Kathleen Keller
Quiz por , criado more than 1 year ago

This is the objective 1 practice accounting test.

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Kathleen Keller
Criado por Kathleen Keller mais de 8 anos atrás
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Accounting I - UNIT 1 Fundamentals

Questão 1 de 34

1

What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business?

Selecione uma das seguintes:

  • Decreased by $1,000

  • Decreased by $2,000

  • Increased by $1,000

  • Increased by $2,000

Explicação

Questão 2 de 34

1

Mariah Smith, Capital and Mariah Smith, Drawing are both classified as:

Selecione uma das seguintes:

  • Owner's Equity

  • Expenses

  • Liabilities

  • Revenue

Explicação

Questão 3 de 34

1

What is an example of an account that has a normal credit balance?

Selecione uma das seguintes:

  • Cash

  • Accounts Payable - Jones Supply

  • Prepaid Insurance

  • Supplies

Explicação

Questão 4 de 34

1

What is an example of an account that has a normal credit balance?

Selecione uma das seguintes:

  • Advertising Expense

  • Accounts Receivable - Davis Company

  • Delivery Revenue

  • Samuel Johnson, Drawing

Explicação

Questão 5 de 34

1

What is the effect when $200 cash is paid to an advertising agency for advertisements for the business?

Selecione uma das seguintes:

  • Assets decrease $200 and owner's equity decreases $200.

  • Assets increase $200 and owner's equity increases $200.

  • Assets increase $200 and owner's equity decreases $200.

  • Liabilities increase $200 and owner's equity decreases $200.

Explicação

Questão 6 de 34

1

Sales is classified as:

Selecione uma das seguintes:

  • assets

  • expenses

  • liabilities

  • revenue

Explicação

Questão 7 de 34

1

What is an example of an account that has a normal debit balance?

Selecione uma das seguintes:

  • Mary Johnson, Capital

  • Accounts Payable - Ray's Office Equipment

  • Rent Expense

  • Sales

Explicação

Questão 8 de 34

1

What is an example of an account that has a normal credit balance?

Selecione uma das seguintes:

  • Cash

  • Office Equipment

  • Sales

  • Supplies

Explicação

Questão 9 de 34

1

Cash, Office Equipment, and Prepaid Insurance are all classified as:

Selecione uma das seguintes:

  • assets

  • liabilities

  • owner's equity

  • revenue

Explicação

Questão 10 de 34

1

What is the effect when $300 cash is paid to Accounts Payable -Bob's Office Supply?

Selecione uma das seguintes:

  • Assets decrease $300 and owner's equity decreases $300.

  • Assets increase $300 and owner's equity increases $300.

  • Assets increase $300 and liabilities decreases $300.

  • Assets decrease $300 and liabilities decrease $300.

Explicação

Questão 11 de 34

1

What is an example of an account that has a normal debit balance?

Selecione uma das seguintes:

  • Accounts Receivable - Oakdale School

  • Accounts Payable - Jones Supply

  • Mary Johnson - Capital

  • Sales

Explicação

Questão 12 de 34

1

Rent, the telephone bill, and advertising costs are all classified as:

Selecione uma das seguintes:

  • assets.

  • expenses.

  • liabilities.

  • revenue.

Explicação

Questão 13 de 34

1

What is the effect on owner's equity when a business receives $2000 cash from sales?

Selecione uma das seguintes:

  • Decreased by $2000

  • Increased by $2000

  • Decreased by $4,000

  • Increased by $4,000

Explicação

Questão 14 de 34

1

What is an example of an account that has a normal credit balance?

Selecione uma das seguintes:

  • Cash

  • Joan Brown - Drawing

  • Supplies

  • Tyler Jackson - Capital

Explicação

Questão 15 de 34

1

What is an example of an account that has a normal debit balance?

Selecione uma das seguintes:

  • Accounts Payable - Adam's Office

  • Advertising Expense

  • Mary Johnson, Capital

  • Sales

Explicação

Questão 16 de 34

1

In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an:

Selecione uma das seguintes:

  • Check Stub

  • Invoice

  • Memorandum

  • Receipt

Explicação

Questão 17 de 34

1

The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?

