1. The type of account and also normal balance that AccumulatedDepreciation area) contra asset, debitb) asset, creditc) asset, debitd) liability, credite) contra asset, credit2. Net income for Susan"s treasures is $25, 000 for the currentyear. The owner i was withdrawn $2,000 per month for an individual livingexpenses. The owner"s funding account will present a neta) decrease of $1,000b) rise of $49,000c) diminish of $24,000d) increase of $1,000e) boost of $25,0003. I m sorry of the complying with are all short-term accounts?a) liabilities, revenue, and also expensesb) revenue, liabilities, and also the owner"s drawingc) assets, liabilities, and owner"s drawingsd) revenue, expenses, and the owner"s drawinge) liabilities and also assets4. The last action in the close up door procedure closesa) the income review accountb) the capital accountc) the drawing accountd) the price accountse) all liability accounts5. The Cash account isa) closed come the owner"s resources accountb) closed to the owner"s illustration accountc) shown on the balance sheet together a liabilityd) present on the earnings statemente) not closed6. I think a company has a net earnings that exceeds the owner"sdrawing for the present year. The owner"s funding accounta) will have a zero balance after the closeup of the door entries arecompleteb) will certainly increasec)will decreased) will reamain the exact same as the beginnning balancee) it is impossible to tell through the info provided7. One accountant wanting to understand the balance the a particularaccount would refer to thea) ledgerb) dare of accountsc) publication of original entryd) resource documente) journal8. The owner"s capital account is found on thea) psychological blance credit column and also income explain debit pillar ofa occupational sheetb) trial balance credit column, changed trial balance creditcolumn, and blance sheet credit shaft of a worksheetc) psychological balance credit transaction column, adjusted credit column, adjustedtrial balance dredit column, and the balance sheet credit tower ofa work sheetd) attempt balance debit column, adjustements debit column, adjustedtrial balance credit transaction column, and the income statement credit columnof a work sheet.e) blance paper debit column and also nowhere else
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QUESTION 21 A journal entry because that a $75 payment because that Rent expensewas posted as a debit to value expense and a credit transaction to Cash. Thiserror will cause which of the following conditions on the trialbalance? A. The amount of the credits will certainly equal the amount of thedebits. B. The amount of the debits will certainly exceed the amount of the creditsby $75. C. The amount of the credits will exceed the sum of the debitsby $150. D. The amount of the debits will certainly exceed the sum of thecredits by $150.

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QUESTION 22 The company receives cash indigenous a customer the isowed come the firm "on account," based upon services rendered to thecustomer previously. Just how does the collection of the cash affect theaccounting equation? A. Heritage increase; owner"s same increases.B. Heritage increase; liabilities increase. C. Legacy decrease;owner"s same decreases. D. One legacy increases; one assetdecreases

QUESTION 23 A organization completes organization to a customer and sendsout a sales invoice. The amount will certainly be accumulated from the customerat a later time. Which of the complying with would be TRUE at the timewhen the invoice is sent out out? A. Total assets will decrease. B. Netincome will increase. C. Owner"s equity will decrease. D. Totalliabilities will increase.

QUESTION 24 i m sorry of the following accounts rises with adebit? A. Cash B. Interest Payable C. Accounts Payable D. Smith,Capital

QUESTION 25 The account Receivable account of Nuptials Inc. Isshown below. Accounts Receivable Dr Cr 26,000 3,500 5,000 Calculatethe ending balance that the account. A. $33,500 debit B. $31,000,debit C. $3,500, credit transaction D. $27,500, debit

QUESTION 26 The adhering to transactions for the month of Marchhave been journalized and posted to the proper accounts. Mar. 1Martinez invest $9,000 cash in his new design services business.Mar. 2 paid the an initial month"s rent of $800. Mar. 3 Purchasedequipment by payment $3,000 cash and also executing a note payable for$5,000. Mar. 4 to buy office gives for $750 cash. Mar. 5Billed a client for $10,000 of design services completed. Mar. 6Received $8,000 top top account because that the services previously recorded.What is the balance in Cash? A. $13,250 B. $12,450 C. $15,450 D.$14,000

QUESTION 27 i beg your pardon of the following sequences says the bespeak inwhich a trial balance lists accounts? A. Same → legacy →Liabilities B. Legal responsibility → legacy → equity C. Legacy → same →Liabilities D. Assets → liabilities → Equity

QUESTION 28 which of the following statements is FALSE? A. Atrial balance shows total quantities for assets, liabilities, andequity. B. A psychological balance is created prior to the balance sheet isprepared. C. A psychological balance presents data in debit and also creditformat, but a balance sheet does not. D. A trial balance showstotal debits and also total credits.

QUESTION 29 A promise got from a business"s client topay for goods and services the they got from the service iscalled a(n): A. Revenue. B. Account receivable. C. Account payable.D. Expense.

QUESTION 30 You have the right to evaluate the financial resources, debt, andoverall financial position of a agency in i beg your pardon of the followingfinancial statements? A. Revenue statement B. Balance paper C.Statement the owner"s equity D. Explain of cash flows

QUESTION 31 A publication holding every one of the account is dubbed the: A.income statement. B. Journal. C. Ledger. D. Balance sheet.

QUESTION 32 which of the complying with groups of account BOTHnormally have a debit balance? A. Assets and Liabilities B.Liabilities and also Owner"s same C. Revenues and also Expenses D. Assetsand Expenses

QUESTION 33 A organization buys $500 of offers on account. Whichaccount is debited? A. Provides B. Cash C. Service revenue D.Accounts payable


QUESTION 5 which of the following statements ideal definesfinancial statements? A. Financial statements are plans andforecasts for future time periods. B. Financial statements are theverbal statements make to organization news organizations by chieffinancial officers. C. Jae won statements are documents thatreport top top a company in financial terms, providing information tohelp human being make informed business decisions. D. Financialstatements room the information systems the record and measurebusiness transactions.

