Question 1

When there are several entries to one or both sides of an account, the total of those entries is entered in pencil. This is called

Accepted Answer

A)  balancing. 
B)  verifying. 
C)  totaling. 
D)  footing. 
A)  balancing. 
B)  verifying. 
C)  totaling. 
D)  footing.

Question 2

Received cash from credit customers

Accepted Answer

Debit Cash

Question 3

If assets are numbered from 100-199, which of the following accounts would not be given a number in the 100 series?

Accepted Answer

A)  Supplies 
B)  Accounts Payable 
C)  Prepaid Rent 
D)  Accounts Receivable 
A)  Supplies 
B)  Accounts Payable 
C)  Prepaid Rent 
D)  Accounts Receivable

Question 4

A trial balance usually has no mathematical errors if the total debit amount equals total the credit amount.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

Accepted Answer

A)  Placing the Fees Income balance in the Credit column 
B)  Placing the Prepaid Rent balance in the Credit column 
C)  Placing the Rent Expense balance in the Debit column 
D)  Placing the Office Equipment balance in the Debit column 
A)  Placing the Fees Income balance in the Credit column 
B)  Placing the Prepaid Rent balance in the Credit column 
C)  Placing the Rent Expense balance in the Debit column 
D)  Placing the Office Equipment balance in the Debit column

Question 6

The T account balances for the accounts of Rya's Planning Services as of January 31, 2013 are listed below. $$\begin{array} { l r } 
\text { Cash } & \$ 21,500 \
\text { Accounts Receivable } & 17,500 \
\text { Office Supplies } & 500 \
\text { Equipment } & 15,000 \
\text { Accounts Payable } & 9,750 \
\text { Rya Page, Capital } & 28,200 \
\text { Rya Page, Drawing } & 5,000 \
\text { Planning Fees Income } & 26,250 \
\text { Office Supplies Expense } & 200 \
\text { Rent Expense } & 800 \
\text { Salaries Expense } & 3,000 \
\text { Utilities Expense } & 700
\end{array}$$
-Using the information given for Rya's Planning Services, create an Income Statement, Statement of Owner's Equity, and Balance Sheet for January 2013.

Accepted Answer

The answer of The T account balances for the accounts...

Question 7

The ending balance of the capital account appears as a separate line item on what two statements?

Accepted Answer

A)  The trial balance and the income statement 
B)  The statement of owner's equity and the income statement 
C)  The statement of owner's equity and the balance sheet 
D)  The income statement and the balance sheet 
A)  The trial balance and the income statement 
B)  The statement of owner's equity and the income statement 
C)  The statement of owner's equity and the balance sheet 
D)  The income statement and the balance sheet

Question 8

The error that occurs when the number $272.00 is written as $27.20 is called a(n) ____________________ error.

Accepted Answer

The answer of The error that occurs when the number...

Question 9

The Net Income amount from the Income Statement is used as a line item on which statement?

Accepted Answer

A)  The profit and loss statement 
B)  The statement of owner's equity 
C)  The balance sheet 
D)  The trial balance 
A)  The profit and loss statement 
B)  The statement of owner's equity 
C)  The balance sheet 
D)  The trial balance

Question 10

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Accepted Answer

A) True 
 B)False

Question 11

Increases in the owner's drawing account are recorded with debits.

Accepted Answer

A) True 
 B)False

Question 12

Issued a check for $3,400 to pay salaries

Accepted Answer

Debit Sala

Question 13

Revenue is a subdivision of owner's equity.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

Accepted Answer

A)  Debit Cash and credit Ty Knott, Capital 
B)  Debit Cash and credit Salary Expense 
C)  Debit Salary Expense and credit Cash 
D)  Debit Ty Knott, Drawing, and credit Cash 
A)  Debit Cash and credit Ty Knott, Capital 
B)  Debit Cash and credit Salary Expense 
C)  Debit Salary Expense and credit Cash 
D)  Debit Ty Knott, Drawing, and credit Cash

Question 15

Debit entries increase asset, drawing, expense and liability accounts.

Accepted Answer

A) True 
 B)False

Question 16

Purchased office supplies for $250 on credit

Accepted Answer

Debit Office Supplie

Question 17

Another name for temporary accounts is real accounts.

Accepted Answer

A) True 
 B)False

Question 18

Increases in assets and expenses are both recorded with debits.

Accepted Answer

A) True 
 B)False

Question 19

When revenue is earned from charge-account sales, the accountant

Accepted Answer

A)  debits a revenue account and credits the capital account. 
B)  debits Accounts Receivable and credits a revenue account. 
C)  debits a revenue account and credits Accounts Receivable. 
D)  debits Cash and credits a revenue account. 
A)  debits a revenue account and credits the capital account. 
B)  debits Accounts Receivable and credits a revenue account. 
C)  debits a revenue account and credits Accounts Receivable. 
D)  debits Cash and credits a revenue account.

Question 20

A statement prepared to test the accuracy of the financial records is called a(n) ____________________.

Accepted Answer

The answer of A statement prepared to test the accuracy...

When there are several entries to one or both sides of an account, the total of those entries is entered in pencil. This is called

Received cash from credit customers

If assets are numbered from 100-199, which of the following accounts would not be given a number in the 100 series?

A trial balance usually has no mathematical errors if the total debit amount equals total the credit amount.

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

The ending balance of the capital account appears as a separate line item on what two statements?

The error that occurs when the number $272.00 is written as $27.20 is called a(n) ____________________ error.

The Net Income amount from the Income Statement is used as a line item on which statement?

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Increases in the owner's drawing account are recorded with debits.

Issued a check for $3,400 to pay salaries

Revenue is a subdivision of owner's equity.

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

Debit entries increase asset, drawing, expense and liability accounts.

Purchased office supplies for $250 on credit

Another name for temporary accounts is real accounts.

Increases in assets and expenses are both recorded with debits.

When revenue is earned from charge-account sales, the accountant

A statement prepared to test the accuracy of the financial records is called a(n) ____________________.

Accounting: the Language of Business

Analyzing Business Transactions

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters

Exam 3: Analyzing Business Transactions Using T Accounts

When there are several entries to one or both sides of an account, the total of those entries is entered in pencil. This is called

Received cash from credit customers

If assets are numbered from 100-199, which of the following accounts would not be given a number in the 100 series?

A trial balance usually has no mathematical errors if the total debit amount equals total the credit amount.

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

The ending balance of the capital account appears as a separate line item on what two statements?

The error that occurs when the number $272.00 is written as $27.20 is called a(n) ____________________ error.

The Net Income amount from the Income Statement is used as a line item on which statement?

Utilities Expense would be debited when a company receives a bill for utilities that it will pay later.

Increases in the owner's drawing account are recorded with debits.

Issued a check for $3,400 to pay salaries

Revenue is a subdivision of owner's equity.

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

Debit entries increase asset, drawing, expense and liability accounts.

Purchased office supplies for $250 on credit

Another name for temporary accounts is real accounts.

Increases in assets and expenses are both recorded with debits.

When revenue is earned from charge-account sales, the accountant

A statement prepared to test the accuracy of the financial records is called a(n) ____________________.

Accounting: the Language of Business

Analyzing Business Transactions

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and the Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Filters