   
  ...

Question 10

To determine the balance in a prepaid expense account,subtract credits from debits.

Accepted Answer

A) True 
 B)False

Question 11

McMann Company has a condensed income statement as shown::
$\begin{array}{|l|l|l|}
\hline & \mathbf{2 0 1 4} & 2013 \
\hline \text { Sales } & \$ 150,000 & \$ 165,500 \
\hline \text { Total operating expenses } & 133,000 & 147,500 \
\hline \text { Net income } & 17,000 & 18,000 \
\hline
\end{array}$
Using horizontal analysis,calculate the amount and percent change for Sales.Round to one decimal place.

Accepted Answer

A) (17,000), (11.3%) 
B) (15,500), (10.3%) 
C) ($18,000), (10.9%) 
D) ($15,500), (9.4%) 
A) (17,000), (11.3%) 
B) (15,500), (10.3%) 
C) ($18,000), (10.9%) 
D) ($15,500), (9.4%)

Question 12

The double-entry accounting system records each transaction twice.

Accepted Answer

A) True 
 B)False

Question 13

A patient has a physical examination and asks the bookkeeper to mail the bill.The bookkeeper should

Accepted Answer

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

Question 14

Expense accounts are increased by credits.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

In which order are the accounts listed in the chart of accounts?

Accepted Answer

A) assets,expenses,liabilities,stockholders' equity,revenues 
B) stockholders' equity,assets,liabilities,revenues,expenses 
C) assets,liabilities,stockholders' equity,revenues,expenses 
D) assets,liabilities,revenues,expenses,stockholders' equity 
A) assets,expenses,liabilities,stockholders' equity,revenues 
B) stockholders' equity,assets,liabilities,revenues,expenses 
C) assets,liabilities,stockholders' equity,revenues,expenses 
D) assets,liabilities,revenues,expenses,stockholders' equity

Question 17

The right hand side of a T account is known as a debit and the left hand side is known as a credit.

Accepted Answer

A) True 
 B)False

Question 18

Assets are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 19

Consuming goods and services in the process of generating revenues results in expenses.

Accepted Answer

A) True 
 B)False

Question 20

On January 1,2011,Cary Parsons established Cary's Catering Service.Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions that occurred during the first month of operations.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

The answer of On January 1,2011,Cary Parsons established Cary's Catering...

Which of the following stockholder equity accounts follow the same debit and credit rules as liabilities?

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:

An account is said to have a debit balance if

For a month's transactions for a typical medium-sized business,the accounts payable account is likely to have only credit entries.

The normal balance of a capital stock account is a debit.

Which side of the account increases a cash account?

Journal entries can have more than two accounts as long as the debits equal the credits.

Which of the following entries records the cash sale of capital stock to stockholders?

To determine the balance in a prepaid expense account,subtract credits from debits.

McMann Company has a condensed income statement as shown:: 2013 Sales \ 150,000 \ 165,500 Total operating expenses 133,000 147,500 Net income 17,000 18,000 Using horizontal analysis,calculate the amount and percent change for Sales.Round to one decimal place.

The double-entry accounting system records each transaction twice.

A patient has a physical examination and asks the bookkeeper to mail the bill.The bookkeeper should

Expense accounts are increased by credits.

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

In which order are the accounts listed in the chart of accounts?

The right hand side of a T account is known as a debit and the left hand side is known as a credit.

Assets are increased with debits and decreased with credits.

Consuming goods and services in the process of generating revenues results in expenses.

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

Which of the following stockholder equity accounts follow the same debit and credit rules as liabilities?

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:

An account is said to have a debit balance if

For a month's transactions for a typical medium-sized business,the accounts payable account is likely to have only credit entries.

The normal balance of a capital stock account is a debit.

Which side of the account increases a cash account?

Journal entries can have more than two accounts as long as the debits equal the credits.

Which of the following entries records the cash sale of capital stock to stockholders?

To determine the balance in a prepaid expense account,subtract credits from debits.

McMann Company has a condensed income statement as shown:: 2013 Sales \ 150,000 \ 165,500 Total operating expenses 133,000 147,500 Net income 17,000 18,000 Using horizontal analysis,calculate the amount and percent change for Sales.Round to one decimal place.

The double-entry accounting system records each transaction twice.

A patient has a physical examination and asks the bookkeeper to mail the bill.The bookkeeper should

Expense accounts are increased by credits.

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

In which order are the accounts listed in the chart of accounts?

The right hand side of a T account is known as a debit and the left hand side is known as a credit.

Assets are increased with debits and decreased with credits.

Consuming goods and services in the process of generating revenues results in expenses.

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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