Question 1

An increase in an expense is recorded as a debit.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

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

Question 3

Which of the following is an asset account?

Accepted Answer

A) Insurance Expense 
B) Advertising Expense 
C) Office Equipment 
D) Sales 
E) None of these 
A) Insurance Expense 
B) Advertising Expense 
C) Office Equipment 
D) Sales 
E) None of these

Question 4

A business buys office equipment for cash. What effect will this transaction have on the accounts?

Accepted Answer

A) Debit an asset account and credit an expense account 
B) Debit an asset account and credit an asset account 
C) Debit an expense account and credit an asset account 
D) Debit a liability account and credit an asset account 
E) None of these 
A) Debit an asset account and credit an expense account 
B) Debit an asset account and credit an asset account 
C) Debit an expense account and credit an asset account 
D) Debit a liability account and credit an asset account 
E) None of these

Question 5

The ____________ shows total revenue minus total expenses.

Accepted Answer

A) balance sheet 
B) income statement 
C) statement of owner's equity 
D) cash flow statement 
A) balance sheet 
B) income statement 
C) statement of owner's equity 
D) cash flow statement

Question 6

The left side is always the debit side.

Accepted Answer

A) True 
 B)False

Question 7

The _______________ of a company is the resources owned by the organization at a point in time, offset by the claims against those resources and owner's equity.

Accepted Answer

A) net income 
B) financial statement 
C) net loss 
D) financial position 
A) net income 
B) financial statement 
C) net loss 
D) financial position

Question 8

Which of the following describes the classification and normal balance of H. Gale, Capital?

Accepted Answer

A) Asset, debit 
B) Revenue, credit 
C) Owner's equity, debit 
D) Expense, debit 
E) None of these 
A) Asset, debit 
B) Revenue, credit 
C) Owner's equity, debit 
D) Expense, debit 
E) None of these

Question 9

A credit may result in

Accepted Answer

A) an increase in an asset account. 
B) a decrease in the Capital account. 
C) an increase in a liability account. 
D) a decrease in a liability account. 
E) none of these. 
A) an increase in an asset account. 
B) a decrease in the Capital account. 
C) an increase in a liability account. 
D) a decrease in a liability account. 
E) none of these.

Question 10

Ready Company received a bill for advertising. The accountant would record a

Accepted Answer

A) credit to cash. 
B) credit to accounts receivable. 
C) credit to accounts payable. 
D) credit to advertising expense. 
A) credit to cash. 
B) credit to accounts receivable. 
C) credit to accounts payable. 
D) credit to advertising expense.

Question 11

Which of the following is not true concerning T accounts?

Accepted Answer

A) The right side of a revenue account is an increase. 
B) The left side of an expense account is an increase. 
C) The left side of an asset account is an increase. 
D) The left side of a liability account is an increase. 
A) The right side of a revenue account is an increase. 
B) The left side of an expense account is an increase. 
C) The left side of an asset account is an increase. 
D) The left side of a liability account is an increase.

Question 12

If a $47 cash purchase of supplies is recorded as a $57 debit to Supplies Expense and a $57 credit to Cash, the result will be that

Accepted Answer

A) the trial balance will be out of balance. 
B) the Supplies Expense account will be understated. 
C) the Cash account will be overstated. 
D) Supplies Expense will be overstated and Supplies will be understated. 
E) none of these will be true. 
A) the trial balance will be out of balance. 
B) the Supplies Expense account will be understated. 
C) the Cash account will be overstated. 
D) Supplies Expense will be overstated and Supplies will be understated. 
E) none of these will be true.

Question 13

A ______________ means that the digits of a number have been switched around.

Accepted Answer

A) slide 
B) matching error 
C) transposition 
D) none of the answers listed 
A) slide 
B) matching error 
C) transposition 
D) none of the answers listed

Question 14

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

An increase in an expense is recorded as a debit.

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

Which of the following is an asset account?

A business buys office equipment for cash. What effect will this transaction have on the accounts?

The ____________ shows total revenue minus total expenses.

The left side is always the debit side.

The _______________ of a company is the resources owned by the organization at a point in time, offset by the claims against those resources and owner's equity.

Which of the following describes the classification and normal balance of H. Gale, Capital?

A credit may result in

Ready Company received a bill for advertising. The accountant would record a

Which of the following is not true concerning T accounts?

If a $47 cash purchase of supplies is recorded as a $57 debit to Supplies Expense and a $57 credit to Cash, the result will be that

A ______________ means that the digits of a number have been switched around.

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

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

An increase in an expense is recorded as a debit.

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

Which of the following is an asset account?

A business buys office equipment for cash. What effect will this transaction have on the accounts?

The ____________ shows total revenue minus total expenses.

The left side is always the debit side.

The _______________ of a company is the resources owned by the organization at a point in time, offset by the claims against those resources and owner's equity.

Which of the following describes the classification and normal balance of H. Gale, Capital?

A credit may result in

Ready Company received a bill for advertising. The accountant would record a

Which of the following is not true concerning T accounts?

If a $47 cash purchase of supplies is recorded as a $57 debit to Supplies Expense and a $57 credit to Cash, the result will be that

A ______________ means that the digits of a number have been switched around.

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

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