Quiz
Accounting: Basic Skills Test
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Questions in this quiz (27)
1A credit to a revenue account:
- Adecreases revenue
- BIncreases equity
- Cdecreases equity
- Dincreases assets
2Which of the following accounts is a liability?
- AUnearned rent revenue
- BAccounts Receivable
- CSales
- DTreasury Stock
- ERetained Earnings
3The two components of stockholders' equity on a balance sheet for a corporation are:
- ALiability and Capital Stock
- BAssets and Retained Earnings
- CAssets and Liabilities
- DCapital Stock and Retained Earnings
- ELiabilities and Retained Earnings
4Owners Equity accounts are increased with a [blank_start]BLANK[blank_end].
- ADebit
- BCredit
5Liability accounts are decreased with a [blank_start]Debit[blank_end]
- ADebit
- BCredit
6Asset accounts are increased with a [blank_start]Debit[blank_end]
- ADebit
- BCredit
7Revenue accounts are increased with a [blank_start]Credit[blank_end]
- ACredit
- BDebit
8Expense accounts are increased with a [blank_start]Debit[blank_end]
- ADebit
- BCredit
9Accumulated Amortization an [blank_start]Asset[blank_end]
- AAsset
- BLiability
- COwners' Equity
- DRevenue
- EExpense
10Retained Earnings is an [blank_start]Owners' Equity[blank_end] account.
- AOwners' Equity
- BAsset
- CLiability
- DRevenue
- EExpense
11Prepaid Insurance is an [blank_start]Asset[blank_end] account
- AAsset
- BLiability
- COwners' Equity
- DRevenue
- EExpense
12Accounts Payable is an [blank_start]Liability[blank_end] account
- ALiability
- BAsset
- COwners' Equity
- DRevenue
- EExpense
13Notes Payable is an [blank_start]Liability[blank_end] account
- ALiability
- BAsset
- COwners' Equity
- DRevenue
- EExpense
14Deferred Revenue is an [blank_start]Liability[blank_end] account
- ALiability
- BAsset
- COwners' Equity
- DRevenue
- EExpense
15Petty Cash is an [blank_start]Asset[blank_end] account
- AAsset
- BLiability
- COwners' Equity
- DRevenue
- EExpense
16Equipment is a [blank_start]Asset[blank_end] account
- AAsset
- BLiability
- COwners' Equity
- DRevenue
- EExpense
17Prepaid Rent is an [blank_start]Asset[blank_end] account
- AAsset
- BLiability
- COwners' Equity
- DRevenue
- EExpense
18Depreciation is a [blank_start]Expense[blank_end] account
- AExpense
- BAsset
- CLiability
- DOwners' Equity
- ERevenue
19This question and the next 2 will be predicated on the following information. The information is the same each question:
Employees are paid biweekly, on Friday, at the Salmon Company. The biweekly payroll expense is $125,000. The last pay date in December is Friday the 27th for payroll accrued for the pay period of the 9th to 20th.
Under the accrual basis of accounting the amount accrued for December, to be paid in January is $ [blank_start]87,500.00[blank_end]- A87,500.00
20Employees are paid biweekly, on Friday, at the Salmon Company. The biweekly payroll expense is $125,000. The last pay date in December is Friday the 27th for payroll accrued for the pay period of the 9th to 20th.
The DEBIT portion of the JE to record the accrual for the amount of payroll accrued for December to be paid in January would be to the [blank_start]Payroll Expense[blank_end] account.- APayroll Expense
21Employees are paid biweekly, on Friday, at the Salmon Company. The biweekly payroll expense is $125,000. The last pay date in December is Friday the 27th for payroll accrued for the pay period of the 9th to 20th.
The Credit portion of the JE to record the accrual for the amount of payroll accrued for December to be paid in January would be to the [blank_start]Accrued Payroll Liability[blank_end] account.- AAccrued Payroll Liability
22The information below pertains to the following 6 questions. The information is repeated at the top of each of the 6 questions. The information is the same in all 6 questions.
The Marshall Company entered into the following transactions during 2002:
+ The company was started with a $10,000.00 cash investment by owners
+ The company purchased equipment on Aug 1 that cost $2,500.00 cash
+ The equipment had a four year useful life and $300 salvage value
+ There was $400.00 of supplies purchased on account
+ Sales on account amounted to $17,000.00 for 2002
+ Cash Collections of receivables amounted to $8,000.00 for 2002
+ On Aug 1, 2002, the company paid $1,600.00 for a 12-month insurance policy that became effective on Aug 1, 2002.
