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accounting mcq quiz




Question;The accounts receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account isa. 800 debitb. 800 creditc. 2,600 creditd. 2,600 debit2) Jim Walton performed services on credit for 2,450. a debit for this transaction should be recorded toa revenueb. accounts receivablec. accounts payabled. cash3) Accounts payable had a normal starting balance of 800. There were debit postings of 600 and credit postings of 300 during the month. The ending balance isa. 500 creditb. 1,000 debitc. 500 debitd. 1,000 credit4) When an owner records a credit for 650 for revenue earned but not yet received, the amount of the debit should bea. 325b. 0c. 975d. 6505) A category that is not in the chart of accounts isa. assetsb. liabilitiesc. cash flowsd. revenue6) Which of the statements of the rules of debit and credit is true?a. decrease accounts receivable with a credit and the normal balance is a creditb. increase accounts payable with a credit and the normal balance is a creditc. increase capital with a debit and the normal balance is a debitd. decrease cash with a debit and the normal balance is a debit7) The left side of any account is the a. debit sideb. credit sidec. ending balanced. footings8) Which of the following entries records the investment of cash by john, owner of a sole proprietorship?a. debit john, capital, credit cashb. debit cash, credit john, withdrawalsc. debit john, withdrawals, credit cashd. debit cash, credit john, capital9) The accounts payable account isa. a revenue, and it has normal debit balanceb. an expense, and it has a normal credit balancec. a liability, and it has a normal debit balanced. a liability, and it has a normal credit balance10) A debit increases the balance in all of the following accounts, excepta. cashb. withdrawalsc. expensesd. accounts payable11) The rigt side of any accounts is thea. debit sideb. credit sidec. ending balanced. footings12) The ledger isa. a group of accounts that records data from business transactionsb. a tool used to make sure that all accounts have normal balancesc. chronological record of the day's transactionsd. a tool used to ensure that debits equal credits13) The beginning balance in the computers account was 2,000. The company purchased an additional 1,000 worth of computers. The balance in the account isa. debit of 2,000b. credit of 3,000c. debit of 3,000d. credit of 2,00014) An account is said to have a debit balance ifa. the footing of the debits exceeds the footing of the creditsb. there are more entries on the debit side than on the credit sidec. its normal balance is debit without regard to the amounts or number of entries on the debit sided. the last entry of the accounting period was posted on the debit side15) A liability would be credited and an expense debited ifa. the business paid a creditorb. the business incurred an expense and did not pay the expense immediatelyc. the business bought supplies on accountd. the business bought supplies for cash16) One asset would be debited and another credited ifa. the business provided services to a cash customerb. the business paid a creditorc. the business bought supplies paying cashd. the business provided services to a credit customer


Paper#42649 | Written in 18-Jul-2015

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