Quiz 2

1. 1Which of the following groups of accounts increase with a credit?
   

   1. Acapital, revenues, expenses
   2. Bassets, capital, revenues
   3. Cliabilities, capital, revenues
   4. Dnone of these
2. 2A list of the accounts used by a business is called the
   

   1. Ajournal
   2. Bchart of accounts
   3. CT chart
   4. Ddebit listing
3. 3A client has a massage and asks the company bookkeeper to mail her the bill. The bookkeeper should make which entry to record the invoice?
   

   1. ANo entry until the cash is received
   2. BFees Earned, debit; Accounts Receivable, credit
   3. CCash, debit; Fees Earned, credit
   4. DAccounts Receivable, debit; Fees Earned, credit
4. 4When a transposition error is made on the trial balance, the difference between the debit and credit totals on the trial balance will be
   

   1. Azero
   2. Btwice the amount of the transposition
   3. Cone-half the amount of the transposition
   4. Ddivisible by 9
5. 5A credit may signify a
   

   1. Adecrease in assets
   2. Bdecrease in liabilities
   3. Cdecrease in capital
   4. Ddecrease in revenue
6. 6What effects does this journal entry have on the accounts?
   
   

   

   1. Aincrease Cash and increase Land
   2. Bincrease Land and decrease Cash
   3. Cdecrease Cash and decrease Land
   4. Dincrease Cash and decrease Land
7. 7In which of the following types of accounts are decreases recorded by credits?
   

   1. Aliabilities
   2. Bowner's equity
   3. Cassets
   4. Drevenues
8. 8The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances.
   
   

   

   1. A$13,900
   2. B$11,200
   3. C12,700
   4. D$9,700
9. 9Accounts

   1. Ado not reflect money amounts
   2. Bare not used by entities that manufacture products
   3. Care records of increases and decreases in individual financial statement items
   4. Dare only used by large entities with many transactions
10. 10Which of the following is true about T accounts?
    

    1. AThe left side of a T account is called the debit side.
    2. BThe left side of a T account is called the credit side.
    3. CThe right side of a T account is called the debit side.
    4. DTransactions are first recorded in T accounts and then posted to the journal.

11. 11Which of the following entries records the investment of cash by Taylor Thomas, owner of a proprietorship?
    

    1. Adebit Taylor Thomas, Capital; credit Accounts Receivable
    2. Bdebit Cash; credit Taylor Thomas, Capital
    3. Cdebit Taylor Thomas, Drawing; credit Cash
    4. Ddebit Cash; credit Taylor Thomas, Drawing
12. 12In the chart of accounts, each account number has two digits. The first digit indicates the major account group to which the account belongs. Which of the following correctly identifies the major account groups typically represented by the numbers 1 through 5?
    

    1. A1-Assets, 2-Liabilities, 3-Owner’s Equity, 4-Expenses, 5-Revenues
    2. B1-Assets, 2-Liabilities, 3-Owner’s Equity, 4-Revenues, 5-Expenses
    3. C1-Assets, 2-Owner’s Equity, 3-Revenues, 4-Expenses, 5-Drawing
    4. D1-Owner’s Equity, 2-Drawing, 3-Revenues, 4-Expenses
13. 13Expenses follow the same debit and credit rules as
    

    1. Arevenues
    2. Bthe drawing account
    3. Cthe capital account
    4. Dliabilities
14. 14The debit side of an account
    

    1. Adepends on whether the account is an asset, liability, or owner's equity
    2. Bcan be either side of the account depending on how the accountant set up the system
    3. Cis the right side of the account
    4. Dis the left side of the account
15. 15That the total dollar amount of the debits equal the total dollar amount of the credits in the ledger accounts can be verified through a(n):
    

    1. Achart of accounts
    2. Btrial balance
    3. Cincome statement
    4. Dbalance sheet
16. 16Accounts are classified in the ledger
    

    1. Achronologically
    2. Balphabetically
    3. Cin accordance with their appearance in the financial statements
    4. Dwith the accounts used most often listed first
17. 17The owner’s equity will be reduced by all of the following except
    

    1. Arevenues
    2. Bexpenses
    3. Cwithdrawals
    4. Dall of these
18. 18Which of the following abbreviations is correct?
    

    1. ADebit, “Dr”; Credit, “Cd”
    2. BDebit,“Db”; Credit, “Cr”
    3. CDebit, “Db”; Credit, “Cd”
    4. DDebit, “Dr”; Credit, “Cr”
19. 19The classification and normal balance of the drawing account is
    

    1. Aan expense with a credit balance
    2. Ban expense with a debit balance
    3. Ca liability with a credit balance
    4. Downer's equity with a debit balance
20. 20Which statement(s) concerning cash is (are) true?
    

    1. Acash will always have more debits than credits
    2. Bcash will never have a credit balance
    3. Ccash is increased by debiting
    4. Dall are true

Description

Business/Economics Quiz on Quiz 2, created by Jose Bravo on 04/10/2020.

Author

Jose Bravo

Language

English

Views

0

Tags

business/economics

Rating

No ratings yet

Rate this quiz

Rate this quiz

More on Accounting Equation and Double-Entry Bookkeeping