Question 1

Which of the following entries records the collection of cash from cash customers?

Accepted Answer

A) Fees Earned,debit;Cash,credit 
B) Fees Earned,debit;Accounts Receivable,credit 
C) Cash,debit;Fees Earned,credit 
D) Accounts Receivable,debit;Fees Earned,credit 
A) Fees Earned,debit;Cash,credit 
B) Fees Earned,debit;Accounts Receivable,credit 
C) Cash,debit;Fees Earned,credit 
D) Accounts Receivable,debit;Fees Earned,credit

Question 2

The accounts in the ledger of Monroe Entertainment Co.are listed below.All accounts have normal balances.
$\begin{array}{llll}
\text { AccountsPayable } & 1,500 & \text { Fees Earned } & 3,600 \
\text { AccountsReceivable } & 1,800 & \text { Insurance Expense } & 1,300 \
\text { Prepaid Instrance } & 2,000 & \text { Land } & 3,000 \
\text { Casih } & 3,200 & \text { WagesExpense } & 1,400 \
\text { CapitalStock } & 2,500 & \text { Retained Earnings } & 6,300 \
\text { Dividends } & 1,200 & &
\end{array}$
Prepare a trial balance.The total of the debits is

Accepted Answer

A) $13,900 
B) $11,200 
C) $12,700 
D) $ 9,700 
A) $13,900 
B) $11,200 
C) $12,700 
D) $ 9,700

Question 3

Randomly listed below are the steps for preparing a trial balance:
 
What is the proper order of these steps?

Accepted Answer

A) (3), (2), (4), (1) 
B) (2), (3), (4), (1) 
C) (3), (2), (1), (4) 
D) (4), (3), (2), (1) 
A) (3), (2), (4), (1) 
B) (2), (3), (4), (1) 
C) (3), (2), (1), (4) 
D) (4), (3), (2), (1)

Question 4

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Accepted Answer

A) True 
 B)False

Question 5

Office supplies were sold by Ari's Alarm Service at cost to another repair shop,with cash received.Which of the following entries for Ari's Alarm Service records this transaction?

Accepted Answer

A) Office Supplies,debit;Cash,credit 
B) Office Supplies,debit;Accounts Payable,credit 
C) Cash,debit;Office Supplies,credit 
D) Accounts Payable,debit;Office Supplies,credit 
A) Office Supplies,debit;Cash,credit 
B) Office Supplies,debit;Accounts Payable,credit 
C) Cash,debit;Office Supplies,credit 
D) Accounts Payable,debit;Office Supplies,credit

Question 6

On October 17th,Nikle Company purchased a building and a plot of land for $750,000.The building was valued at $500,000 while the land carried a value of $250,000.Nikle paid $300,000 down in cash and signed a note payable for the balance.Prepare the journal entry to record this transaction.

Accepted Answer

The answer of On October 17th,Nikle Company purchased a building...

Question 7

Discuss and describe how errors in accounts can be found.

Accepted Answer

1)through audit proc

Question 8

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 9

Expenses follow the same debit and credit rules as

Accepted Answer

A) revenues 
B) dividends 
C) capital stock 
D) liabilities 
A) revenues 
B) dividends 
C) capital stock 
D) liabilities

Question 10

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 11

The classification and normal balance of the accounts payable account is

Accepted Answer

A) an asset with a credit balance 
B) a liability with a credit balance 
C) an asset with a debit balance 
D) an expense with a debit balance 
A) an asset with a credit balance 
B) a liability with a credit balance 
C) an asset with a debit balance 
D) an expense with a debit balance

Question 12

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 13

Debiting the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is not a correct rule of debits and credits?

Accepted Answer

A) assets,expenses,and dividends are increased by debits 
B) assets are decreased by credits and have a normal debit balance 
C) liabilities,revenues,and retained earnings are increased by credits 
D) the normal balance for revenues and expenses is a credit 
A) assets,expenses,and dividends are increased by debits 
B) assets are decreased by credits and have a normal debit balance 
C) liabilities,revenues,and retained earnings are increased by credits 
D) the normal balance for revenues and expenses is a credit

Question 15

The chart of accounts classifies the accounts to make identification of the accounts easier.Discuss how companies set up a chart of accounts for use in their business.

