Question 1

A trial balance determines the accuracy of the numbers.

Accepted Answer

A) True 
 B)False

Question 2

Match each of the following accounts with its proper account group from the groups listed below.
​
-Chris Clark,Drawing

Accepted Answer

A)  Assets
B)  Liabilities
C)  Owner's Equity
D)  Revenue
E)  ExpensesF) A) and D)
G) C) and E)

Question 3

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Amount incorrectly entered on trial balance

Accepted Answer

A)  Trial balance preparation errors
B)  Account balance errors
C)  Posting errorsD) A) and B)
E) A) and C)

Question 4

Which statement (s) concerning cash is
(are) true?

Accepted Answer

A)  Cash will always have more debits than credits.
B)  Cash will never have a credit balance.
C)  Cash is increased by debiting.
D)  All of these choices.E) B) and C)
F) A) and B)

Question 5

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Accepted Answer

The answer of On October 30,Damien Lawson withdraws $3,330 from...

Question 6

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance entered on wrong side of account

Accepted Answer

A)  Trial balance preparation errors
B)  Account balance errors
C)  Posting errorsD) A) and C)
E) All of the above

Question 7

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance incorrectly computed

Accepted Answer

A)  Trial balance preparation errors
B)  Account balance errors
C)  Posting errorsD) All of the above
E) None of the above

Question 8

A debit balance in which of the following accounts would likely indicate an error?

Accepted Answer

A)  Salaries Expense
B)  Notes Payable
C)  Edgar Martin, Drawing
D)  SuppliesE) A) and B)
F) A) and C)

Question 9

All of the following accounts are increased with a debit except

Accepted Answer

A)  Unearned Revenue
B)  Land
C)  Accounts Receivable
D)  CashE) None of the above
F) A) and B)

Question 10

The recording of cash payments from the cash account is done by entering the amount as a credit.

Accepted Answer

A) True 
 B)False

Question 11

The double-entry accounting system records each transaction twice.

Accepted Answer

A) True 
 B)False

Question 12

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Column incorrectly added

Accepted Answer

A)  Trial balance preparation errors
B)  Account balance errors
C)  Posting errorsD) All of the above
E) B) and C)

Question 13

Which of the following is not a useful step in finding errors on the trial balance?

Accepted Answer

A)  Determine the difference between debits and credits and look for the amount.
B)  Determine the difference between debits and credits and change any account to make the trial balance correct.
C)  Determine the difference between debits and credits, divide the amount by 2, and look for the amount.
D)  Determine the difference between debits and credits, divide the amount by 9, and if it divides evenly, look for a transposition or slide error.E) A) and C)
F) None of the above

Question 14

On January 12,JumpStart purchased $870 in office supplies.​
(a)Journalize this transaction as if JumpStart paid cash.​
(b)Journalize this transaction as if JumpStart placed it on account.​
(c)On January 18,JumpStart pays the amount due.Journalize this event.

Accepted Answer

The answer of On January 12,JumpStart purchased $870 in office...

Question 15

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

Accepted Answer

A)  no entry until the cash is received
B)  Fees Earned, debit; Accounts Receivable, credit
C)  Cash, debit; Fees Earned, credit
D)  Accounts Receivable, debit; Fees Earned, creditE) A) and B)
F) A) and D)

Question 16

The posting reference notation used in the journal is the page number.

Accepted Answer

A) True 
 B)False

Question 17

Liability accounts are increased by debits.

Accepted Answer

A) True 
 B)False

Question 18

The chart of accounts should be the same for each business.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following groups of accounts increases with a credit?

Accepted Answer

A)  capital, revenues, expenses
B)  assets, capital, revenues
C)  liabilities, capital, revenues
D)  None of these choicesE) C) and D)
F) A) and B)

Question 20

Journal entries include both debit and credit accounts for each transaction.

Accepted Answer

A) True 
 B)False

Exam 2: Analyzing Transactions

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Column incorrectly added

Correct AnswerverifiedShow Answer

Which statement (s) concerning cash is (are) true?

Correct AnswerverifiedShow Answer

The recording of cash payments from the cash account is done by entering the amount as a credit.

Correct AnswerverifiedShow Answer

All of the following accounts are increased with a debit except

Correct AnswerverifiedShow Answer

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance incorrectly computed

Correct AnswerverifiedShow Answer

A trial balance determines the accuracy of the numbers.

Correct AnswerverifiedShow Answer

Liability accounts are increased by debits.

Correct AnswerverifiedShow Answer

Journal entries include both debit and credit accounts for each transaction.

Correct AnswerverifiedShow Answer

The chart of accounts should be the same for each business.

Correct AnswerverifiedShow Answer

Match each of the following accounts with its proper account group from the groups listed below. ​ -Chris Clark,Drawing

Correct AnswerverifiedShow Answer

The posting reference notation used in the journal is the page number.

Correct AnswerverifiedShow Answer

The double-entry accounting system records each transaction twice.

Correct AnswerverifiedShow Answer

Which of the following groups of accounts increases with a credit?

Correct AnswerverifiedShow Answer

Which of the following is not a useful step in finding errors on the trial balance?

Correct AnswerverifiedShow Answer

A debit balance in which of the following accounts would likely indicate an error?

Correct AnswerverifiedShow Answer

A client has a massage and asks the company bookkeeper to mail her the bill.The bookkeeper should make which entry to record the invoice?

Correct AnswerverifiedShow Answer

On October 30,Damien Lawson withdraws $3,330 from JumpStart for personal use.Journalize this event.

Correct AnswerverifiedShow Answer

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Balance entered on wrong side of account

Correct AnswerverifiedShow Answer

On January 12,JumpStart purchased $870 in office supplies.​ (a)Journalize this transaction as if JumpStart paid cash.​ (b)Journalize this transaction as if JumpStart placed it on account.​ (c)On January 18,JumpStart pays the amount due.Journalize this event.

Correct AnswerverifiedShow Answer

Several types of errors can be made during the journalizing and posting process. Match the following with their best description. -Amount incorrectly entered on trial balance

Correct AnswerverifiedShow Answer

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Match each of the following accounts with its proper account group from the groups listed below. -Chris Clark,Drawing

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On January 12,JumpStart purchased $870 in office supplies. (a)Journalize this transaction as if JumpStart paid cash. (b)Journalize this transaction as if JumpStart placed it on account. (c)On January 18,JumpStart pays the amount due.Journalize this event.

Correct Answer
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Correct Answer
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