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ACCT105 Week 2 Quiz Return to Assessment ListPart 1 of 1 - 90.0/ 100.0 PointsQuestion 1 of 1010.0/ 10.0 PointsA journal aids in the division of labor by allowing one person to journalize entries while another individual may post these entries.A. TrueB. FalseAnswer Key: TrueQuestion 2 of 1010.0/ 10.0 PointsThe Office Equipment account normally has a credit balance.Question 3 of 1010.0/ 10.0 PointsWhich of the following is not a business asset?510427ACCT105 Week 2
Question 4 of 1010.0/ 10.0 PointsA general journal entry having two debits and a credit is a compound entry.Question 5 of 1010.0/ 10.0 PointsA purchase of land or equipment for cash would cause total assets to increase by the cost of the land or equipment.A. TrueB. FalseAnswer Key: FalseQuestion 6 of 1010.0/ 10.0 PointsSince a particular journal entry has equal debits and credits, this entry must be correct.Question 7 of 1010.0/ 10.0 PointsA trial balance proves that no errors were made in recording transactions, posting, and in preparing the trial balance.Question 8 of 1010.0/ 10.0 PointsStockholders’ equity is the term applied to which of the following?
Question 9 of 100.0/ 10.0 PointsA purchase of an asset for immediate consumption that will not be paid for until next month would cause liabilities to increase and stockholders’ equity to decrease this month.A. TrueB. FalseAnswer Key: TrueQuestion 10 of 1010.0/ 10.0 PointsEvery transaction always affects two or more accounts in a double-entry accounting system.Question 1 of 1010.0/ 10.0 PointsAll of the accounts of a specific business enterprise are referred to as a ledger.Question 2 of 1010.0/ 10.0 PointsRevenue is the difference between the selling price of a service and the cost of providing such service.