Question 1 of 20 0.0/ 5.0 points which entry would record the payment

Question 1 of 20

0.0/ 5.0 Points

Which entry would record the payment of a utility bill?

 

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A. Debit Utilities Expense; credit Cash

  

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B. Debit Cash; credit Utilities Expense

  

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C. Debit Utilities Expense; credit Accounts Payable

  

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D. Debit Accounts Receivable; credit Utilities Expense

  

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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A. an expense is debited, and a liability is credited.

  

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B. an expense is debited, and an asset is credited.

  

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C. an expense is debited, and Capital is credited.

  

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D. None of the above

  

Question 3 of 20

0.0/ 5.0 Points

The purpose of posting is to

 

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A. list the transactions in chronological order in the journal.

  

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B. provide an explanation of the transaction.

  

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C. update the account balances in the ledger.

  

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D. correct a previous entry.

  

Question 4 of 20

0.0/ 5.0 Points

The general journal

 

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A. is the book of original entry.

  

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B. is the book of final entry.

  

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C. contains account balances.

  

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D. is completed after the general ledger.

  

Question 5 of 20

0.0/ 5.0 Points

The first step of the accounting cycle is to

 

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A. record journal entries.

  

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B. post to the ledger.

  

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C. prepare a trial balance.

  

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D. analyze business transactions.

  

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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A. an asset is debited, and a liability is credited.

  

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B. an asset is debited, and a revenue is credited.

  

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C. an expense is debited, and Capital is credited.

  

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D. None of the above

  

Question 7 of 20

0.0/ 5.0 Points

Business transactions are first recorded in the

 

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A. ledger.

  

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B. journal.

  

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C. trial balance.

  

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D. balance sheet.

  

Question 8 of 20

5.0/ 5.0 Points

Which of the following is not a financial statement?

 

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A. Balance sheet

  

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B. Income statement

  

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C. Statement of owner’s equity

  

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D. Trial balance

  

Question 9 of 20

0.0/ 5.0 Points

Which entry records the owner’s taking cash for personal use?

 

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A. Debit Wage Expense; credit Cash

  

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B. Debit Capital; credit Cash

  

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C. No entry is necessary because the owner owns the cash and the entire business.

  

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D. Debit Withdrawals; credit Cash

  

Question 10 of 20

0.0/ 5.0 Points

Posting is performed by transferring information from the journal to the

 

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A. ledger.

  

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B. trial balance.

  

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C. balance sheet.

  

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D. income statement.

  

Question 11 of 20

0.0/ 5.0 Points

The posting reference column in the ledger is

 

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A. used to record the journal and page number the transactions originated.

  

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B. used to record the ledger number.

  

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C. used to record the date.

  

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D. not used.

  

Question 12 of 20

0.0/ 5.0 Points

An account that would be increased by a debit is

 

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A. cash.

  

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B. fees earned.

  

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C. capital.

  

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D. accounts payable.

  

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?

Cash

$1,000

Equipment

500

Accounts Payable

350

Capital

900

Service Fees

1,000

Salaries Expense

750

 

 

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A. $3,250 debit, $3,250 credit

  

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B. $1,125 debit, $1,125 credit

  

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C. $4,500 debit, $4,500 credit

  

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D. $2,250 debit, $2,250 credit

  

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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A. calendar year.

  

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B. natural business year.

  

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C. fiscal year.

  

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D. accounting cycle.

  

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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A. Revenue, liabilities, and capital

  

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B. Assets, capital, and withdrawals

  

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C. Liabilities, expenses, and assets

  

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D. Assets, expenses, and withdrawals

  

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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A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000

  

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B. Accounts Payable, debit $11,000; Cash, credit $11,000

  

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C. Cash, debit $11,000; Revenue, credit $11,000

  

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D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000

  

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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A. An entry is posted twice.

  

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B. An entry isn’t posted at all.

  

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C. A debit is entered as $200, and a credit is entered at $2,000.

  

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D. None of the above

  

Question 18 of 20

0.0/ 5.0 Points

Which of the following is prepared first?

 

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A. Balance sheet

  

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B. Income statement

  

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C. Statement of owner’s equity

  

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D. Trial balance

  

Question 19 of 20

0.0/ 5.0 Points

Revenue is traditionally recognized in the accounting records when

 

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A. cash is received.

  

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B. services are rendered.

  

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C. it’s incurred.

  

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D. None of the above

  

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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A. normal balance.

  

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B. trial balance.

  

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C. chart of accounts.

  

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D. footing.

  
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