Acctg 1 Test 1 Review

# Acctg 1 Test 1 Review - Accounting 1 Review for Test 1...

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Accounting 1 Review for Test 1 Bring a Scantron form 882. Bring a non-programmable calculator if you like, but you can do most of the math on paper. You will not be able to use a cell phone for a calculator. The test has five sections on it: 1. Debits and credits 2. Theory 3. Journal entries 4. Financial statements 5. Adjusting entries If you’ve understood the homework, you’ll do just fine on the test. Part 1. Debits and credits You’ll be given 15 multiple choice questions on Chapter 2 debits and credits. Here are examples: Started business by transferring \$5,000 into business bank account in the name of the business. a. Debit cash, credit revenue b. Debit capital, credit cash c. Debit cash, credit draw d. Debit cash, credit capital Of course your brain went “ding, ding, ding!” when you saw answer d! (There’s no “e, none of the above.” I hate that. One of the answers a through d will be correct.) Paid rent for the month, \$500. a. Debit cash, credit rent expense b. Debit rent expense, credit cash c. Debit capital, credit cash d. Debit rent expense, credit capital. I’m sure you picked b! All of these should be pretty straight forward. The hardest one you’ll have is an entry where you’ve purchased some equipment for \$10,000, paying \$2,000 down and the rest in a note payable. So you

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## This note was uploaded on 05/17/2008 for the course ACCTG 101 taught by Professor Schapa during the Spring '08 term at Santa Monica.

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Acctg 1 Test 1 Review - Accounting 1 Review for Test 1...

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