Question 1

A debit to the Capital account was posted to a revenue account.This would cause:

Accepted Answer

A) assets to be understated. 
B) liabilities to be overstated. 
C) capital to be understated. 
D) revenue to be understated. 
A) assets to be understated. 
B) liabilities to be overstated. 
C) capital to be understated. 
D) revenue to be understated.

Question 2

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means:

Accepted Answer

A) all of the information from the journal was correctly transferred to the ledger. 
B) all accounts have their correct balances in the ledger. 
C) only the ledger is accurate; the journal may be incorrect. 
D) only that the debit dollar amounts equal the credit dollar amounts. 
A) all of the information from the journal was correctly transferred to the ledger. 
B) all accounts have their correct balances in the ledger. 
C) only the ledger is accurate; the journal may be incorrect. 
D) only that the debit dollar amounts equal the credit dollar amounts.

Question 3

The posting reference column on the general journal:

Accepted Answer

A) shows which transactions have been posted to the ledger. 
B) displays to which accounts the transactions have been posted. 
C) allows us to cross reference to the general ledger. 
D) All of the above are correct. 
A) shows which transactions have been posted to the ledger. 
B) displays to which accounts the transactions have been posted. 
C) allows us to cross reference to the general ledger. 
D) All of the above are correct.

Question 4

Revenue is traditionally recognized in the accounting records when:

Accepted Answer

A) cash is received. 
B) services are rendered. 
C) it is incurred. 
D) None of the answers are correct. 
A) cash is received. 
B) services are rendered. 
C) it is incurred. 
D) None of the answers are correct.

Question 5

BNL completed a performance and collected revenue of $8,000 not previously billed or recorded.The journal entry to record the collection would be:

Accepted Answer

A)  $$\begin{array} { | c | c | } 
\hline \text { Accounts Receivable } & 8,000 \
\hline \text { Performance Fees } & 8,000\
\hline
\end{array}$$ 
B)  $\begin{array}{|l|l|}
\hline\text { Cash } & 8,000 \
\hline \text { Performance Fees } &8,000 \
\hline
\end{array}$ 
C)  $\begin{array}{|l|l|}
\hline\text {  Accounts Receivable} & 8,000 \
\hline \text { Cash } &8,000 \
\hline
\end{array}$ 
D)  $\begin{array}{|l|lcc|}
 \hline \text { Performance Fees } &8,000  \
 \hline\text {Cash  } &8,000\
\hline 
\end{array}$ 
A)  $$\begin{array} { | c | c | } 
\hline \text { Accounts Receivable } & 8,000 \
\hline \text { Performance Fees } & 8,000\
\hline
\end{array}$$ 
B)  $\begin{array}{|l|l|}
\hline\text { Cash } & 8,000 \
\hline \text { Performance Fees } &8,000 \
\hline
\end{array}$ 
C)  $\begin{array}{|l|l|}
\hline\text {  Accounts Receivable} & 8,000 \
\hline \text { Cash } &8,000 \
\hline
\end{array}$ 
D)  $\begin{array}{|l|lcc|}
 \hline \text { Performance Fees } &8,000  \
 \hline\text {Cash  } &8,000\
\hline 
\end{array}$

A debit to the Capital account was posted to a revenue account.This would cause:

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means:

The posting reference column on the general journal:

Revenue is traditionally recognized in the accounting records when:

BNL completed a performance and collected revenue of $8,000 not previously billed or recorded.The journal entry to record the collection would be:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 3: Beginning the Accounting Cycle

A debit to the Capital account was posted to a revenue account.This would cause:

Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means:

The posting reference column on the general journal:

Revenue is traditionally recognized in the accounting records when:

BNL completed a performance and collected revenue of $8,000 not previously billed or recorded.The journal entry to record the collection would be:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: The Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, plant, equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, dividends, treasury Stocks, and Retained Earnings

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters