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Question 1 of 20 |
0.0/ 5.0 Points |
Which entry would record the payment of a utility bill?
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[removed] A. Debit Utilities Expense; credit Cash |
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[removed] B. Debit Cash; credit Utilities Expense |
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[removed] C. Debit Utilities Expense; credit Accounts Payable |
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[removed] D. Debit Accounts Receivable; credit Utilities Expense |
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Question 2 of 20 |
5.0/ 5.0 Points |
A business incurred an expense and paid it immediately. To record this transaction,
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[removed] A. an expense is debited, and a liability is credited. |
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[removed] B. an expense is debited, and an asset is credited. |
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[removed] C. an expense is debited, and Capital is credited. |
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[removed] D. None of the above |
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Question 3 of 20 |
0.0/ 5.0 Points |
The purpose of posting is to
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[removed] A. list the transactions in chronological order in the journal. |
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[removed] B. provide an explanation of the transaction. |
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[removed] C. update the account balances in the ledger. |
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[removed] D. correct a previous entry. |
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Question 4 of 20 |
0.0/ 5.0 Points |
The general journal
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[removed] A. is the book of original entry. |
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[removed] B. is the book of final entry. |
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[removed] C. contains account balances. |
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[removed] D. is completed after the general ledger. |
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Question 5 of 20 |
0.0/ 5.0 Points |
The first step of the accounting cycle is to
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[removed] A. record journal entries. |
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[removed] B. post to the ledger. |
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[removed] C. prepare a trial balance. |
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[removed] D. analyze business transactions. |
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Question 6 of 20 |
0.0/ 5.0 Points |
A business provided services to a cash customer. To record this transaction,
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[removed] A. an asset is debited, and a liability is credited. |
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[removed] B. an asset is debited, and a revenue is credited. |
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[removed] C. an expense is debited, and Capital is credited. |
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[removed] D. None of the above |
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Question 7 of 20 |
0.0/ 5.0 Points |
Business transactions are first recorded in the
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[removed] A. ledger. |
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[removed] B. journal. |
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[removed] C. trial balance. |
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[removed] D. balance sheet. |
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Question 8 of 20 |
5.0/ 5.0 Points |
Which of the following is not a financial statement?
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[removed] A. Balance sheet |
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[removed] B. Income statement |
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[removed] C. Statement of owner’s equity |
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[removed] D. Trial balance |
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Question 9 of 20 |
0.0/ 5.0 Points |
Which entry records the owner’s taking cash for personal use?
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[removed] A. Debit Wage Expense; credit Cash |
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[removed] B. Debit Capital; credit Cash |
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[removed] C. No entry is necessary because the owner owns the cash and the entire business. |
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[removed] D. Debit Withdrawals; credit Cash |
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Question 10 of 20 |
0.0/ 5.0 Points |
Posting is performed by transferring information from the journal to the
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[removed] A. ledger. |
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[removed] B. trial balance. |
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[removed] C. balance sheet. |
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[removed] D. income statement. |
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Question 11 of 20 |
0.0/ 5.0 Points |
The posting reference column in the ledger is
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[removed] A. used to record the journal and page number the transactions originated. |
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[removed] B. used to record the ledger number. |
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[removed] C. used to record the date. |
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[removed] D. not used. |
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Question 12 of 20 |
0.0/ 5.0 Points |
An account that would be increased by a debit is
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[removed] A. cash. |
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[removed] B. fees earned. |
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[removed] C. capital. |
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[removed] D. accounts payable. |
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Question 13 of 20 |
0.0/ 5.0 Points |
Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?
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Cash |
$1,000 |
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Equipment |
500 |
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Accounts Payable |
350 |
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Capital |
900 |
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Service Fees |
1,000 |
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Salaries Expense |
750 |
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[removed] A. $3,250 debit, $3,250 credit |
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[removed] B. $1,125 debit, $1,125 credit |
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[removed] C. $4,500 debit, $4,500 credit |
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[removed] D. $2,250 debit, $2,250 credit |
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Question 14 of 20 |
0.0/ 5.0 Points |
The process that begins with recording business transactions and includes the completion of the financial statements is the
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[removed] A. calendar year. |
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[removed] B. natural business year. |
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[removed] C. fiscal year. |
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[removed] D. accounting cycle. |
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Question 15 of 20 |
5.0/ 5.0 Points |
Which of the following groups of accounts have a normal credit balance?
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[removed] A. Revenue, liabilities, and capital |
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[removed] B. Assets, capital, and withdrawals |
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[removed] C. Liabilities, expenses, and assets |
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[removed] D. Assets, expenses, and withdrawals |
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Question 16 of 20 |
0.0/ 5.0 Points |
During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?
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[removed] A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000 |
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[removed] B. Accounts Payable, debit $11,000; Cash, credit $11,000 |
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[removed] C. Cash, debit $11,000; Revenue, credit $11,000 |
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[removed] D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000 |
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Question 17 of 20 |
0.0/ 5.0 Points |
Which error would cause the trial balance to be out of balance?
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[removed] A. An entry is posted twice. |
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[removed] B. An entry isn’t posted at all. |
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[removed] C. A debit is entered as $200, and a credit is entered at $2,000. |
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[removed] D. None of the above |
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Question 18 of 20 |
0.0/ 5.0 Points |
Which of the following is prepared first?
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[removed] A. Balance sheet |
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[removed] B. Income statement |
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[removed] C. Statement of owner’s equity |
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[removed] D. Trial balance |
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Question 19 of 20 |
0.0/ 5.0 Points |
Revenue is traditionally recognized in the accounting records when
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[removed] A. cash is received. |
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[removed] B. services are rendered. |
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[removed] C. it’s incurred. |
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[removed] D. None of the above |
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Question 20 of 20 |
0.0/ 5.0 Points |
A list of all the accounts from the ledger with their ending balances is called a
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[removed] A. normal balance. |
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[removed] B. trial balance. |
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[removed] C. chart of accounts. |
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[removed] D. footing. |
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