Intro to Accounting
latifsd
last_accounting_exam.doc|
Question 1 of 20 |
5.0 Points |
An account is said to have a debit balance if __________.
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A. the footing of the debits exceeds the footing of the credits |
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B. there are more entries on the debit side than on the credit side |
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C. its normal balance is debit without regard to the amounts or number of entries on the debit side |
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D. the last entry of the accounting period was posted on the debit side |
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Question 2 of 20 |
5.0 Points |
When recording transactions in two or more accounts and the totals of the debits and credits are equal, it is called __________.
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A. debiting |
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B. crediting |
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C. posting |
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D. double-entry bookkeeping |
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Question 3 of 20 |
5.0 Points |
The left side of any account is the __________.
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A. debit side |
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B. credit side |
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C. ending balance |
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D. footings |
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Question 4 of 20 |
5.0 Points |
The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is __________.
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A. $2,000 |
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B. $6,000 |
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C. $4,500 |
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D. $3,000 |
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Question 5 of 20 |
5.0 Points |
The owner invested personal equipment in the business. To record this transaction __________.
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A. debit Equipment and credit Accounts Payable |
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B. debit Accounts Payable and credit Equipment |
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C. debit Equipment and credit Capital |
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D. credit Equipment and debit Capital |
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Question 6 of 20 |
5.0 Points |
An account that would be increased by a credit is __________.
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A. cash |
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B. accounts receivable |
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C. utilities expense |
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D. accounts payable |
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Question 7 of 20 |
5.0 Points |
A liability would be credited and an expense debited if __________.
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A. the business paid a creditor |
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B. the business incurred an expense and did not pay the expense immediately |
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C. the business bought supplies on account |
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D. the business bought supplies for cash |
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Question 8 of 20 |
5.0 Points |
Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to __________.
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A. revenue |
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B. accounts receivable |
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C. accounts payable |
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D. cash |
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Question 9 of 20 |
5.0 Points |
The right side of any account is the __________.
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A. debit side |
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B. credit side |
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C. ending balance |
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D. footings |
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Question 10 of 20 |
5.0 Points |
The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1100. The balance of the account is __________.
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A. $800 debit |
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B. $800 credit |
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C. $2,600 credit |
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D. $2,600 debit |
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Question 11 of 20 |
5.0 Points |
An asset would be debited and a liability credited if __________.
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A. the business bought supplies for cash |
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B. the business incurred an expense and paid it |
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C. the business incurred an expense and did not pay for the expense immediately |
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D. the business bought equipment on account |
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Question 12 of 20 |
5.0 Points |
When an owner records a credit for $650 for revenue earned but not yet received, the amount of the debit should be __________.
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A. $325 |
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B. $0 |
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C. $975 |
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D. $650 |
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Question 13 of 20 |
5.0 Points |
Accounts Payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month. The ending balance is __________.
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A. $500 credit |
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B. $1,000 debit |
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C. $500 debit |
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D. $1,000 credit |
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Question 14 of 20 |
5.0 Points |
Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is __________.
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A. $55 debit |
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B. $55 credit |
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C. $95 debit |
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D. $95 credit |
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Question 15 of 20 |
5.0 Points |
Which of the statements of the rules of debit and credit is true?
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A. Decrease accounts receivable with a credit and the normal balance is a credit. |
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B. Increase accounts payable with a credit and the normal balance is a credit. |
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C. Increase capital with a debit and the normal balance is a debit. |
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D. Decrease cash with a debit and the normal balance is a debit. |
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Question 16 of 20 |
5.0 Points |
The beginning balance in the Computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is __________.
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A. debit of $2,000 |
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B. credit of $3,000 |
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C. debit of $3,000 |
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D. credit of $2,000 |
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Question 17 of 20 |
5.0 Points |
A liability would be credited and an expense debited if __________.
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A. the business paid a creditor |
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B. the business incurred an expense and did not pay the expense immediately |
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C. the business bought supplies on account |
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D. the business bought supplies for cash |
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Question 18 of 20 |
5.0 Points |
What would be the effect on accounts if the owner withdrew cash?
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A. An asset would be debited and an expense credited. |
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B. Withdrawals would be debited and an asset credited. |
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C. An asset would be debited and a revenue credited. |
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D. An asset would be debited and Capital credited. |
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Question 19 of 20 |
5.0 Points |
A debit increases the balance in all of the following accounts, except __________.
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A. cash |
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B. withdrawals |
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C. expenses |
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D. accounts payable |
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Question 20 of 20 |
5.0 Points |
The business incurred an expense and paid it immediately. To record this __________.
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A. an expense is debited and a liability is credited |
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B. an expense is debited and an asset is credited |
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C. an expense is debited and Capital is credited |
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D. None of the above answers are correct. |
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