Question 1

Revenue should be recognized when

Accepted Answer

A)  cash is received 
B)  the service is performed 
C)  the customer places an order 
D)  the customer charges an order 
A)  cash is received 
B)  the service is performed 
C)  the customer places an order 
D)  the customer charges an order

Question 2

Which of the following applications of the rules of debit and credit is true?

Accepted Answer

A)  decrease Prepaid Insurance with a credit and the normal balance is a credit 
B)  increase Accounts Payable with a credit and the normal balance is a debit 
C)  increase Supplies Expense with a debit and the normal balance is a debit 
D)  decrease Cash with a debit and the normal balance is a credit 
A)  decrease Prepaid Insurance with a credit and the normal balance is a credit 
B)  increase Accounts Payable with a credit and the normal balance is a debit 
C)  increase Supplies Expense with a debit and the normal balance is a debit 
D)  decrease Cash with a debit and the normal balance is a credit

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

The chart of accounts for the Corning Corporation includes the following:   On journal page 3, the following transaction was found:
  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 5

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 6

Analyze the following transactions as to their effect on the accounting equation.
   Some of the possible effects of a transaction on the accounting equation are listed below:
   Put the appropriate letter next to each transaction.

Accepted Answer

The answer of Analyze the following transactions as to their...

Question 7

If the two totals of a trial balance are not equal, it could be due to

Accepted Answer

A)  failure to record a transaction 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction 
C)  an error in determining the account balances, such as a balance being incorrectly computed 
D)  recording the same transaction more than once 
A)  failure to record a transaction 
B)  recording the same erroneous amount for both the debit and the credit parts of a transaction 
C)  an error in determining the account balances, such as a balance being incorrectly computed 
D)  recording the same transaction more than once

Question 8

Which of the following entries records the payment of an account payable?

Accepted Answer

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

Question 9

Scott, Inc. sold $65,000 of stock. How would this transaction be entered in the journal?

Accepted Answer

A)  Cash 65,000 Capital Stock 65,000
Sold stock for cash. 
B)  Cash 65,000 Capital Stock 65,000
Sold stock for cash 
C)  Capital Stock 65,000 Cash 65,000
Sold stock for cash . 
D)  Capital Stock 65,000 Cash 65,000
Sold stock for cash. 
A)  Cash 65,000 Capital Stock 65,000
Sold stock for cash. 
B)  Cash 65,000 Capital Stock 65,000
Sold stock for cash 
C)  Capital Stock 65,000 Cash 65,000
Sold stock for cash . 
D)  Capital Stock 65,000 Cash 65,000
Sold stock for cash.

Question 10

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 11

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 12

Which of the following accounts increase with a credit?

Accepted Answer

A)  capital stock, revenues, expenses 
B)  assets, capital stock, revenues 
C)  liabilities, capital stock, revenues 
D)  retained earnings, capital stock, assets 
A)  capital stock, revenues, expenses 
B)  assets, capital stock, revenues 
C)  liabilities, capital stock, revenues 
D)  retained earnings, capital stock, assets

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

The chart of accounts for the Corning Corporation includes the following:   On journal page 3, the following transaction was found:
  What is the posting reference that will be found in the Cash account?

Accepted Answer

A)  11 
B)  15 
C)  3 
D)  none of these 
A)  11 
B)  15 
C)  3 
D)  none of these

Question 15

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 16

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 17

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

Accepted Answer

A) True 
 B)False

Question 18

Calculate the following:

Accepted Answer

The answer of Calculate the following:
  ...

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

Revenue should be recognized when

Which of the following applications of the rules of debit and credit is true?

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

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

Which of the following will decrease retained earnings?

Analyze the following transactions as to their effect on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below: Put the appropriate letter next to each transaction.

If the two totals of a trial balance are not equal, it could be due to

Which of the following entries records the payment of an account payable?

Scott, Inc. sold $65,000 of stock. How would this transaction be entered in the journal?

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.

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

Which of the following accounts increase with a credit?

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

The chart of accounts for the Corning Corporation includes the following: On journal page 3, the following transaction was found: What is the posting reference that will be found in the Cash account?

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:

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

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

Calculate the following:

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

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

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

Revenue should be recognized when

Which of the following applications of the rules of debit and credit is true?

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

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

Which of the following will decrease retained earnings?

Analyze the following transactions as to their effect on the accounting equation. Some of the possible effects of a transaction on the accounting equation are listed below: Put the appropriate letter next to each transaction.

If the two totals of a trial balance are not equal, it could be due to

Which of the following entries records the payment of an account payable?

Scott, Inc. sold $65,000 of stock. How would this transaction be entered in the journal?

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.

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

Which of the following accounts increase with a credit?

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

The chart of accounts for the Corning Corporation includes the following: On journal page 3, the following transaction was found: What is the posting reference that will be found in the Cash account?

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:

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

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

Calculate the following:

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

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

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