+ Supplies on hand as of December 31, 2002 amount to $100.00
Based on this information the Depreciation expense for the year ended Dec. 31, 2003 is $[blank_start]550.00[blank_end] (please express your answer in the form XXX.XX adding commas as necessary)- A550.00
23The Marshall Company entered into the following transactions during 2002:
+ The company was started with a $10,000.00 cash investment by owners
+ The company purchased equipment on Aug 1 that cost $2,500.00 cash
+ The equipment had a four year useful life and $300 salvage value
+ There was $400.00 of supplies purchased on account
+ Sales on account amounted to $17,000.00 for 2002
+ Cash Collections of receivables amounted to $8,000.00 for 2002
+ On Aug 1, 2002, the company paid $1,600.00 for a 12-month insurance policy that became effective on Aug 1, 2002.
+ Supplies on hand as of December 31, 2002 amount to $100.00
Accumulated depreciation at Dec. 31, 2003 is $[blank_start]779.00[blank_end] (please express your answer in the form XXX.XX adding commas as necessary)- A779.00
24The Marshall Company entered into the following transactions during 2002:
+ The company was started with a $10,000.00 cash investment by owners
+ The company purchased equipment on Aug 1 that cost $2,500.00 cash
+ The equipment had a four year useful life and $300 salvage value
+ There was $400.00 of supplies purchased on account
+ Sales on account amounted to $17,000.00 for 2002
+ Cash Collections of receivables amounted to $8,000.00 for 2002
+ On Aug 1, 2002, the company paid $1,600.00 for a 12-month insurance policy that became effective on Aug 1, 2002.
+ Supplies on hand as of December 31, 2002 amount to $100.00
The adjusting entry necessary to recognize the supplies expense at 12/31/02 would result in a- A$400 increase in assets and liabilities
- B$400 decrease in assets and liabilities
- C$300 increase in assets and liabilities
- D$300 decrease in assets and equity
25The Marshall Company entered into the following transactions during 2002:
+ The company was started with a $10,000.00 cash investment by owners
+ The company purchased equipment on Aug 1 that cost $2,500.00 cash
+ The equipment had a four year useful life and $300 salvage value
+ There was $400.00 of supplies purchased on account
+ Sales on account amounted to $17,000.00 for 2002
+ Cash Collections of receivables amounted to $8,000.00 for 2002
+ On Aug 1, 2002, the company paid $1,600.00 for a 12-month insurance policy that became effective on Aug 1, 2002.
+ Supplies on hand as of December 31, 2002 amount to $100.00
The amount of insurance expense reported on the income statement for Dec. 31, 2002 would be $[blank_start]667.00[blank_end] (please express your answer in the form XXX.XX adding commas as necessary)- A667.00
26The Marshall Company entered into the following transactions during 2002:
+ The company was started with a $10,000.00 cash investment by owners
+ The company purchased equipment on Aug 1 that cost $2,500.00 cash
+ The equipment had a four year useful life and $300 salvage value
+ There was $400.00 of supplies purchased on account
+ Sales on account amounted to $17,000.00 for 2002
+ Cash Collections of receivables amounted to $8,000.00 for 2002
+ On Aug 1, 2002, the company paid $1,600.00 for a 12-month insurance policy that became effective on Aug 1, 2002.
+ Supplies on hand as of December 31, 2002 amount to $100.00
The receivable balance at December 31, 2002 would be $[blank_start]9,000.00[blank_end] (please express your answer in the form X,XXX.XX adding digits and commas as necessary)- A9,000.00
27The Marshall Company entered into the following transactions during 2002:
+ The company was started with a $10,000.00 cash investment by owners
+ The company purchased equipment on Aug 1 that cost $2,500.00 cash
+ The equipment had a four year useful life and $300 salvage value
+ There was $400.00 of supplies purchased on account
+ Sales on account amounted to $17,000.00 for 2002
+ Cash Collections of receivables amounted to $8,000.00 for 2002
+ On Aug 1, 2002, the company paid $1,600.00 for a 12-month insurance policy that became effective on Aug 1, 2002.
+ Supplies on hand as of December 31, 2002 amount to $100.00
The prepaid insurance balance at December 31, 2002 would be $[blank_start]933.00[blank_end] (please express your answer in the form XXX.XX adding digits and commas as necessary)- A933.00
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- Description
- 1 Basic Knowledge Quiz on Accounting: Basic Skills Test, created by mark.eggert on 11/02/2016.
- Author
- mark.eggert
- Language
- English
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