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Question;A credit to a liability account was posted to an expense account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. expenses to be overstatedD. None of the above answers are correct.Question 2 of 402.5 PointsA credit to an asset account was posted to a liability account. This error would cause __________.A. assets to be understatedB. liabilities to be overstatedC. capital to be understatedD. None of the above answers are correct.Question 3 of 402.5 PointsWhich of the following errors would cause the trial balance to be out of balance?A. An entry is posted twice.B. An entry is not posted at all.C. A debit is entered as $200 and the credit is entered at $2,000.D. None of the above answers are correct.Question 4 of 402.5 PointsA credit to an asset account was posted to a revenue account. This error would cause __________.A. assets to be overstatedB. revenue to be overstatedC. expenses to be overstatedD. Both A and C are correct.Question 5 of 402.5 PointsA debit to an asset account was posted to a liability account. This error would cause __________.A. assets to be understatedB. liabilities to be overstatedC. capital to be overstatedD. None of the above answers are correct.Question 6 of 402.5 PointsA credit to a liability account was posted to an asset account. This error would cause __________.A. liabilities to be overstatedB. liabilities to be understatedC. revenues to be overstatedD. revenues to be understatedQuestion 7 of 402.5 PointsThe chart of accounts __________.A. is a numbered list of all of the business' accountsB. allows accounts to be located quicklyC. can be expanded as the business growsD. All of the above answers are correct.Question 8 of 402.5 PointsA credit to an asset account was posted to the capital account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. capital to be understatedD. Both A and C are correct.Question 9 of 402.5 PointsA list of all the accounts from the ledger with their ending balances is called a __________.A. normal balanceB. trial balanceC. chart of accountsD. footingQuestion 10 of 402.5 PointsWhich of the following groups of accounts have a normal credit balance?A. revenue, liabilities, and capitalB. assets, capital, and withdrawalsC. liabilities, expenses, and assetsD. assets, expenses, and withdrawalsQuestion 11 of 402.5 PointsGiven the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?Cash$1000Equipment500Accounts Payable350Capital900Service Fees1000Salaries Expense750A. $3,250 debit, $3,250 creditB. $1,125 debit, $1,125 creditC. $4,500 debit, $4,500 creditD. $2,250 debit, $2,250 creditQuestion 12 of 402.5 PointsThe purpose of the trial balance is __________.A. to list all of the accounts in the chart of accountsB. to report all accounts with zero balancesC. to prove that debits equal creditsD. to distribute it with the other financial reportsQuestion 13 of 402.5 PointsA debit to an expense account was posted to a revenue account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. revenue to be understatedD. None of the above answers are correct.Question 14 of 402.5 PointsA debit to an expense account was posted to a revenue account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. revenue to be understatedD. None of the above answers are correct.Question 15 of 402.5 PointsWhich of the following is prepared last?A. Balance SheetB. Income StatementC. Statement of Owner's EquityD. Trial BalanceQuestion 16 of 402.5 PointsGiven the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?Cash$1,100Accounts Receivable800Capital1,900Withdrawals500Service Fees1,000Rent Expense500A. $2,900 debit, $2,900 creditB. $3,900 debit, $3,900 creditC. $2,000 debit, $2,000 creditD. $1,200 debit, $1,200 creditQuestion 17 of 402.5 PointsWhich of the following is not a financial statement?A. Balance sheetB. Income statementC. Statement of owner's equityD. Trial balanceQuestion 18 of 402.5 PointsThe business incurred an expense and paid it immediately. To record this __________.A. an expense is debited and a liability is creditedB. an expense is debited and an asset is creditedC. an expense is debited and Capital is creditedD. None of the above answers are correct.Question 19 of 402.5 PointsA credit to an asset account was posted to the capital account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. capital to be understatedD. Both A and C are correct.Question 20 of 402.5 PointsA debit to a liability account was posted to the capital account. This error would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. capital to be overstatedD. None of the above answers are correct.Question 21 of 402.5 PointsWhich of the following entries