Question 1

This journal entry will

Accepted Answer

A) increase Stockholders' Equity and decrease Cash 
B) increase Cash and decrease Stockholders' Equity 
C) increase Cash and increase Stockholders' Equity 
D) decrease Cash and decrease Stockholders' Equity 
A) increase Stockholders' Equity and decrease Cash 
B) increase Cash and decrease Stockholders' Equity 
C) increase Cash and increase Stockholders' Equity 
D) decrease Cash and decrease Stockholders' Equity

Question 2

On the chart of accounts,the balance sheet accounts are normally listed in the following order

Accepted Answer

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

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Liability accounts are increased by debits.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) revenues,liabilities 
B) dividends,assets 
C) liabilities,dividends 
D) expenses,liabilities 
A) revenues,liabilities 
B) dividends,assets 
C) liabilities,dividends 
D) expenses,liabilities

Question 6

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 7

The Post.Ref. columns are used to trace transactions from the journal to the accounts.What will be entered in the Post.Ref. column of (a)the journal and (b)the account?

Accepted Answer

A) (a)the amount of the debit or credit (b)the journal page number 
B) (a)the journal page number (b)the date of the transaction 
C) (a)the journal page number, (b)the account number 
D) (a)the account number, (b)the journal page number 
A) (a)the amount of the debit or credit (b)the journal page number 
B) (a)the journal page number (b)the date of the transaction 
C) (a)the journal page number, (b)the account number 
D) (a)the account number, (b)the journal page number

Question 8

A debit balance in which of the following accounts would indicate a likely error?

Accepted Answer

A) Salaries Expense 
B) Notes Payable 
C) Dividends 
D) Supplies 
A) Salaries Expense 
B) Notes Payable 
C) Dividends 
D) Supplies

Question 9

Which are the parts of the T account?

Accepted Answer

A) title,date,total 
B) date,debit side,credit side 
C) title,debit side,credit side 
D) title,debit side,total 
A) title,date,total 
B) date,debit side,credit side 
C) title,debit side,credit side 
D) title,debit side,total

Question 10

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to find the error?

Accepted Answer

A) Determine the amount of the error and look for that amount on the trial balance. 
B) Determine the amount of the error and divide by two,then look for that amount on the trial balance. 
C) Determine the amount of the error and refer to the journal entries for that amount. 
D) Determine the amount of the error and divide by nine.If the result is evenly divided,then this type of error is likely. 
A) Determine the amount of the error and look for that amount on the trial balance. 
B) Determine the amount of the error and divide by two,then look for that amount on the trial balance. 
C) Determine the amount of the error and refer to the journal entries for that amount. 
D) Determine the amount of the error and divide by nine.If the result is evenly divided,then this type of error is likely.

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

The normal balance of the dividends account is a debit.

Accepted Answer

A) True 
 B)False

Question 13

A debit signifies a decrease in

Accepted Answer

A) assets 
B) expenses 
C) dividends 
D) revenues 
A) assets 
B) expenses 
C) dividends 
D) revenues

Question 14

On January 1,2011,Cary Parsons established Cary's 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 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...

Question 15

Which of the following entries records the payment of rent for the current month?

Accepted Answer

A) Cash,debit;Rent Expense,credit 
B) Rent Expense,debit;Cash,credit 
C) Rent Expense,debit;Accounts Receivable,credit 
D) Accounts Payable,debit;Rent Expense,credit 
A) Cash,debit;Rent Expense,credit 
B) Rent Expense,debit;Cash,credit 
C) Rent Expense,debit;Accounts Receivable,credit 
D) Accounts Payable,debit;Rent Expense,credit

Question 16

Liabilities are increased with debits and decreased with credits.

Accepted Answer

A) True 
 B)False

Question 17

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.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 Listed below are accounts to use for...

Question 18

Supplies purchased on account were incorrectly recorded as Office Equipment.The correcting entry would be

Accepted Answer

A) Supplies,debit;Office Equipment,credit. 
B) Accounts Receivable,debit;Supplies,credit. 
C) Office Equipment,debit;Supplies Expense,credit. 
D) Supplies,debit;Accounts Payable,credit. 
A) Supplies,debit;Office Equipment,credit. 
B) Accounts Receivable,debit;Supplies,credit. 
C) Office Equipment,debit;Supplies Expense,credit. 
D) Supplies,debit;Accounts Payable,credit.

Question 19

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Accepted Answer

A) ledger 
B) trial balance 
C) account 
D) balance sheet 
A) ledger 
B) trial balance 
C) account 
D) balance sheet

Question 20

Which of the following entries records the acquisition of office supplies on account?

Accepted Answer

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

This journal entry will

On the chart of accounts,the balance sheet accounts are normally listed in the following order

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

Liability accounts are increased by debits.

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

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.

The Post.Ref. columns are used to trace transactions from the journal to the accounts.What will be entered in the Post.Ref. column of (a)the journal and (b)the account?

A debit balance in which of the following accounts would indicate a likely error?

Which are the parts of the T account?

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to find the error?

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

The normal balance of the dividends account is a debit.

A debit signifies a decrease in

Which of the following entries records the payment of rent for the current month?

Liabilities are increased with debits and decreased with credits.

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.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.

Supplies purchased on account were incorrectly recorded as Office Equipment.The correcting entry would be

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Which of the following entries records the acquisition of office supplies on 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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Exam 2: Analyzing Transactions

This journal entry will

On the chart of accounts,the balance sheet accounts are normally listed in the following order

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

Liability accounts are increased by debits.

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

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.

The Post.Ref. columns are used to trace transactions from the journal to the accounts.What will be entered in the Post.Ref. column of (a)the journal and (b)the account?

A debit balance in which of the following accounts would indicate a likely error?

Which are the parts of the T account?

The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred.What will the accountant do to find the error?

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

The normal balance of the dividends account is a debit.

A debit signifies a decrease in

Which of the following entries records the payment of rent for the current month?

Liabilities are increased with debits and decreased with credits.

Listed below are accounts to use for transactions (a)through (d),each identified by a number.Following this list are the transactions.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.

Supplies purchased on account were incorrectly recorded as Office Equipment.The correcting entry would be

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Which of the following entries records the acquisition of office supplies on 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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