Accepted Answer

A chart of accounts is setup by assignin

Question 16

Once journal entries are posted to accounts,each account will show a new balance after each entry.

Accepted Answer

A) True 
 B)False

Question 17

The chart of accounts for Miguel Corporation includes the following:
 
On journal page 3,the following transaction was found:
$\begin{array}{|c|l|l|}
\hline \text { Cash } & 640 & \
\hline \text { Fees Earned } & & 640 \
\hline
\end{array}$
What are the posting references that will be found in the journal entry?

Accepted Answer

A) 41 and 11,respectively 
B) 3 only 
C) 11 and 41,respectively 
D) 11 and 32,respectively 
A) 41 and 11,respectively 
B) 3 only 
C) 11 and 41,respectively 
D) 11 and 32,respectively

Question 18

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

Accepted Answer

A) liabilities 
B) retained earnings 
C) dividends 
D) revenues 
A) liabilities 
B) retained earnings 
C) dividends 
D) revenues

Question 19

Depending on the account title,the right side of the account is referred to as the debit side.

Accepted Answer

A) True 
 B)False

Question 20

The chart of accounts for Miguel Corporation includes the following:
 
On journal page 5,the following transaction was found:
$\begin{array}{|l|l|l|}
\hline {\text { SalariesExpense }} & 525 & \
\hline \text { Cash } & & 525 \
\hline
\end{array}$
What is the posting reference that will be found in the Salaries Expense account?

Accepted Answer

A) 5 
B) 11 
C) 54 
D) none of these 
A) 5 
B) 11 
C) 54 
D) none of these

Which of the following entries records the collection of cash from cash customers?

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Office supplies were sold by Ari's Alarm Service at cost to another repair shop,with cash received.Which of the following entries for Ari's Alarm Service records this transaction?

On October 17th,Nikle Company purchased a building and a plot of land for $750,000.The building was valued at $500,000 while the land carried a value of $250,000.Nikle paid $300,000 down in cash and signed a note payable for the balance.Prepare the journal entry to record this transaction.

Discuss and describe how errors in accounts can be found.

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

Expenses follow the same debit and credit rules as

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

The classification and normal balance of the accounts payable account is

A chart of accounts is

Debiting the cash account will increase the account.

Which of the following is not a correct rule of debits and credits?

The chart of accounts classifies the accounts to make identification of the accounts easier.Discuss how companies set up a chart of accounts for use in their business.

Once journal entries are posted to accounts,each account will show a new balance after each entry.

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

Depending on the account title,the right side of the account is referred to as the debit side.

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 entries records the collection of cash from cash customers?

Randomly listed below are the steps for preparing a trial balance: What is the proper order of these steps?

A notation in the post reference column of the general journal indicates that the amount has been posted to the ledger.

Office supplies were sold by Ari's Alarm Service at cost to another repair shop,with cash received.Which of the following entries for Ari's Alarm Service records this transaction?

On October 17th,Nikle Company purchased a building and a plot of land for $750,000.The building was valued at $500,000 while the land carried a value of $250,000.Nikle paid $300,000 down in cash and signed a note payable for the balance.Prepare the journal entry to record this transaction.

Discuss and describe how errors in accounts can be found.

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

Expenses follow the same debit and credit rules as

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

The classification and normal balance of the accounts payable account is

A chart of accounts is

Debiting the cash account will increase the account.

Which of the following is not a correct rule of debits and credits?

The chart of accounts classifies the accounts to make identification of the accounts easier.Discuss how companies set up a chart of accounts for use in their business.

Once journal entries are posted to accounts,each account will show a new balance after each entry.

The chart of accounts for Miguel Corporation includes the following: On journal page 3,the following transaction was found: Cash 640 Fees Earned 640 What are the posting references that will be found in the journal entry?

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

Depending on the account title,the right side of the account is referred to as the debit side.

The chart of accounts for Miguel Corporation includes the following: On journal page 5,the following transaction was found: SalariesExpense 525 Cash 525 What is the posting reference that will be found in the Salaries Expense account?

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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