Selecione uma das seguintes:

  • Debit Cash and credit Utilities Expense

  • Debit Cash and credit Ted Bright, Drawing

  • Debit Ted Bright, Drawing and credit Cash

  • Debit Utilities Expense and credit Cash

Explicação

Questão 18 de 34

1

The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Accounts Payable/Davis Supply Store and credit Supplies

  • Debit Supplies and credit Accounts Payable/Davis Supply Store

  • Debit Supplies and credit Supplies Expense

  • Debit Supplies Expense and credit Supplies

Explicação

Questão 19 de 34

1

The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Cash and credit Frank Harper, Capital

  • Debit Cash and credit Frank Harper, Drawing

  • Debit Frank Harper, Capital and credit Cash

  • Debit Frank Harper, Drawing and credit Cash

Explicação

Questão 20 de 34

1

The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Cash and credit Insurance Expense

  • Debit Cash and credit Prepaid Insurance

  • Debit Insurance Expense and credit Cash

  • Debit Prepaid Insurance and credit Cash

Explicação

Questão 21 de 34

1

The transaction, PAID CASH FOR RENT, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Cash and credit Miscellaneous Expense

  • Debit Cash and credit Rent Expense

  • Debit Miscellaneous Expense and credit Cash

  • Debit Rent Expense and credit Cash

Explicação

Questão 22 de 34

1

The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Cash and credit Miscellaneous Expense

  • Debit Cash and debit Miscellaneous Expense

  • Debit Miscellaneous Expense and credit Cash

  • Debit Supplies and credit Miscellaneous Expense

Explicação

Questão 23 de 34

1

The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Cash and credit Legal Expenses

  • Debit Cash and credit Legal Fees

  • Debit Legal Fees and credit Cash

  • Debit Miscellaneous Expense and credit Legal Fees

Explicação

Questão 24 de 34

1

The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Accounts Receivable/Parker INC., and credit Cash

  • Debit Cash and credit Accounts Receivable/Parker, INC.

  • Debit Cash and credit Supplies

  • Debit Supplies and credit Cash

Explicação

Questão 25 de 34

1

In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an:

Selecione uma das seguintes:

  • check stub.

  • invoice.

  • memorandum.

  • receipt.

Explicação

Questão 26 de 34

1

In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an:

Selecione uma das seguintes:

  • calculator tape.

  • check stub.

  • invoice.

  • receipt.

Explicação

Questão 27 de 34

1

The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?

Selecione uma das seguintes:

  • Debit Accounts Receivable/Beth Parker and credit Cash

  • Debit Accounts Receivable/Beth Parker and credit Sales

  • Debit Cash and credit Accounts Receivable/Beth Parker

  • Debit Cash and credit Sales

Explicação

Questão 28 de 34

1

Brian is an accountant in a local firm. He submits an accounting report to his manager that suggests an action that will ultimately benefit him monetarily. This example is a violation of which key principle for ethics in accounting?

Selecione uma das seguintes:

  • Competence

  • Confidentiality

  • Independence

  • Objectivity

Explicação

Questão 29 de 34

1

John has applied for a position as Chief Financial Officer for a Fortune 500 company. He listed as his qualifications that he is a problem-solver and has the ability to plan and resolve issues. This is classified as which skill?

Selecione uma das seguintes:

  • 21st Century Skills

  • Workplace Skills

  • Foundation Skills

  • Communication Skills

Explicação

Questão 30 de 34

1

Sharon takes responsibility and initiative for her own work at Accounting Temps. This is an example of which 21st Century Skill?

Selecione uma das seguintes:

  • Information and communication

  • Interpersonal

  • Self-direction

  • Thinking and problem-solving

Explicação

Questão 31 de 34

1

Lisa is applying for a position in a small insurance agency. The company is looking to hire an individual that can convert their manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems. This is classified as which skill?

Selecione uma das seguintes:

  • Basic Skills

  • Workplace Skills

  • Foundations Skills

  • Communication Skills

Explicação

Questão 32 de 34

1

Jamie is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors her friend will suffer consequences for misappropriation of funds. Jamie submits an accurate report and follows which key principle for ethics in accounting?

Selecione uma das seguintes:

  • Competence

  • Confidentiality

  • Independence

  • Objectivity

Explicação

Questão 33 de 34

1

Jason demonstrates accuracy and truthfulness when he works with his accounting clients. This is an example of which key principle for ethics in accounting?

Selecione uma das seguintes:

  • Competence

  • Confidentiality

  • Independence

  • Integrity

Explicação

Questão 34 de 34

1

Mary has applied for a position as an accounting clerk for a local company. She listed as her qualifications that she is a problem-solver and needs little direction to complete assigned tasks. This is classified as which skill?

Selecione uma das seguintes:

  • 21st Century Skills

  • Workplace Skills

  • Foundation Skills

  • Communication Skills

Explicação