Question 1

The debit side of an account

Accepted Answer

A)  depends on whether the account is an asset, liability or stockholders' equity item 
B)  can be either side of the account depending on how the accountant set up the system 
C)  is the right side of the account 
D)  is the left side of the account 
A)  depends on whether the account is an asset, liability or stockholders' equity item 
B)  can be either side of the account depending on how the accountant set up the system 
C)  is the right side of the account 
D)  is the left side of the account

Question 2

Debiting the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 3

The erroneous moving of an entire number one or more spaces to the right or left, such as writing $85 as $850, is called a transposition.

Accepted Answer

A) True 
 B)False

Question 4

The normal balance of a capital stock account is a debit.

Accepted Answer

A) True 
 B)False

Question 5

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

Accepted Answer

The answer of Journalize the following selected transactions for April...

Question 6

A debit is abbreviated as Db and a credit is abbreviated as Cr.

Accepted Answer

A) True 
 B)False

Question 7

The gross increases in retained earnings attributable to business activities are called

Accepted Answer

A)  assets 
B)  liabilities 
C)  revenues 
D)  net income 
A)  assets 
B)  liabilities 
C)  revenues 
D)  net income

Question 8

Prepare a journal entry on October 12 for the fees earned on account, $14,600.

Accepted Answer

The answer of Prepare a journal entry on October 12...

Question 9

The double-entry accounting system records each transaction twice.

Accepted Answer

A) True 
 B)False

Question 10

Of the following, which istrue about assets?

Accepted Answer

A)  Assets include physical items and intangibles that have value. 
B)  Assets include only physical items of value. 
C)  Assets are owned solely by the stockholders of the company. 
D)  Assets are the result of selling products or services to customers. 
A)  Assets include physical items and intangibles that have value. 
B)  Assets include only physical items of value. 
C)  Assets are owned solely by the stockholders of the company. 
D)  Assets are the result of selling products or services to customers.

Question 11

All of the following occur with a double-entry accounting system except

Accepted Answer

A)  The accounting equation remains in balance. 
B)  The sum of all debits is always equal to the sum of all credits in each journal entry. 
C)  Each business transaction will have only two entries. 
D)  Every transaction affects at least two accounts. 
A)  The accounting equation remains in balance. 
B)  The sum of all debits is always equal to the sum of all credits in each journal entry. 
C)  Each business transaction will have only two entries. 
D)  Every transaction affects at least two accounts.

Question 12

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Accepted Answer

A)  ledger 
B)  trial balance 
C)  account 
D)  balance sheet 
A)  ledger 
B)  trial balance 
C)  account 
D)  balance sheet

Question 13

Transactions are initially entered into a record called a journal.

Accepted Answer

A) True 
 B)False

Question 14

The unearned revenues account is an example of a liability.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following accounts is a stockholders' equity account?

Accepted Answer

A)  Cash 
B)  Accounts Payable 
C)  Prepaid Insurance 
D)  Dividends 
A)  Cash 
B)  Accounts Payable 
C)  Prepaid Insurance 
D)  Dividends

Question 16

Set up T accounts for Cash, Accounts Receivable, Supplies, Accounts Payable, Capital Stock, Dividends, Professional Fees, and Operating Expenses.

Accepted Answer

The answer of Set up T accounts for Cash, Accounts...

Question 17

On June 1, the cash account balance was $75,880. During June, cash receipts totaled $305,000 and the June 30 balance was $96,750. Determine the cash payments made during June.

Accepted Answer

96,750 = 75,880 + 30

Question 18

The process of transferring the debits and credits from the journal entries to the ledger accounts is called

Accepted Answer

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

Question 19

Accounts

Accepted Answer

A)  do not reflect money amounts 
B)  are not used by entities that manufacture products 
C)  are records of increases and decreases in individual financial statement items 
D)  are only used by large entities with many transactions 
A)  do not reflect money amounts 
B)  are not used by entities that manufacture products 
C)  are records of increases and decreases in individual financial statement items 
D)  are only used by large entities with many transactions

Question 20

The posting process will include the transfer of the following information from the journal to the account.

Accepted Answer

A)  date, amount (debit or credit) 
B)  date, amount (debit or credit), journal page number 
C)  amount (debit or credit), account number 
D)  date, amount (debit or credit) account number 
A)  date, amount (debit or credit) 
B)  date, amount (debit or credit), journal page number 
C)  amount (debit or credit), account number 
D)  date, amount (debit or credit) account number

The debit side of an account

Debiting the cash account will increase the account.

The erroneous moving of an entire number one or more spaces to the right or left, such as writing $85 as $850, is called a transposition.

The normal balance of a capital stock account is a debit.

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

A debit is abbreviated as Db and a credit is abbreviated as Cr.

The gross increases in retained earnings attributable to business activities are called

Prepare a journal entry on October 12 for the fees earned on account, $14,600.

The double-entry accounting system records each transaction twice.

Of the following, which istrue about assets?

All of the following occur with a double-entry accounting system except

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Transactions are initially entered into a record called a journal.

The unearned revenues account is an example of a liability.

Which of the following accounts is a stockholders' equity account?

Set up T accounts for Cash, Accounts Receivable, Supplies, Accounts Payable, Capital Stock, Dividends, Professional Fees, and Operating Expenses.

On June 1, the cash account balance was $75,880. During June, cash receipts totaled $305,000 and the June 30 balance was $96,750. Determine the cash payments made during June.

The process of transferring the debits and credits from the journal entries to the ledger accounts is called

Accounts

The posting process will include the transfer of the following information from the journal to the account.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

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Exam 2: Analyzing Transactions

The debit side of an account

Debiting the cash account will increase the account.

The erroneous moving of an entire number one or more spaces to the right or left, such as writing $85 as $850, is called a transposition.

The normal balance of a capital stock account is a debit.

Journalize the following selected transactions for April 2011 in a two-column journal. Journal entry explanations may be omitted.

A debit is abbreviated as Db and a credit is abbreviated as Cr.

The gross increases in retained earnings attributable to business activities are called

Prepare a journal entry on October 12 for the fees earned on account, $14,600.

The double-entry accounting system records each transaction twice.

Of the following, which istrue about assets?

All of the following occur with a double-entry accounting system except

The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a

Transactions are initially entered into a record called a journal.

The unearned revenues account is an example of a liability.

Which of the following accounts is a stockholders' equity account?

Set up T accounts for Cash, Accounts Receivable, Supplies, Accounts Payable, Capital Stock, Dividends, Professional Fees, and Operating Expenses.

On June 1, the cash account balance was $75,880. During June, cash receipts totaled $305,000 and the June 30 balance was $96,750. Determine the cash payments made during June.

The process of transferring the debits and credits from the journal entries to the ledger accounts is called

Accounts

The posting process will include the transfer of the following information from the journal to the account.

Introduction to Accounting and Business

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Sarbanes-Oxley, Internal Control, and Cash

Receivables

Fixed Assets and Intangible Assets

Current Liabilities and Payroll

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters