Question 1

In any transaction, the total dollar amount of debits must equal the total dollar amount of credits.

Accepted Answer

A) True 
 B)False

Question 2

The time period on the ______________ represents only one date.

Accepted Answer

A)  income statement 
B)  statement of owner's equity 
C)  balance sheet 
D)  none of the answers listed 
A)  income statement 
B)  statement of owner's equity 
C)  balance sheet 
D)  none of the answers listed

Question 3

Utilities Expense would be shown on the ______________.

Accepted Answer

A)  debit side of the trial balance 
B)  credit side of the trial balance 
C)  not on the trial balance 
D)  debit and credit side of the trial balance 
A)  debit side of the trial balance 
B)  credit side of the trial balance 
C)  not on the trial balance 
D)  debit and credit side of the trial balance

Question 4

Income from Services is reported on which financial statement?

Accepted Answer

A)  income statement 
B)  statement of owner's equity 
C)  balance sheet 
D)  none of the answers listed 
A)  income statement 
B)  statement of owner's equity 
C)  balance sheet 
D)  none of the answers listed

Question 5

Which of the following entries records the withdrawal of cash for personal use by D. Bill, the owner of a business?

Accepted Answer

A)  Debit Cash and credit D. Bill, Drawing 
B)  Debit Cash and credit Salary Expense 
C)  Debit Salary Expense and credit Cash 
D)  Debit D. Bill, Drawing and credit Cash 
E)  None of these 
A)  Debit Cash and credit D. Bill, Drawing 
B)  Debit Cash and credit Salary Expense 
C)  Debit Salary Expense and credit Cash 
D)  Debit D. Bill, Drawing and credit Cash 
E)  None of these

Question 6

Rent Expense is reported on which financial statement?

Accepted Answer

A)  income statement 
B)  balance sheet 
C)  statement of owner's equity 
D)  none of the answers listed 
A)  income statement 
B)  balance sheet 
C)  statement of owner's equity 
D)  none of the answers listed

Question 7

Davis Company has the following accounts and balances at the end of the year: 
Cash, $1,200
Accounts Receivable, $280
Office Equipment, $3,000
Accounts Payable, $1,400
Income from Services, $3,500
Rent Expense, $670
Salaries Expense, $1,000
R. Davis, Capital at the beginning of the year was $2,050. Rob Davis also withdrew $800 from the company during the year. What is net income for the year?

Accepted Answer

A)  $1,830 
B)  $3,500 
C)  $1,030 
D)  $5,080 
A)  $1,830 
B)  $3,500 
C)  $1,030 
D)  $5,080

Question 8

Match the terms below with the correct definitions.
-Totaling each side of a T account

Accepted Answer

A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry 
A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry

Question 9

An account balance is the difference between total debits and total credits in an account.

Accepted Answer

A) True 
 B)False

Question 10

Recording $41.25 as $412.50 is an example of a transposition.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following classifications of accounts has/have a normal credit balance?

Accepted Answer

A)  Drawing 
B)  Revenues 
C)  Liabilities 
D)  Revenues and liabilities 
E)  All of these 
A)  Drawing 
B)  Revenues 
C)  Liabilities 
D)  Revenues and liabilities 
E)  All of these

Question 12

Which of the following describes the classification and normal balance of the Income from Services account?

Accepted Answer

A)  Capital, debit 
B)  Revenue, credit 
C)  Asset, credit 
D)  Asset, debit 
E)  Expense, debit 
A)  Capital, debit 
B)  Revenue, credit 
C)  Asset, credit 
D)  Asset, debit 
E)  Expense, debit

Question 13

Which of the following refers to interchanging, or switching around, digits during the recording of a number?

Accepted Answer

A)  A compound error 
B)  A matching error 
C)  A transposition 
D)  A slide 
A)  A compound error 
B)  A matching error 
C)  A transposition 
D)  A slide

Question 14

Match the terms below with the correct definitions.
-The right-hand side of a T account

Accepted Answer

A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry 
A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry

Question 15

Errors can occur for which of the following reason(s)?

Accepted Answer

A)  Arithmetic 
B)  Recording only half an entry 
C)  Recording two debits and no credits 
D)  Recording incorrect amounts 
E)  All of the answers listed 
A)  Arithmetic 
B)  Recording only half an entry 
C)  Recording two debits and no credits 
D)  Recording incorrect amounts 
E)  All of the answers listed

Question 16

Match the terms below with the correct definitions.
-Plus side of any T account

Accepted Answer

A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry 
A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry

Question 17

Match the terms below with the correct definitions.
-The left side of a T account

Accepted Answer

A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry 
A) Trial balance 
B) Normal balance 
C) Trial balance error 
D) Transposition 
E) Credit
F)Trial balance account order
G)Footing
H)Debit
I)Compound entry

In any transaction, the total dollar amount of debits must equal the total dollar amount of credits.

The time period on the ______________ represents only one date.

Utilities Expense would be shown on the ______________.

Income from Services is reported on which financial statement?

Which of the following entries records the withdrawal of cash for personal use by D. Bill, the owner of a business?

Rent Expense is reported on which financial statement?

Match the terms below with the correct definitions. -Totaling each side of a T account

An account balance is the difference between total debits and total credits in an account.

Recording $41.25 as $412.50 is an example of a transposition.

Which of the following classifications of accounts has/have a normal credit balance?

Which of the following describes the classification and normal balance of the Income from Services account?

Which of the following refers to interchanging, or switching around, digits during the recording of a number?

Match the terms below with the correct definitions. -The right-hand side of a T account

Errors can occur for which of the following reason(s)?

Match the terms below with the correct definitions. -Plus side of any T account

Match the terms below with the correct definitions. -The left side of a T account

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters

Exam 2: T Accounts, Debits and Credits, Trial Balance, and Financial Statements

In any transaction, the total dollar amount of debits must equal the total dollar amount of credits.

The time period on the ______________ represents only one date.

Utilities Expense would be shown on the ______________.

Income from Services is reported on which financial statement?

Which of the following entries records the withdrawal of cash for personal use by D. Bill, the owner of a business?

Rent Expense is reported on which financial statement?

Match the terms below with the correct definitions. -Totaling each side of a T account

An account balance is the difference between total debits and total credits in an account.

Recording $41.25 as $412.50 is an example of a transposition.

Which of the following classifications of accounts has/have a normal credit balance?

Which of the following describes the classification and normal balance of the Income from Services account?

Which of the following refers to interchanging, or switching around, digits during the recording of a number?

Match the terms below with the correct definitions. -The right-hand side of a T account

Errors can occur for which of the following reason(s)?

Match the terms below with the correct definitions. -Plus side of any T account

Match the terms below with the correct definitions. -The left side of a T account

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters