Question 1

Journalizing eliminates fraud.

Accepted Answer

A) True 
 B)False

Question 2

McMann Company has a condensed income statement as shown::
  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 3

Which group of accounts is comprised of only assets?

Accepted Answer

A)  Cash, Accounts Payable, Buildings 
B)  Accounts Receivable, Revenue, Cash 
C)  Prepaid Expenses, Buildings, Patents 
D)  Unearned Revenues, Prepaid Expenses, Cash 
A)  Cash, Accounts Payable, Buildings 
B)  Accounts Receivable, Revenue, Cash 
C)  Prepaid Expenses, Buildings, Patents 
D)  Unearned Revenues, Prepaid Expenses, Cash

Question 4

Accounts are classified in the ledger

Accepted Answer

A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  so that accounts used most often are listed first 
A)  chronologically 
B)  alphabetically 
C)  in accordance with their appearance in the financial statements 
D)  so that accounts used most often are listed first

Question 5

On January 12th, JumpStart Co. purchased $870 in office supplies.
(a) Journalize this transaction as if JumpStart paid cash.
(b) (1) Journalize this transaction as if JumpStart placed it on account.
(b) (2) On January 18th, JumpStart pays the amount due. Journalize this event.

Accepted Answer

@#IMG-DLM&_TB2013_00

Question 6

Transactions are listed in the journal chronologically.

Accepted Answer

A) True 
 B)False

Question 7

The chart of account for the Corning Company includes some of the following accounts:   On the journal page 3, the following transaction was found:
  What is the post reference that will be found on the Prepaid Insurance account?

Accepted Answer

A)  11 
B)  15 
C)  3 
D)  None 
A)  11 
B)  15 
C)  3 
D)  None

Question 8

Georgia Company has a condensed income statement as shown::
   REQUIRED:
Prepare a horizontal analysis of Georgia Company's income statements. Comment on the trends, both favorable and unfavorable.

Accepted Answer

@#IMG-DLM&_TB2013_00 The trend in sales revenue is

Question 9

The debit side of an account

Accepted Answer

A)  depends on whether the account is an asset, liability or owner's equity 
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 owner's equity 
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 10

The chart of account for the Miguel Company includes some of the following accounts:   On the journal page 5, the following transaction was found:
  What is the post reference that will be found on the Salaries Expense account?

Accepted Answer

A)  5 
B)  11 
C)  54 
D)  None 
A)  5 
B)  11 
C)  54 
D)  None

Question 11

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 12

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

Accepted Answer

A) True 
 B)False

Question 13

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 14

A drawing account represents the amount of withdrawals made by the owner.

Accepted Answer

A) True 
 B)False

Question 15

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)  owner's equity with a credit balance 
D)  revenue with a credit balance 
A)  an asset with a credit balance 
B)  a liability with a credit balance 
C)  owner's equity with a credit balance 
D)  revenue with a credit balance

Question 16

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

Accepted Answer

The answer of Journalize the following selected transactions for April...

Question 17

Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?

Accepted Answer

A)  a transaction was not posted 
B)  a payment of $67 for insurance was posted as a debit of $76 to Prepaid Insurance and a credit of $76 to Cash 
C)  a payment of $4,450 to a creditor was posted as a debit of $4,500 to Accounts Payable and a credit of $450 to Accounts Receivable 
D)  cash received from customers on account was posted as a debit of $720 to Cash and a credit of $720 to Accounts Payable 
A)  a transaction was not posted 
B)  a payment of $67 for insurance was posted as a debit of $76 to Prepaid Insurance and a credit of $76 to Cash 
C)  a payment of $4,450 to a creditor was posted as a debit of $4,500 to Accounts Payable and a credit of $450 to Accounts Receivable 
D)  cash received from customers on account was posted as a debit of $720 to Cash and a credit of $720 to Accounts Payable

Question 18

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

(???) + $305,000 - $

Question 19

Journalizing is the process of entering amounts in the ledger.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 2: Analyzing Transactions

Journalizing eliminates fraud.

McMann Company has a condensed income statement as shown:: Using horizontal analysis, calculate the amount and percent change for Sales. Round to one decimal place.

Which group of accounts is comprised of only assets?

Accounts are classified in the ledger

On January 12th, JumpStart Co. purchased $870 in office supplies. (a) Journalize this transaction as if JumpStart paid cash. (b) (1) Journalize this transaction as if JumpStart placed it on account. (b) (2) On January 18th, JumpStart pays the amount due. Journalize this event.

Transactions are listed in the journal chronologically.

The chart of account for the Corning Company includes some of the following accounts: On the journal page 3, the following transaction was found: What is the post reference that will be found on the Prepaid Insurance account?

Georgia Company has a condensed income statement as shown:: REQUIRED: Prepare a horizontal analysis of Georgia Company's income statements. Comment on the trends, both favorable and unfavorable.

The debit side of an account

The chart of account for the Miguel Company includes some of the following accounts: On the journal page 5, the following transaction was found: What is the post reference that will be found on the Salaries Expense account?

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

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

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

A drawing account represents the amount of withdrawals made by the owner.

The classification and normal balance of the accounts payable account is

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?

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.

Journalizing is the process of entering amounts in the ledger.

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.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Filters