Question 1 of 20 0.0/ 5.0 points which entry would record the payment
Question 1 of 20 | 0.0/ 5.0 Points |
Which entry would record the payment of a utility bill?
[removed] A. Debit Utilities Expense; credit Cash | |
[removed] B. Debit Cash; credit Utilities Expense | |
[removed] C. Debit Utilities Expense; credit Accounts Payable | |
[removed] D. Debit Accounts Receivable; credit Utilities Expense |
Question 2 of 20 | 5.0/ 5.0 Points |
A business incurred an expense and paid it immediately. To record this transaction,
[removed] A. an expense is debited, and a liability is credited. | |
[removed] B. an expense is debited, and an asset is credited. | |
[removed] C. an expense is debited, and Capital is credited. | |
[removed] D. None of the above |
Question 3 of 20 | 0.0/ 5.0 Points |
The purpose of posting is to
[removed] A. list the transactions in chronological order in the journal. | |
[removed] B. provide an explanation of the transaction. | |
[removed] C. update the account balances in the ledger. | |
[removed] D. correct a previous entry. |
Question 4 of 20 | 0.0/ 5.0 Points |
The general journal
[removed] A. is the book of original entry. | |
[removed] B. is the book of final entry. | |
[removed] C. contains account balances. | |
[removed] D. is completed after the general ledger. |
Question 5 of 20 | 0.0/ 5.0 Points |
The first step of the accounting cycle is to
[removed] A. record journal entries. | |
[removed] B. post to the ledger. | |
[removed] C. prepare a trial balance. | |
[removed] D. analyze business transactions. |
Question 6 of 20 | 0.0/ 5.0 Points |
A business provided services to a cash customer. To record this transaction,
[removed] A. an asset is debited, and a liability is credited. | |
[removed] B. an asset is debited, and a revenue is credited. | |
[removed] C. an expense is debited, and Capital is credited. | |
[removed] D. None of the above |
Question 7 of 20 | 0.0/ 5.0 Points |
Business transactions are first recorded in the
[removed] A. ledger. | |
[removed] B. journal. | |
[removed] C. trial balance. | |
[removed] D. balance sheet. |
Question 8 of 20 | 5.0/ 5.0 Points |
Which of the following is not a financial statement?
[removed] A. Balance sheet | |
[removed] B. Income statement | |
[removed] C. Statement of owner’s equity | |
[removed] D. Trial balance |
Question 9 of 20 | 0.0/ 5.0 Points |
Which entry records the owner’s taking cash for personal use?
[removed] A. Debit Wage Expense; credit Cash | |
[removed] B. Debit Capital; credit Cash | |
[removed] C. No entry is necessary because the owner owns the cash and the entire business. | |
[removed] D. Debit Withdrawals; credit Cash |
Question 10 of 20 | 0.0/ 5.0 Points |
Posting is performed by transferring information from the journal to the
[removed] A. ledger. | |
[removed] B. trial balance. | |
[removed] C. balance sheet. | |
[removed] D. income statement. |
Question 11 of 20 | 0.0/ 5.0 Points |
The posting reference column in the ledger is
[removed] A. used to record the journal and page number the transactions originated. | |
[removed] B. used to record the ledger number. | |
[removed] C. used to record the date. | |
[removed] D. not used. |
Question 12 of 20 | 0.0/ 5.0 Points |
An account that would be increased by a debit is
[removed] A. cash. | |
[removed] B. fees earned. | |
[removed] C. capital. | |
[removed] D. accounts payable. |
Question 13 of 20 | 0.0/ 5.0 Points |
Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?
Cash | $1,000 |
Equipment | 500 |
Accounts Payable | 350 |
Capital | 900 |
Service Fees | 1,000 |
Salaries Expense | 750 |
[removed] A. $3,250 debit, $3,250 credit | |
[removed] B. $1,125 debit, $1,125 credit | |
[removed] C. $4,500 debit, $4,500 credit | |
[removed] D. $2,250 debit, $2,250 credit |
Question 14 of 20 | 0.0/ 5.0 Points |
The process that begins with recording business transactions and includes the completion of the financial statements is the
[removed] A. calendar year. | |
[removed] B. natural business year. | |
[removed] C. fiscal year. | |
[removed] D. accounting cycle. |
Question 15 of 20 | 5.0/ 5.0 Points |
Which of the following groups of accounts have a normal credit balance?
[removed] A. Revenue, liabilities, and capital | |
[removed] B. Assets, capital, and withdrawals | |
[removed] C. Liabilities, expenses, and assets | |
[removed] D. Assets, expenses, and withdrawals |
Question 16 of 20 | 0.0/ 5.0 Points |
During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?
[removed] A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000 | |
[removed] B. Accounts Payable, debit $11,000; Cash, credit $11,000 | |
[removed] C. Cash, debit $11,000; Revenue, credit $11,000 | |
[removed] D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000 |
Question 17 of 20 | 0.0/ 5.0 Points |
Which error would cause the trial balance to be out of balance?
[removed] A. An entry is posted twice. | |
[removed] B. An entry isn’t posted at all. | |
[removed] C. A debit is entered as $200, and a credit is entered at $2,000. | |
[removed] D. None of the above |
Question 18 of 20 | 0.0/ 5.0 Points |
Which of the following is prepared first?
[removed] A. Balance sheet | |
[removed] B. Income statement | |
[removed] C. Statement of owner’s equity | |
[removed] D. Trial balance |
Question 19 of 20 | 0.0/ 5.0 Points |
Revenue is traditionally recognized in the accounting records when
[removed] A. cash is received. | |
[removed] B. services are rendered. | |
[removed] C. it’s incurred. | |
[removed] D. None of the above |
Question 20 of 20 | 0.0/ 5.0 Points |
A list of all the accounts from the ledger with their ending balances is called a
[removed] A. normal balance. | |
[removed] B. trial balance. | |
[removed] C. chart of accounts. | |
[removed] D. footing. |