Question 1

Which of the following is NOT true regarding the general journal?

Accepted Answer

A) It discloses the complete effect of a transaction. 
B) It provides a chronological record of transactions. 
C) It helps to prevent and locate errors. 
D) Transactions are posted to the general journal. 
A) It discloses the complete effect of a transaction. 
B) It provides a chronological record of transactions. 
C) It helps to prevent and locate errors. 
D) Transactions are posted to the general journal.

Question 2

Management could determine the amounts due from customers by examining which ledger account?

Accepted Answer

A) Service Revenue 
B) Accounts Payable 
C) Accounts Receivable 
D) Supplies 
A) Service Revenue 
B) Accounts Payable 
C) Accounts Receivable 
D) Supplies

Question 3

If total liabilities increased by $22,500, then

Accepted Answer

A) assets must have increased by $22,500. 
B) only shareholders' equity must have increased by $22,500. 
C) assets must have increased by $22,500, or shareholders' equity must have decreased by $22,500. 
D) assets and shareholders' equity must have both decreased by $22,500. 
A) assets must have increased by $22,500. 
B) only shareholders' equity must have increased by $22,500. 
C) assets must have increased by $22,500, or shareholders' equity must have decreased by $22,500. 
D) assets and shareholders' equity must have both decreased by $22,500.

Question 4

Revenue is only recorded when cash is received.

Accepted Answer

A) True 
 B)False

Question 5

A debit increases an account and a credit decreases an account.

Accepted Answer

A) True 
 B)False

Which of the following is NOT true regarding the general journal?

Management could determine the amounts due from customers by examining which ledger account?

If total liabilities increased by $22,500, then

Revenue is only recorded when cash is received.

A debit increases an account and a credit decreases an account.

The Purpose and Use of Financial Statements

A Further Look at Financial Statements

Accrual Accounting Concepts

Merchandising Operations

Reporting and Analyzing Inventory

Internal Control and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Shareholders Equity

Reporting and Analyzing Investments

Statement of Cash Flows

Performance Measurement

Filters

Exam 3: The Accounting Information System

Which of the following is NOT true regarding the general journal?

Management could determine the amounts due from customers by examining which ledger account?

If total liabilities increased by $22,500, then

Revenue is only recorded when cash is received.

A debit increases an account and a credit decreases an account.

The Purpose and Use of Financial Statements

A Further Look at Financial Statements

Accrual Accounting Concepts

Merchandising Operations

Reporting and Analyzing Inventory

Internal Control and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Shareholders Equity

Reporting and Analyzing Investments

Statement of Cash Flows

Performance Measurement

Filters