Question 1

The second step in the analytical phase of accounting is

Accepted Answer

A) to determine whether there is an increase or a decrease in the accounts. 
B) to determine which accounts are involved. 
C) to formulate the entry as a debit to one account and as a credit to another account. 
D) to identify the classification of the accounts involved. 
E) none of these. 
A) to determine whether there is an increase or a decrease in the accounts. 
B) to determine which accounts are involved. 
C) to formulate the entry as a debit to one account and as a credit to another account. 
D) to identify the classification of the accounts involved. 
E) none of these.

Question 2

Jackson Company received cash on account from customers, $2,300. The accountant would record a

Accepted Answer

A) debit to income from services, $2,300. 
B) credit to income from services, $2,300. 
C) debit to accounts receivable, $2,300. 
D) credit to accounts receivable, $2,300. 
E) credit to cash, $2,300. 
A) debit to income from services, $2,300. 
B) credit to income from services, $2,300. 
C) debit to accounts receivable, $2,300. 
D) credit to accounts receivable, $2,300. 
E) credit to cash, $2,300.

Question 3

Income from Services 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) on both the 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) on both the debit and credit side of the trial balance

Question 4

Match the terms below with the correct definitions.
  
-A recording error involving the switching around of the digits of a number

Accepted Answer

The answer of Match the terms below with the correct...

Question 5

A trial balance is

Accepted Answer

A) a listing of all the assets, liabilities, and owner's equity accounts that have balances. 
B) a listing of all the accounts that have zero balances. 
C) a listing of all the revenue and expense accounts that have balances. 
D) all of these. 
E) none of these. 
A) a listing of all the assets, liabilities, and owner's equity accounts that have balances. 
B) a listing of all the accounts that have zero balances. 
C) a listing of all the revenue and expense accounts that have balances. 
D) all of these. 
E) none of these.

Question 6

A credit may result in

Accepted Answer

A) an increase in a liability account. 
B) an increase in a revenue account. 
C) a decrease in an asset account. 
D) an increase in the Capital account. 
E) all of these. 
A) an increase in a liability account. 
B) an increase in a revenue account. 
C) a decrease in an asset account. 
D) an increase in the Capital account. 
E) all of these.

Question 7

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

Accepted Answer

The answer of Match the terms below with the correct...

Question 8

Match the terms below with the correct definitions.
  
-Transaction that has two or more debits and/or credits

Accepted Answer

The answer of Match the terms below with the correct...

Question 9

A debit may result in

Accepted Answer

A) an increase in an expense account. 
B) an increase in an asset account. 
C) a decrease in a liability account. 
D) a decrease in a revenue account. 
E) all of these. 
A) an increase in an expense account. 
B) an increase in an asset account. 
C) a decrease in a liability account. 
D) a decrease in a revenue account. 
E) all of these.

Question 10

The ___________ are the totals of each side of a T account that is normally recorded in small, pencil-written figures.

Accepted Answer

A) balances 
B) footings 
C) figures 
D) estimates 
A) balances 
B) footings 
C) figures 
D) estimates

Question 11

During the first month of operation, Sasha's Massage experienced the following transactions
           Instructions:

Accepted Answer

The answer of During the first month of operation, Sasha's...

Question 12

The accounts and their balances as of December 31 of this year for Fast Delivery Service are presented below.
   Instructions:

Accepted Answer

The answer of The accounts and their balances as of...

Question 13

Accounts Payable is reported on which financial statement?

Accepted Answer

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

Question 14

Explain the trial balance, including when and why it is prepared.

Accepted Answer

The trial balance is a listing

Question 15

Explain how the Drawing account differs from an expense account.

Accepted Answer

The Drawing account is the opposite of a

Question 16

The _____________ of the balance sheet requires that the assets are placed at the top and liabilities and owner's equity are placed below.

Accepted Answer

A) financial position 
B) report form 
C) horizontal form 
D) vertical form 
A) financial position 
B) report form 
C) horizontal form 
D) vertical form

Question 17

List the main categories of accounts (as provided in a typical chart of accounts) and provide their specific normal balance.

Accepted Answer

Assets (DR), Liabilities (CR),

Question 18

Which of the following is true?

Accepted Answer

A) An asset account would be decreased with a debit. 
B) A liability account would be increased with a debit. 
C) A revenue account would be increased with a credit. 
D) An expense account would be increased with a credit. 
A) An asset account would be decreased with a debit. 
B) A liability account would be increased with a debit. 
C) A revenue account would be increased with a credit. 
D) An expense account would be increased with a credit.

Question 19

Recording $520 as $5.20 is an example of a slide.

Accepted Answer

A) True 
 B)False

Question 20

A debit may signify a decrease in a(n)

Accepted Answer

A) liability account. 
B) asset account. 
C) revenue account. 
D) liability and a revenue account. 
E) asset and a revenue account. 
A) liability account. 
B) asset account. 
C) revenue account. 
D) liability and a revenue account. 
E) asset and a revenue account.

The second step in the analytical phase of accounting is

Jackson Company received cash on account from customers, $2,300. The accountant would record a

Income from Services would be shown on the ______________.

Match the terms below with the correct definitions. -A recording error involving the switching around of the digits of a number

A trial balance is

A credit may result in

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

Match the terms below with the correct definitions. -Transaction that has two or more debits and/or credits

A debit may result in

The ___________ are the totals of each side of a T account that is normally recorded in small, pencil-written figures.

During the first month of operation, Sasha's Massage experienced the following transactions Instructions:

The accounts and their balances as of December 31 of this year for Fast Delivery Service are presented below. Instructions:

Accounts Payable is reported on which financial statement?

Explain the trial balance, including when and why it is prepared.

Explain how the Drawing account differs from an expense account.

The _____________ of the balance sheet requires that the assets are placed at the top and liabilities and owner's equity are placed below.

List the main categories of accounts (as provided in a typical chart of accounts) and provide their specific normal balance.

Which of the following is true?

Recording $520 as $5.20 is an example of a slide.

A debit may signify a decrease in a(n)

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 Including Appendix

Bank Accounts and Cash Funds

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

Filters

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

The second step in the analytical phase of accounting is

Jackson Company received cash on account from customers, $2,300. The accountant would record a

Income from Services would be shown on the ______________.

Match the terms below with the correct definitions. -A recording error involving the switching around of the digits of a number

A trial balance is

A credit may result in

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

Match the terms below with the correct definitions. -Transaction that has two or more debits and/or credits

A debit may result in

The ___________ are the totals of each side of a T account that is normally recorded in small, pencil-written figures.

During the first month of operation, Sasha's Massage experienced the following transactions Instructions:

The accounts and their balances as of December 31 of this year for Fast Delivery Service are presented below. Instructions:

Accounts Payable is reported on which financial statement?

Explain the trial balance, including when and why it is prepared.

Explain how the Drawing account differs from an expense account.

The _____________ of the balance sheet requires that the assets are placed at the top and liabilities and owner's equity are placed below.

List the main categories of accounts (as provided in a typical chart of accounts) and provide their specific normal balance.

Which of the following is true?

Recording $520 as $5.20 is an example of a slide.

A debit may signify a decrease in a(n)

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 Including Appendix

Bank Accounts and Cash Funds

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

Filters