29 Jun Question Question 1 of 30 3.3334 Points The
Question
Question 1 of 30 3.3334 Points The business bought supplies on account. To record this:
A. an asset is debited and a liability is credited. B. an asset is debited and an asset is credited. C. an expense is debited and a liability is credited. D. None of these are correct.
Question 2 of 30 3.3334 Points Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? Cash $1000 Equipment 500 Accounts Payable 350 Capital 900 Service Fees 1000 Salaries Expense 750 A. $4,500 debit, $4,500 credit B. $3,250 debit, $3,250 credit C. $1,125 debit, $1,125 credit D. $2,250 debit, $2,250 credit
Question 3 of 30 3.3334 Points Which of the following is prepared first? A. Trial balance B. Statement of owner’s equity C. Income statement D. Balance sheet
Question 4 of 30 3.3334 Points Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits? Cash $1,100 Accounts Receivable 800 Capital 1,900 Withdrawals 500 Service Fees 1,000 Rent Expense 500 A. $1,200 debit, $1,200 credit B. $2,900 debit, $2,900 credit C. $3,900 debit, $3,900 credit D. $2,000 debit, $2,000 credit
Question 5 of 30 3.3334 Points A liability would be credited and an expense debited if: A. the business paid a creditor. B. the business bought supplies on account. C. the business incurred an expense and did not pay the expense immediately. D. the business bought supplies for cash.
Question 6 of 30 3.3334 Points An asset would be debited and a liability credited if: A. the business incurred an expense and did not pay for the expense immediately. B. the business bought equipment on account. C. the business bought supplies for cash. D. the business incurred an expense and paid it.
Question 7 of 30 3.3334 Points Which of the following errors would cause the trial balance to be out of balance? A. An entry is not posted at all. B. A debit is entered as $200 and the credit is entered at $2,000. C. An entry is posted twice. D. None of these answers are correct.
Question 8 of 30 3.3334 Points Which of the following is not a financial statement? A. Statement of owner’s equity B. Trial balance C. Income statement D. Balance sheet
Question 9 of 30 3.3334 Points One asset would be debited and another credited if: A. the business provided services to a credit customer. B. the business paid a creditor. C. the business provided services to a cash customer. D. the business bought supplies paying cash.
Question 10 of 30 3.3334 Points The owner invested personal equipment in the business. To record this transaction: A. debit Equipment and credit Accounts Payable. B. credit Equipment and debit Capital. C. debit Equipment and credit Capital. D. debit Accounts Payable and credit Equipment.
Question 11 of 30 3.3334 Points A journal entry affecting three or more accounts is called a: A. simple entry. B. multi-step entry. C. multi-level entry. D. compound entry.
Question 12 of 30 3.3334 Points If Accounts Payable has been credited, it is most likely that: A. a payment was made on account. B. a correcting entry was made for the overstatement of the purchase of equipment on account. C. a purchase was made on account. D. None of these are possible.
Question 13 of 30 3.3334 Points When the trial balance includes a debit column total of $10,350 and a credit column total of $11,350, it is probable that: A. a transposition error occurred. B. a $500 debit was recorded twice. C. a $500 debit was recorded as a credit. D. a $500 credit was recorded twice.
Question 14 of 30 3.3334 Points The posting reference column in the journal is used for: A. recording the account number to which the entry was posted. B. recording the time when the entry was posted. C. recording the initials of the person who did the posting. D. recording the source documents identification number.
Question 15 of 30 3.3334 Points The journal entry to record a withdrawal by the owner would most commonly include: A. a debit to Wage Expense and a credit to Cash. B. a debit to Withdrawals and a credit to Cash. C. a debit to Capital and a credit to Cash. D. a debit to Cash and a credit to Wage Expense.
Question 16 of 30 3.3334 Points The general journal: A. is completed after the general ledger. B. is the book of final entry. C. contains account balances. D. is the book of original entry.
Question 17 of 30 3.3334 Points Which of the following entries records the owner taking cash for personal use? A. Capital, debit; Cash, credit B. Wage Expense, debit; Cash, credit C. No entry is necessary since the owner owns the cash and the entire business. D. Withdrawals, debit; Cash, credit
Question 18 of 30 3.3334 Points Interim statements are prepared to: A. notify management of the company’s current financial position. B. allow management to make changes to the business before processing year-end financial statements. C. notify investors of the company’s current financial position. D. All of the above are correct.
Question 19 of 30 3.3334 Points A debit to the Capital account was posted to an expense account. This would cause: A. liabilities to be understated. B. capital to be overstated. C. assets to be overstated. D. expense to be understated.
Question 20 of 30 3.3334 Points If the debit and credit totals of a trial balance are not equal, it could be due to the following type of error: A. Recording the same transaction more than once B. Incorrectly calculating the debit side of the trial balance C. Failure to record a transaction D. Recording the same erroneous amount for both the debit and the credit sides of a transaction
Question 21 of 30 3.3334 Points Which of the following transactions would cause the trial balance to be out of balance? A. A credit to Cash and a debit to Supplies for the same amount B. A debit to Cash and a debit to Equipment for the same amount C. A debit to Accounts Receivable and a credit to Accounting Fees for the same amount D. All of these answers are correct.
Question 22 of 30 3.3334 Points The general ledger: A. lists the transactions in chronological order. B. is the book of final entry. C. is before the general journal. D. is the book of original entry.
Question 23 of 30 3.3334 Points The process of initially recording business transactions in a journal is: A. transposing. B. journalizing. C. sliding. D. posting.
Question 24 of 30 3.3334 Points If Prepaid Rent has been debited, it is likely that: A. a bill for the past month’s rent was received. B. this month’s rent was paid. C. the rent was paid for three months in advance. D. All of these are possible.
Question 25 of 30 3.3334 Points As Withdrawals increase: A. owner’s equity decreases. B. Cash increases. C. expense inc
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