ACCT105 Week 2 Quiz.docx - ACCT105 Week 2 Quiz Return to...

ACCT105 Week 2 Quiz
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Part 1 of 1 -
90.0/ 100.0 Points
Question 1 of 10
10.0/ 10.0 Points
A journal aids in the division of labor by allowing one person to journalize entries while another individual
may post these entries.
A. True
B. False
Answer Key: True
Question 2 of 10
10.0/ 10.0 Points
The Office Equipment account normally has a credit balance.
Question 3 of 10
10.0/ 10.0 Points
Which of the following is not a business asset?
510427 ACCT105 Week 2

Question 4 of 10
10.0/ 10.0 Points
A general journal entry having two debits and a credit is a compound entry.
Question 5 of 10
10.0/ 10.0 Points
A purchase of land or equipment for cash would cause total assets to increase by the cost of the land or
equipment.
A. True
B. False
Answer Key: False
Question 6 of 10
10.0/ 10.0 Points
Since a particular journal entry has equal debits and credits, this entry must be correct.
Question 7 of 10
10.0/ 10.0 Points
A trial balance proves that no errors were made in recording transactions, posting, and in preparing the
trial balance.
Question 8 of 10
10.0/ 10.0 Points
Stockholders’ equity is the term applied to which of the following?

Question 9 of 10
0.0/ 10.0 Points
A 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. True
B. False
Answer Key: True
Question 10 of 10
10.0/ 10.0 Points
Every transaction always affects two or more accounts in a double-entry accounting system.
Question 1 of 10 10.0/ 10.0 Points
All of the accounts of a specific business enterprise are referred to as a ledger.
Question 2 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.