Question 1

The normal balance for an expense account would be on the ____________________ side.

Accepted Answer

The answer of The normal balance for an expense account...

Question 2

Revenues

Accepted Answer

A)  decrease liabilities. 
B)  decrease cash. 
C)  increase expenses. 
D)  increase owner's equity. 
A)  decrease liabilities. 
B)  decrease cash. 
C)  increase expenses. 
D)  increase owner's equity.

Question 3

Equity accounts normally have debit balances.

Accepted Answer

A) True 
 B)False

Question 4

Totals on the debit and credit sides to determine the balance of an account are known as

Accepted Answer

A)  rulings. 
B)  credits. 
C)  debits. 
D)  footings. 
A)  rulings. 
B)  credits. 
C)  debits. 
D)  footings.

Question 5

Match the terms with the definitions.
 
-A system in which each transaction has a dual effect on the accounting elements.

Accepted Answer

A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance 
A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance

Question 6

To ____________________ an account means to enter an amount on the right side of the account.

Accepted Answer

The answer of To ____________________ an account means to enter...

Question 7

The trial balance

Accepted Answer

A)  shows the current date. 
B)  shows only debit balances. 
C)  shows only credit balances. 
D)  lists only accounts that are used to prepare the balance sheet. 
A)  shows the current date. 
B)  shows only debit balances. 
C)  shows only credit balances. 
D)  lists only accounts that are used to prepare the balance sheet.

Question 8

To increase a revenue account will require a(n)____________________ to the account.

Accepted Answer

The answer of To increase a revenue account will require...

Question 9

Match the terms with the definitions.
 
-A list of accounts,showing the title and balance of each account,used to prove that the debit balances equal the credit balances.

Accepted Answer

A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance 
A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance

Question 10

Prepaid insurance and supplies are assets because they will provide benefits for more than one month.

Accepted Answer

A) True 
 B)False

Question 11

Liability,owner's capital,and revenue accounts normally have

Accepted Answer

A)  debit balances. 
B)  large balances. 
C)  negative balances. 
D)  credit balances. 
A)  debit balances. 
B)  large balances. 
C)  negative balances. 
D)  credit balances.

Question 12

Examples of revenue accounts include all of the following EXCEPT

Accepted Answer

A)  Wages. 
B)  Sales. 
C)  Delivery Fees. 
D)  Professional Fees. 
A)  Wages. 
B)  Sales. 
C)  Delivery Fees. 
D)  Professional Fees.

Question 13

A cash payment on a loan affects which of the following accounts?

Accepted Answer

A)  Cash and Accounts Receivable 
B)  Cash and Notes Payable 
C)  Cash and an expense account 
D)  Cash and a revenue account 
A)  Cash and Accounts Receivable 
B)  Cash and Notes Payable 
C)  Cash and an expense account 
D)  Cash and a revenue account

Question 14

The owner's capital account normally has a credit balance.

Accepted Answer

A) True 
 B)False

Question 15

Footings in T accounts

Accepted Answer

A)  appear to the left of the amount columns. 
B)  are used for accounts with more than one debit or credit. 
C)  are only used in asset accounts. 
D)  are used for accounts with only one entry. 
A)  appear to the left of the amount columns. 
B)  are used for accounts with more than one debit or credit. 
C)  are only used in asset accounts. 
D)  are used for accounts with only one entry.

Question 16

Payment of office rent represents a decrease in

Accepted Answer

A)  a liability account. 
B)  expenses. 
C)  cash. 
D)  a revenue account. 
A)  a liability account. 
B)  expenses. 
C)  cash. 
D)  a revenue account.

Question 17

Falana receives payment for services performed in the amount of $3,147.This transaction

Accepted Answer

A)  decreases Wage Expense. 
B)  increases Cash. 
C)  increases owner's equity. 
D)  decreases Cash. 
A)  decreases Wage Expense. 
B)  increases Cash. 
C)  increases owner's equity. 
D)  decreases Cash.

Question 18

A T account has three parts: the title,the debit side,and the credit side.

Accepted Answer

A) True 
 B)False

Question 19

An increase in an asset account may be offset by a(n)

Accepted Answer

A)  decrease in a liability account. 
B)  increase in an expense account. 
C)  increase in owner's equity. 
D)  decrease in owner's equity. 
A)  decrease in a liability account. 
B)  increase in an expense account. 
C)  increase in owner's equity. 
D)  decrease in owner's equity.

Question 20

Match the terms with the definitions.
 
-To enter an amount of the left side of an account.

Accepted Answer

A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance 
A)  balance 
B)  credit 
C)  credit balance 
D)  debit 
E)  debit balance
F) double-entry accounting
G) footings
H) normal balance
I) $ T $ account
J) trial balance

The normal balance for an expense account would be on the ____________________ side.

Revenues

Equity accounts normally have debit balances.

Totals on the debit and credit sides to determine the balance of an account are known as

Match the terms with the definitions. -A system in which each transaction has a dual effect on the accounting elements.

To ____________________ an account means to enter an amount on the right side of the account.

The trial balance

To increase a revenue account will require a(n)____________________ to the account.

Match the terms with the definitions. -A list of accounts,showing the title and balance of each account,used to prove that the debit balances equal the credit balances.

Prepaid insurance and supplies are assets because they will provide benefits for more than one month.

Liability,owner's capital,and revenue accounts normally have

Examples of revenue accounts include all of the following EXCEPT

A cash payment on a loan affects which of the following accounts?

The owner's capital account normally has a credit balance.

Footings in T accounts

Payment of office rent represents a decrease in

Falana receives payment for services performed in the amount of $3,147.This transaction

A T account has three parts: the title,the debit side,and the credit side.

An increase in an asset account may be offset by a(n)

Match the terms with the definitions. -To enter an amount of the left side of an account.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

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Exam 3: The Double-Entry Framework

The normal balance for an expense account would be on the ____________________ side.

Revenues

Equity accounts normally have debit balances.

Totals on the debit and credit sides to determine the balance of an account are known as

Match the terms with the definitions. -A system in which each transaction has a dual effect on the accounting elements.

To ____________________ an account means to enter an amount on the right side of the account.

The trial balance

To increase a revenue account will require a(n)____________________ to the account.

Match the terms with the definitions. -A list of accounts,showing the title and balance of each account,used to prove that the debit balances equal the credit balances.

Prepaid insurance and supplies are assets because they will provide benefits for more than one month.

Liability,owner's capital,and revenue accounts normally have

Examples of revenue accounts include all of the following EXCEPT

A cash payment on a loan affects which of the following accounts?

The owner's capital account normally has a credit balance.

Footings in T accounts

Payment of office rent represents a decrease in

Falana receives payment for services performed in the amount of $3,147.This transaction

A T account has three parts: the title,the debit side,and the credit side.

An increase in an asset account may be offset by a(n)

Match the terms with the definitions. -To enter an amount of the left side of an account.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters