Online Exam 5 - A01.V.10. Tests&Quizzes Tests&Quizzes...

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Unformatted text preview: A01.V.10.2 Introduction to Accounting Tests & Quizzes Tests & Quizzes Online Exam 5_05 Return to Assessment List Part 1 of 2 ­ Lesson 4 Questions Question 1 of 40 A compound transaction was recorded as follows: debit Equipment, $5,000; debit Cash, $1500; credit Accounts Payable, $3,500. This error would cause __________. 40.0/ 50.0 Points 2.5/ 2.5 Points A. assets to be overstated B. assets to be understated C. liabilities to be overstated D. liabilities to be understated Question 2 of 40 A credit to a liability account was posted to an expense account. This error would cause __________. 2.5/ 2.5 Points A. assets to be overstated B. liabilities to be overstated C. expenses to be overstated D. None of the above answers are correct. Question 3 of 40 A debit to an asset account was posted to an expense account. This error would cause __________. A. liabilities to be overstated B. expenses to be overstated C. assets to be understated D. Both B and C are correct. 2.5/ 2.5 Points Question 4 of 40 Which of the following transactions would cause the debit and credit columns in the trial balance to be unequal? 0.0/ 2.5 Points A. debit Cash, $900; credit Revenue, $900 B. debit Accounts Payable, $350; credit Cash, $350 C. debit Equipment $1,400; credit Accounts Receivable, $1,400 D. debit Withdrawals, $500; credit Cash, $500 Question 5 of 40 The business provided services to a cash customer. To record this __________. 2.5/ 2.5 Points A. an asset is debited and a liability is credited B. an asset is debited and a revenue is credited C. an expense is debited and Capital is credited D. None of the above answers are correct. Question 6 of 40 Which of the following is prepared first? 0.0/ 2.5 Points A. Balance sheet B. Income statement C. Statement of owner's equity D. Trial balance Question 7 of 40 A debit to a liability account was posted to a revenue account. This error would cause __________. A. revenues to be understated B. liabilities to be understated C. capital to be overstated D. None of the above answers are correct. 2.5/ 2.5 Points Question 8 of 40 Which of the following errors would cause the trial balance to be out of balance? 2.5/ 2.5 Points A. An entry is posted twice. B. An entry is not posted at all. C. A debit is entered as $200 and the credit is entered at $2,000. D. None of the above answers are correct. Question 9 of 40 Which of the following is not a financial statement? 2.5/ 2.5 Points A. Balance sheet B. Income statement C. Statement of owner's equity D. Trial balance Question 10 of 40 Given the following list of accounts with normal balances, what are the trial balance totals of 2.5/ 2.5 Points the debits and credits? Cash $1000 Equipment 500 Accounts Payable 350 Capital 900 Service Fees Salaries Expense A. $3,250 debit, $3,250 credit B. $1,125 debit, $1,125 credit C. $4,500 debit, $4,500 credit D. $2,250 debit, $2,250 credit Question 11 of 40 1000 750 A credit to an asset account was posted to the capital account. This error would cause 2.5/ 2.5 Points __________. A. assets to be overstated B. liabilities to be overstated C. capital to be understated D. Both A and C are correct. Question 12 of 40 A withdrawal by the owner was posted to an expense account. This error would cause __________. 2.5/ 2.5 Points A. assets to be overstated B. liabilities to be understated C. withdrawals to be overstated D. expenses to be overstated Question 13 of 40 Which of the following groups of accounts have a normal credit balance? 2.5/ 2.5 Points A. revenue, liabilities, and capital B. assets, capital, and withdrawals C. liabilities, expenses, and assets D. assets, expenses, and withdrawals Question 14 of 40 An account that would be increased by a debit is __________. A. cash B. fees earned C. capital D. accounts payable 2.5/ 2.5 Points Question 15 of 40 A list of all the accounts from the ledger with their ending balances is called a __________. 2.5/ 2.5 Points A. normal balance B. trial balance C. chart of accounts D. footing Question 16 of 40 The business incurred an expense and paid it immediately. To record this __________. 0.0/ 2.5 Points A. an expense is debited and a liability is credited B. an expense is debited and an asset is credited C. an expense is debited and Capital is credited D. None of the above answers are correct. Question 17 of 40 The purpose of the trial balance is __________. 2.5/ 2.5 Points A. to list all of the accounts in the chart of accounts B. to report all accounts with zero balances C. to prove that debits equal credits D. to distribute it with the other financial reports Question 18 of 40 A debit to a liability account was posted to the capital account. This error would cause __________. A. assets to be overstated B. liabilities to be overstated C. capital to be overstated D. None of the above answers are correct. 2.5/ 2.5 Points Question 19 of 40 A credit to a liability account was posted to an asset account. This error would cause __________. 2.5/ 2.5 Points A. liabilities to be overstated B. liabilities to be understated C. revenues to be overstated D. revenues to be understated Question 20 of 40 A credit to an asset account was posted to a revenue account. This error would cause __________. 0.0/ 2.5 Points A. assets to be overstated B. revenue to be overstated C. expenses to be overstated D. Both A and C are correct. Part 2 of 2 ­ Lesson 5 Questions Question 21 of 40 A credit to an asset account was posted to a revenue account. This would cause __________. 