Accounting Concepts and Principles
advertisement
Chapter 2 Debits and Credits: Analyzing and Recording Business Transactions © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 1. All of a business’ account forms are placed in a: A. B. C. D. Journal Workbook Notebook Ledger LO-1 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 1. All of a business’ account forms are placed in a: A. B. C. D. Journal Workbook Notebook Ledger LO-1 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 2. Which of the following is true about debits and credits? A. Debits are on the right side of a TAccount and Credits are on the left. B. Debits are on the left side of a TAccount and Credits are on the right. C. Debits and credits are interchangeable depending on the account affected. D. Debits are always on the left, and credits are sometimes on the left, but usually on the right. LO-1 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 2. Which of the following is true about debits and credits: A. Debits are on the right side of a TAccount and Credits are on the left. B. Debits are on the left side of a TAccount and Credits are on the right. C. Debits and credits are interchangeable depending on the account affected. D. Debits are always on the left, and credits are sometimes on the left, but usually on the right. LO-1 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 3. All of the following have normal debit balances except: A. B. C. D. Assets Expenses Capital Drawing LO-1 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 3. All of the following have normal debit balances except: A. B. C. D. Assets Expenses Capital Drawing LO-1 © 2009 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 4. If the owner of a company made an investment of cash, which of the following would occur? A. Cash and Capital would both be debited. B. Cash would be credited and Accounts Payable would be debited. C. Cash would be debited and Capital would be credited. D. Cash would be credited and Capital would be debited. LO-2 © 2009 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 4. If the owner of a company made an investment of cash, which of the following would occur? A. Cash and Capital would both be debited. B. Cash would be credited and Accounts Payable would be debited. C. Cash would be debited and Capital would be credited. D. Cash would be credited and Capital would be debited. LO-2 © 2009 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 5. All of the following accounts normally have credit balances except: A. B. C. D. Cash Capital Revenue Accounts Payable LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 5. All of the following accounts normally have credit balances except: A. Cash B. Capital C. Revenue D. Accounts Payable LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 6. If a sale was made on account, which of the following would occur? A. Cash would be debited and Sales Revenue would be credited. B. Sales Revenue would be debited and Accounts Payable would be credited. C. Accounts Payable would be debited and Sales Revenue would be credited. D. Accounts Receivable would be debited and Sales Revenue would be credited. LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 6. If a sale was made on account, which of the following would occur? A. Cash would be debited and Sales Revenue would be credited. B. Sales Revenue would be debited and Accounts Payable would be credited. C. Accounts Payable would be debited and Sales Revenue would be credited. D. Accounts Receivable would be debited and Sales Revenue would be credited. LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 7. If an expense is paid for in cash, which of the following would occur? A. Cash would be debited and Expenses would be credited. B. Cash would be credited and Expenses would be debited. C. Accounts Payable would be credited and Expenses would be debited. D. Withdrawals would be debited and Cash would be credited. LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 7. If an expense is paid for in cash, which of the following would occur? A. Cash would be debited and Expenses would be credited. B. Cash would be credited and Expenses would be debited. C. Accounts Payable would be credited and Expenses would be debited. D. Withdrawals would be debited and Cash would be credited. LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 8. Which of the following accounts appears in the chart of accounts after Liability accounts? A. B. C. D. Asset accounts Owner’s Equity accounts Revenue accounts Expense accounts LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 8. Which of the following accounts appears in the chart of accounts after Liability accounts? A. B. C. D. Asset accounts Owner’s Equity accounts Revenue accounts Expense accounts LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 9. Which of the following account classifications would begin with the number 5? A. B. C. D. Asset Liability Revenue Expense LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 9. Which of the following account classifications would begin with the number 5? A. B. C. D. Asset Liability Revenue Expense LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 10. _________ are used to obtain the ending balance of each side of a T-account with more than one entry. A. B. C. D. Charters Estimates Footings Classifications LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 10. _________ are used to obtain the ending balance of each side of a T-account with more than one entry. A. B. C. D. Charters Estimates Footings Classifications LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 11. All of the following are true about the Trial Balance except: A. Assets are the first accounts listed. B. Total debits and credits must equal. C. Expenses are the last accounts listed. D. The drawing account does not appear on the Trial Balance. LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 11. All of the following are true about the Trial Balance except: A. Assets are the first accounts listed. B. Total debits and credits must equal. C. Expenses are the last accounts listed. D. The drawing account does not appear on the Trial Balance. LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 12. After a Trial Balance is completed and debits and credits are equal: A. The Balance Sheet is completed B. The Income Statement is completed C. The Statement of Owner’s Equity is completed D. Any of the above can be completed first. LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 12. After a Trial Balance is completed and debits and credits are equal: A. The Balance Sheet is completed B. The Income Statement is completed C. The Statement of Owner’s Equity is completed D. Any of the above can be completed first. LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 13. If the debit side of the cash account totaled $14,500 and the total credit side totaled $9,000, which of the following would occur? A. The Cash balance would be $23,500Debit. B. The Cash balance would be $5,500Debit. C. The Cash balance would be -$5,500Credit. D. The Cash balance would be -$23,500Debit. LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 13. If the debit side of the cash account totaled $14,500 and the total credit side totaled $9,000, which of the following would occur? A. The Cash balance would be $23,500Debit. B. The Cash balance would be $5,500- Debit. C. The Cash balance would be -$5,500Credit. D. The Cash balance would be -$23,500Debit. LO-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 14. Which of the following is true about Taccounts? A. When an expense is paid or due, it is credited. B. When the owner withdraws money, the drawing account is credited. C. Liabilities will always increase on the Credit side. D. Revenue is only recorded when cash is actually received. LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 14. Which of the following is true about Taccounts? A. When an expense is paid or due, it is credited. B. When the owner withdraws money, the drawing account is credited. C. Liabilities will always increase on the Credit side. D. Revenue is only recorded when cash is actually received. LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 15. All of the following are true about TAccounts except: A. Asset accounts have a normal debit balance B. Accounts Payable would decrease on the credit side C. Revenue accounts normally have a credit balance D. The Capital account would increase on the debit side LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater 15. All of the following are true about TAccounts except: A. Asset accounts have a normal debit balance B. Accounts Payable would decrease on the credit side C. Revenue accounts normally have a credit balance D. The Capital account would increase on the debit side LO-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater
