Week Two - Quiz.docx - Part 1 of 1 80.0 100.0 Points Question 1 of 10 10.0 10.0 Points A $150 debit to Office Equipment was entered in the account as a

Week Two - Quiz.docx - Part 1 of 1 80.0 100.0 Points...

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Part 1 of 1 - 80.0/ 100.0 Points Question 1 of 10 10.0/ 10.0 Points A $150 debit to Office Equipment was entered in the account as a $150 credit. This error caused the trial balance to be out of balance by: A. $75 B. $150 C. $450 D. $300 E. None of these Answer Key: D Question 2 of 10 0.0/ 10.0 Points A trial balance proves that no errors were made in recording transactions, posting, and in preparing the trial balance.
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A. True B. False Answer Key: False Question 3 of 10 10.0/ 10.0 Points Every transaction always affects two or more accounts in a double-entry accounting system. A. True B. False Answer Key: True Question 4 of 10 10.0/ 10.0 Points All of the accounts of a specific business enterprise are referred to as a ledger. A. True B. False Answer Key: True Question 5 of 10 10.0/ 10.0 Points Revenue is the difference between the selling price of a service and the cost of providing such service. A. True B. False Answer Key: False Question 6 of 10 10.0/ 10.0 Points A general journal entry having two debits and a credit is a compound entry.
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  • Spring '14
  • Trial Balance, Double-entry bookkeeping system, office equipment, B. Debit Equipment, debit Office Equipment

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