week 2 quiz answer key.docx - The Office Equipment account normally has a credit balance A True B False Answer Key:False Question 2 of 10 0.0 10.0

week 2 quiz answer key.docx - The Office Equipment account...

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The Office Equipment account normally has a credit balance. A. TrueB. FalseAnswer Key:False Question 2 of 100.0/ 10.0 PointsA company returned for credit a portion of the office supplies purchased previously for future use on credit. What entry is required? Question 3 of 1010.0/ 10.0 PointsA $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:
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Question 4 of 100.0/ 10.0 PointsOne of the purposes of a ledger account is to record the complete effect of a transaction in one place. Question 5 of 10
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0.0/ 10.0 Points Posting a transaction requires more knowledge than journalizing a transaction. A. TrueB. FalseAnswer Key:False Question 6 of 1010.0/ 10.0 PointsTransactions are recorded in the journal in chronological order. Question 7 of 1010.0/ 10.0 PointsExpense accounts usually have debit balances and show the cost associated with producing revenue during an accounting period. Question 8 of 1010.0/ 10.0 PointsLiabilities represent claims against the company’s assets and may be in the form of accounts payable or notes payable.
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Question 9 of 1010.0/ 10.0 PointsThe type of analysis that shows the percentage that each item in a financial statement is of some significant total such as total assets or sales is called: A. Horizontal analysisB. Vertical analysisC. Balance sheet analysisD. None of the aboveAnswer Key:B Question 10 of 1010.0/ 10.0 PointsEvery transaction always affects two or more accounts in a double-entry accounting system.
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A journal aids in the division of labor by allowing one person to journalize entries while another individual may post these entries. Question 2 of 1010.0/ 10.0 PointsIf $500 cash and a $2,000 note are given in exchange for a delivery truck for use in a business:
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