50.0/ 50.0 Points 2.5/ 2.5 Points A. assets to be understated B. liabilities to be understated C. capital to be understated D. revenue to be overstated Question 22 of 40 Renzi's Volleyball Gym purchased equipment for $1,200. It made a down payment of $600 with the remainder on account. The journal entry to record this transaction is __________. 2.5/ 2.5 Points A. Cash 600 Accounts Receivable 600 B. Accounts Payable 600 Cash 600 Equipment 1,200 C. Supplies 1,200 Cash 600 Accounts Payable 600 D. Equipment 1,200 Accounts Payable 600 Cash 600 Question 23 of 40 Which of the following entries records the owner taking cash for personal use? 2.5/ 2.5 Points A. debit Wage Expense; credit Cash B. debit Capital; credit Cash C. No entry is necessary since the owner owns the cash and the entire business. D. debit Withdrawals; credit Cash Question 24 of 40 A credit to a liability account was posted to an owner's equity account. This would cause __________. A. assets to be overstated B. liabilities to be understated C. owner's equity to be understated D. net income to be overstated Question 25 of 40 2.5/ 2.5 Points The posting reference column on the general journal __________. 2.5/ 2.5 Points A. shows which transactions have been posted to the ledger B. displays to which accounts the transactions have been posted C. allows us to cross reference to the general ledger D. All of the above answers are correct. Question 26 of 40 A debit to an expense account was posted to an asset account. This would cause __________. 2.5/ 2.5 Points A. assets to be understated B. liabilities to be understated C. capital to be understated D. expenses to be understated Question 27 of 40 The process that begins with recording business transactions and includes the completion of 2.5/ 2.5 Points the financial statements is the __________. A. calendar year B. natural business year C. fiscal year D. accounting cycle Question 28 of 40 The journal entry to record a withdrawal by the owner would most commonly include __________. A. a debit to Wage Expense and a credit to Cash B. a debit to Capital and a credit to Cash C. a debit to Withdrawals and a credit to Cash D. a debit to Cash and a credit to Wage Expense 2.5/ 2.5 Points Question 29 of 40 The first step of the accounting cycle is __________. 2.5/ 2.5 Points A. recording journal entries B. posting to the ledger C. preparing a trial balance D. analyzing business transactions Question 30 of 40 A debit to a liability account was posted to an expense account. This would cause __________. 2.5/ 2.5 Points A. assets to be overstated B. liabilities to be understated C. owner's equity to be overstated D. expenses to be overstated Question 31 of 40 A credit to an asset account was posted to an expense account. This would cause __________. 2.5/ 2.5 Points A. assets to be overstated B. liabilities to be understated C. capital to be understated D. expenses to be overstated Question 32 of 40 The purpose of posting is to __________. A. list the transactions in chronological order in the journal B. provide an explanation of the transaction C. update the account balances in the ledger D. correct a previous entry 2.5/ 2.5 Points Question 33 of 40 A debit to the capital account was posted to a revenue account. This would cause __________. 2.5/ 2.5 Points A. assets to be understated B. liabilities to be overstated C. capital to be understated D. revenue to be understated Question 34 of 40 A debit to a liability account was posted to a revenue account. This would cause __________. 2.5/ 2.5 Points A. assets to be overstated B. liabilities to be overstated C. capital to be overstated D. revenue to be overstated Question 35 of 40 During the month of January, Katelyn invested $11,000 in starting her legal practice. The proper journal entry would be __________. 2.5/ 2.5 Points A. Cash, debit $11,000; Katelyn's Capital, credit $11,000 B. Accounts Payable, debit $11,000; Cash, credit $11,000 C. Cash, debit $11,000; Revenue, credit $11,000 D. Katelyn's Capital, debit $11,000; Cash, credit $11,000 Question 36 of 40 Revenue is traditionally recognized in the accounting records when __________. A. cash is received B. services are rendered C. it is incurred D. None of the above answers are correct. 2.5/ 2.5 Points Question 37 of 40 Posting is performed by transferring information from the journal to the __________. 2.5/ 2.5 Points A. ledger B. trial balance C. balance sheet D. income statement Question 38 of 40 A credit to an asset account was posted to a liability account. This would cause __________. 2.5/ 2.5 Points A. assets to be understated B. liabilities to be overstated C. capital to be overstated D. revenue to be overstated Question 39 of 40 The twelve­month period a business chooses for its accounting period is a(n. __________. 2.5/ 2.5 Points A. calendar year B. accounting period C. fiscal year D. accounting cycle Question 40 of 40 The entry to record the payment of office salaries would be __________. A. debit Cash; credit Accounts Receivable B. debit Cash; credit Salaries Expense C. debit Salaries Expense; credit Accounts Payable D. debit Salaries Expense; credit Cash 2.5/ 2.5 Points Powered by Sakai Copyright 2003­2017 The Apereo Foundation. All rights reserved. Portions of Sakai are copyrighted by other parties as described in the Acknowledgments screen. ...
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