records the owner taking cash for personal use?A. debit Wage Expense, credit CashB. debit Capital, credit CashC. No entry is necessary since the owner owns the cash and the entire business.D. debit Withdrawals, credit CashQuestion 22 of 402.5 PointsA credit to an asset account was posted to a revenue account. This would cause __________.A. assets to be understatedB. liabilities to be understatedC. capital to be understatedD. revenue to be overstatedQuestion 23 of 402.5 PointsA credit to an asset account was posted to a liability account. This would cause __________.A. assets to be understatedB. liabilities to be overstatedC. capital to be overstatedD. revenue to be overstatedQuestion 24 of 402.5 PointsA debit to a revenue account was posted to an expense account. This would cause __________.A. expenses to be overstatedB. revenue to be understatedC. expenses to be understatedD. capital to be overstatedQuestion 25 of 402.5 PointsThe purpose of posting is to __________.A. list the transactions in chronological order in the journalB. provide an explanation of the transactionC. update the account balances in the ledgerD. correct a previous entryQuestion 26 of 402.5 PointsThe posting reference column on the general journal __________.A. shows which transactions have been posted to the ledgerB. displays to which accounts the transactions have been postedC. allows us to cross reference to the general ledgerD. All of the above answers are correct.Question 27 of 402.5 PointsDuring the month of January, Katelyn invested $11,000 in starting her legal practice. The proper journal entry would be __________.A. Cash, debit $11,000, Katelyn's Capital, credit $11,000B. Accounts Payable, debit $11,000, Cash, credit $11,000C. Cash, debit $11,000, Revenue, credit $11,000D. Katelyn's Capital, debit $11,000, Cash, credit $11,000Question 28 of 402.5 PointsPosting is performed by transferring information from the journal to the __________.A. ledgerB. trial balanceC. balance sheetD. income statementQuestion 29 of 402.5 PointsA journal entry affecting three or more accounts is called a __________.A. multi-level entryB. multi-step entryC. compound entryD. simple entryQuestion 30 of 402.5 PointsBusiness transactions are first recorded in the __________.A. ledgerB. journalC. trial balanceD. balance sheetQuestion 31 of 402.5 PointsThe process that begins with recording business transactions and includes the completion of the financial statements is the __________.A. calendar yearB. natural business yearC. fiscal yearD. accounting cycleQuestion 32 of 402.5 PointsA debit to a liability account was posted to a revenue account. This would cause __________.A. assets to be overstatedB. liabilities to be overstatedC. capital to be overstatedD. revenue to be overstatedQuestion 33 of 402.5 PointsA debit to a liability account was posted to an expense account. This would cause __________.A. assets to be overstatedB. liabilities to be understatedC. owner's equity to be overstatedD. expenses to be overstatedQuestion 34 of 402.5 PointsThe general journal __________.A. is the book of original entryB. is the book of final entryC. contains account balancesD. is completed after the general ledgerQuestion 35 of 402.5 PointsThe posting reference column in the ledger is __________.A. used to record the journal and page number the transactions originatedB. used to record the ledger numberC. used to record the dateD. not usedQuestion 36 of 402.5 PointsA credit to a liability account was posted to an owner's equity account. This would cause __________.A. assets to be overstatedB. liabilities to be understatedC. owner's equity to be understatedD. net income to be overstatedQuestion 37 of 402.5 PointsThe twelve-month period a business chooses for its accounting period is a(n. __________.A. calendar yearB. accounting periodC. fiscal yearD. accounting cycleQuestion 38 of 402.5 PointsRevenue is traditionally recognized in the accounting records when __________.A. cash is receivedB. services are renderedC. it is incurredD. None of the above answers are correct.Question 39 of 402.5 PointsWhich of the following entries would record the payment of a utility bill?A. debit Utilities Expense, credit CashB. debit Cash, credit Utilities ExpenseC. debit Utilities Expense, credit Accounts PayableD. debit Accounts Receivable, credit Utilities ExpenseQuestion 40 of 402.5 PointsWhich of the following entries records the acquisition of office supplies for cash?A.Office Supplies5,000Cash5,000B.Office Supplies5,000Accounts Payable5,000C.Equipment5,000Accounts Payable5,000D.Equipment5,000Accounts Receivable5,000

 

Paper#43275 | Written in 18-Jul-2015

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