Question 1

Which of the following will decrease retained earnings?

Accepted Answer

A) Supplies are purchased on account. 
B) Dividends are declared and paid. 
C) Cash is received from customers. 
D) Payment is made on an accounts payable. 
A) Supplies are purchased on account. 
B) Dividends are declared and paid. 
C) Cash is received from customers. 
D) Payment is made on an accounts payable.

Question 2

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 3

The debit side of an account

Accepted Answer

A) depends on whether the account is an asset,liability or stockholders' equity item 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account 
A) depends on whether the account is an asset,liability or stockholders' equity item 
B) can be either side of the account depending on how the accountant set up the system 
C) is the right side of the account 
D) is the left side of the account

Question 4

The posting process will include the transfer of the following information from the journal to the account.

Accepted Answer

A) date,amount (debit or credit) 
B) date,amount (debit or credit),journal page number 
C) amount (debit or credit),account number 
D) date,amount (debit or credit)account number 
A) date,amount (debit or credit) 
B) date,amount (debit or credit),journal page number 
C) amount (debit or credit),account number 
D) date,amount (debit or credit)account number

Question 5

Journalize the entries to correct the following errors:

Accepted Answer

The answer of Journalize the entries to correct the following...

Question 6

Expenses use up assets or consume services in the process of generating revenues.

Accepted Answer

A) True 
 B)False

Question 7

The ____ is where a transaction can first be found on the accounting records.

Accepted Answer

A) chart of accounts 
B) income statement 
C) balance sheet 
D) journal 
A) chart of accounts 
B) income statement 
C) balance sheet 
D) journal

Question 8

On January 31,the cash account balance was $96,750.During January,cash receipts totaled $305,000 and cash payments totaled was $375,880.Determine the cash balance on January 1.

Accepted Answer

@#LAT-DLM& + $305,000 - $375,8

Question 9

The balance of the account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Accepted Answer

A) True 
 B)False

Question 10

Prepare a journal entry on October 12 for the fees earned on account,$14,600.

Accepted Answer

The answer of Prepare a journal entry on October 12...

Question 11

The process of recording a transaction in the journal is called journalizing.

Accepted Answer

A) True 
 B)False

Question 12

Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business.
(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 incorrec

Question 13

The chart of accounts should be the same for each business.

Accepted Answer

A) True 
 B)False

Question 14

Office supplies purchased by Ari's Alarm Service on account were returned.Which of the following entries for Ari's Alarm Service records this transaction?

Accepted Answer

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

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Retained earnings will be reduced by the amount in the dividends account.

Accepted Answer

A) True 
 B)False

Question 17

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

Accepted Answer

75,880 = 96,750 + 30

Question 18

The classification and normal balance of the supplies expense account is a(n)

Accepted Answer

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

Question 19

Which of the following is true about a T account?

Accepted Answer

A) The left-hand side of the T account is called the debit side. 
B) The left-hand side of the T account is called the credit side. 
C) The right-hand side of the T account is called the debit side. 
D) None of these are true. 
A) The left-hand side of the T account is called the debit side. 
B) The left-hand side of the T account is called the credit side. 
C) The right-hand side of the T account is called the debit side. 
D) None of these are true.

Question 20

The chart of accounts is designed to

Accepted Answer

A) alphabetize the accounts to make reading easier for its financial statement users 
B) analyze the accounts and organize them in order of dollar amount to simplify the accounting information for users 
C) summarize the transactions and determine their ending balances 
D) meet the information needs of a company and other financial statement users 
A) alphabetize the accounts to make reading easier for its financial statement users 
B) analyze the accounts and organize them in order of dollar amount to simplify the accounting information for users 
C) summarize the transactions and determine their ending balances 
D) meet the information needs of a company and other financial statement users

Which of the following will decrease retained earnings?

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

The debit side of an account

The posting process will include the transfer of the following information from the journal to the account.

Journalize the entries to correct the following errors:

Expenses use up assets or consume services in the process of generating revenues.

The ____ is where a transaction can first be found on the accounting records.

On January 31,the cash account balance was $96,750.During January,cash receipts totaled $305,000 and cash payments totaled was $375,880.Determine the cash balance on January 1.

The balance of the account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Prepare a journal entry on October 12 for the fees earned on account,$14,600.

The process of recording a transaction in the journal is called journalizing.

Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business. (1)Identify the errors in the following trial balance.All accounts have normal balances. (2)Prepare a corrected trial balance.

The chart of accounts should be the same for each business.

Office supplies purchased by Ari's Alarm Service on account were returned.Which of the following entries for Ari's Alarm Service records this transaction?

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

Retained earnings will be reduced by the amount in the dividends account.

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

The classification and normal balance of the supplies expense account is a(n)

Which of the following is true about a T account?

The chart of accounts is designed to

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

Filters

Exam 2: Analyzing Transactions

Which of the following will decrease retained earnings?

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

The debit side of an account

The posting process will include the transfer of the following information from the journal to the account.

Journalize the entries to correct the following errors:

Expenses use up assets or consume services in the process of generating revenues.

The ____ is where a transaction can first be found on the accounting records.

On January 31,the cash account balance was $96,750.During January,cash receipts totaled $305,000 and cash payments totaled was $375,880.Determine the cash balance on January 1.

The balance of the account can be determined by adding all of the debits,adding all of the credits,and adding the amounts together.

Prepare a journal entry on October 12 for the fees earned on account,$14,600.

The process of recording a transaction in the journal is called journalizing.

Below is the unadjusted trial balance for Dawson Designs at December 31,2011 - the end of its first year in business. (1)Identify the errors in the following trial balance.All accounts have normal balances. (2)Prepare a corrected trial balance.

The chart of accounts should be the same for each business.

Office supplies purchased by Ari's Alarm Service on account were returned.Which of the following entries for Ari's Alarm Service records this transaction?

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

Retained earnings will be reduced by the amount in the dividends account.

On June 1,the cash account balance was $96,750.During June,cash receipts totaled $305,000 and the June 30 balance was $75,880.Determine the cash payments made during June.

The classification and normal balance of the supplies expense account is a(n)

Which of the following is true about a T account?

The chart of accounts is designed to

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

Filters