Question 1

The entry to record the payment of office salaries would be:

Accepted Answer

A) Debit Cash; Credit Accounts Receivable 
B) Debit Cash; Credit Salaries Expense 
C) Debit Salaries Expense; Credit Accounts Payable 
D) Debit Salaries Expense; Credit Cash 
A) Debit Cash; Credit Accounts Receivable 
B) Debit Cash; Credit Salaries Expense 
C) Debit Salaries Expense; Credit Accounts Payable 
D) Debit Salaries Expense; Credit Cash

Question 2

The order of the flow of accounting data is to (1)record in a journal, (2)post in a ledger, (3)prepare a trial balance.

Accepted Answer

A) True 
 B)False

Question 3

The debit is indented in a journal entry.

Accepted Answer

A) True 
 B)False

Question 4

The general journal entry to record a payment to a creditor would most commonly include:

Accepted Answer

A) a debit to Accounts Payable and a credit to Cash. 
B) a debit to Capital and a credit to Cash. 
C) a debit to Supplies and a credit to Cash. 
D) a debit to Cash and a credit to Accounts Payable. 
A) a debit to Accounts Payable and a credit to Cash. 
B) a debit to Capital and a credit to Cash. 
C) a debit to Supplies and a credit to Cash. 
D) a debit to Cash and a credit to Accounts Payable.

Question 5

Which of the following transactions would cause the trial balance to be out of balance?

Accepted Answer

A) A debit to Cash and a debit to Equipment for the same amount 
B) A credit to Cash and a debit to Supplies 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. 
A) A debit to Cash and a debit to Equipment for the same amount 
B) A credit to Cash and a debit to Supplies 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 6

A slide is an error that results when zeros have been added or deleted when writing an amount. Example: 30,000 is written as 3,000.

Accepted Answer

A) True 
 B)False

Question 7

A journal entry affecting three or more accounts is called a:

Accepted Answer

A) multi-level entry. 
B) multi-step entry. 
C) compound entry. 
D) simple entry. 
A) multi-level entry. 
B) multi-step entry. 
C) compound entry. 
D) simple entry.

Question 8

The general journal does not have a column titled:

Accepted Answer

A) Date. 
B) Account Titles & Descriptions. 
C) Dr. and Cr. 
D) Balance. 
A) Date. 
B) Account Titles & Descriptions. 
C) Dr. and Cr. 
D) Balance.

Question 9

Complete the following questions based on the journal entry below:

Accepted Answer

a)May 1
b)Cash
c)Cap

Question 10

Define and discuss a calendar year, accounting period, and fiscal year.

Accepted Answer

A calendar year runs from January 1 to D

Question 11

The following trial balance has been improperly completed. All the accounts have normal balances. Prepare a corrected trial balance in good form.

Accepted Answer

The answer of The following trial balance has been improperly...

Question 12

If Accounts Payable has been debited, it is most likely that:

Accepted Answer

A) the company made a payment to a creditor. 
B) a customer made a payment. 
C) the company made a purchase on account. 
D) None of these are possible. 
A) the company made a payment to a creditor. 
B) a customer made a payment. 
C) the company made a purchase on account. 
D) None of these are possible.

Question 13

The entry to record completing a financial lecture and immediately collecting payment from customers would be:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 14

The trial balance:

Accepted Answer

A) includes all accounts with a balance in the ledger. 
B) includes assets, liabilities, capital, withdrawals, revenues and expenses. 
C) ensures that debits equal credits. 
D) All of the above are correct. 
A) includes all accounts with a balance in the ledger. 
B) includes assets, liabilities, capital, withdrawals, revenues and expenses. 
C) ensures that debits equal credits. 
D) All of the above are correct.

Question 15

A fiscal year is always January 1 through December 31.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following entries records the owner taking cash for personal use?

Accepted Answer

A) Wage Expense, debit; Cash, credit 
B) Capital, debit; Cash, credit 
C) No entry is necessary since the owner owns the cash and the entire business. 
D) Withdrawals, debit; Cash, credit 
A) Wage Expense, debit; Cash, credit 
B) Capital, debit; Cash, credit 
C) No entry is necessary since the owner owns the cash and the entire business. 
D) Withdrawals, debit; Cash, credit

Question 17

The process of initially recording business transactions in a journal is:

Accepted Answer

A) sliding. 
B) posting. 
C) journalizing. 
D) transposing. 
A) sliding. 
B) posting. 
C) journalizing. 
D) transposing.

Question 18

Interim statements are prepared to:

Accepted Answer

A) notify management of the company's current financial position. 
B) notify investors of the company's current financial position. 
C) allow management to make changes to the business before processing year-end financial statements. 
D) All of the above are correct. 
A) notify management of the company's current financial position. 
B) notify investors of the company's current financial position. 
C) allow management to make changes to the business before processing year-end financial statements. 
D) All of the above are correct.

Question 19

The trial balance proves the equality of debits and credits.

Accepted Answer

A) True 
 B)False

Question 20

The posting reference column in the journal is used for:

Accepted Answer

A) recording the source documents identification number. 
B) recording the account number to which the entry was posted. 
C) recording the time when the entry was posted. 
D) recording the initials of the person who did the posting. 
A) recording the source documents identification number. 
B) recording the account number to which the entry was posted. 
C) recording the time when the entry was posted. 
D) recording the initials of the person who did the posting.

Exam 3: Beginning the Accounting Cycle

The entry to record the payment of office salaries would be:

The order of the flow of accounting data is to (1)record in a journal, (2)post in a ledger, (3)prepare a trial balance.

The debit is indented in a journal entry.

The general journal entry to record a payment to a creditor would most commonly include:

Which of the following transactions would cause the trial balance to be out of balance?

A slide is an error that results when zeros have been added or deleted when writing an amount. Example: 30,000 is written as 3,000.

A journal entry affecting three or more accounts is called a:

The general journal does not have a column titled:

Complete the following questions based on the journal entry below:

Define and discuss a calendar year, accounting period, and fiscal year.

The following trial balance has been improperly completed. All the accounts have normal balances. Prepare a corrected trial balance in good form.

If Accounts Payable has been debited, it is most likely that:

The entry to record completing a financial lecture and immediately collecting payment from customers would be:

The trial balance:

A fiscal year is always January 1 through December 31.

Which of the following entries records the owner taking cash for personal use?

The process of initially recording business transactions in a journal is:

Interim statements are prepared to:

The trial balance proves the equality of debits and credits.

The posting reference column in the journal is used for:

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

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