QUESTION 6 i m sorry of the adhering to statements is true the a trialbalance? A. A attempt balance has actually the same layout as a balance sheet.B. A attempt balance presents data in debit and also credit format. C. Atrial balance mirrors total quantities of assets, liabilities, however notequity. D. A psychological balance is prepared after the balance sheet.

QUESTION 7 There room relatively few types of revenue. Which ofthe adhering to in no a form of revenue? A. Sales B. Organization C.Interest D. Unearned Revenue

QUESTION 8 The jae won statements have to be all set in whatorder? A. Earnings statement, statement of owner"s equity, balancesheet, declare of cash flows B. Balance sheet, statement ofowner"s equity, income statement, explain of cash flows C.Statement that owner"s equity, balance sheet, earnings statement,statement of cash operation D. Balance sheet, income statement,statement of owner"s equity, statement of cash flows

QUESTION 9 i m sorry of the following journal entries would berecorded if a business makes a cash payment come a caterer of $600"on account" (the business had purchased offers on account in theprevious month)? A. Account payable 600 Cash 600 B. Accountspayable 600 gives 600 C. Cash 600 offers 600 D. Cash 600Accounts payable 600

QUESTION 10 which of the adhering to statements around revenue isCORRECT? A. Revenues boost owner"s equity, for this reason a revenueaccount"s normal balance is a credit balance. B. Profits decreaseowner"s equity, for this reason a revenue account"s normal balance is a debitbalance. C. Revenues increase owner"s equity, therefore a revenueaccount"s normal balance is a debit balance. D. Earnings decreaseowner"s equity, for this reason a revenue account"s normal balance is a creditbalance.

QUESTION 11 indigenous a legit perspective, a ownership is: A.not a unique entity indigenous its proprietor. B. Authorized understate charter. C. An entity separate from that is proprietor. D.subject to regulation by the SEC.

QUESTION 12 Sharon Samson start a plumbing business namedReliable Waterworks. Selected transactions are defined asfollows: A) Sharon shop $7,000 into a brand-new checking account forthe business, record the funding contribution. B) dependable pays$4,000 cash for devices to be supplied for plumbing repairs. C)Reliable borrows $15,000 indigenous a local bank and deposits the moneyin the check account. D) dependable pays $600 rent because that the firstmonth. E) reputable pays $400 cash for plumbing supplies to it is in usedon various work in the future. F) reputable completes a plumbingrepair job for a neighborhood lawyer and receives $1,300 cash. G)Sharon take away a cash withdrawal of $2,500. After every one of thetransactions, what is the quantity of full assets? A. $25,700 B.$20,200 C. $24,200 D. $5,200

QUESTION 13 The accounts Payable account is a(n) ________account and also carries a ________ normal balance. A. Liability; debitB. Asset; debit C. Liability; credit D. Asset; credit

QUESTION 14 The adhering to are the finishing month"s balances forToys Galore. Accounts payable $6,790 Revenue $8,680 Cash $4,500Expenses $1,050 Furniture $8,370 account receivable $ 7,710Capital $930 note payable $5,230 What is the full amount ofcredits because that the psychological balance? A. $30,310 B. $16,400 C. $21,630 D.$20,580

QUESTION 15 The Sarbanes-Oxley action ("SOX") made that a criminaloffense to: A. Stealing shareholders" money. B. Default on loans fromcreditors. C. Explain bankruptcy. D. Falsify financialinformation.

QUESTION 16 i m sorry of the adhering to is the stimulate of measures tojournalize one entry? A. Record the transaction, determine eachaccount affected, determine increase or to decrease in each account.B. Recognize each account affected, identify increase or decreasein each account, record the transaction. C. Recognize each accountaffected, document the transaction, determine increase or to decrease ineach account. D. Recognize increase or decrease in every account,identify every account affected, document the transaction

QUESTION 17 Mitchell Florists had actually the following complete assets,liabilities, and equity as of December 31. Heritage $450,000Liabilities 135,000 same 315,000 What is Mitchell"s debt ratio asof December 31? A. 30% B. 70% C. 100% D. 43%

QUESTION 18 which of the adhering to financial declaration reportsrevenues? A. Explain of cash operation B. Income statement C.Statement that owner"s equity D. Balance sheet

QUESTION 19 complying with is a list of account balances (except forowner"s capital) of Wilson Mowing company as that December 31 of thefirst year of operation: accounts receivable $2,500 Accountspayable $3,500 Salary price $4,500 Repairs expense $800 Truck$8,500 tools $6,300 note payable $8,200 Cash $6,800 Suppliesexpense $1,600 company revenue $31,900 Gasoline cost $3,800Salary payable $200 The proprietor, J.D. Wilson, contributed $3,000at the start of the year; throughout the year, the owner took$12,000 in drawings. At the end of the year, what is net income? A.$11,900 B. $21,200 C. $24,100 D. $12,200

QUESTION 20 i m sorry of the following is an heritage account? A.Salaries cost B. Accounts Payable C. Business Revenue D. PrepaidExpense

QUESTION 21 A newspaper entry because that a $75 payment for Rent expensewas posted as a debit to value expense and a credit to Cash. Thiserror will cause which of the following problems on the trialbalance? A. The amount of the credits will certainly equal the amount of thedebits. B. The sum of the debits will exceed the sum of the creditsby $75. C. The amount of the credits will certainly exceed the sum of the debitsby $150. D. The amount of the debits will certainly exceed the amount of thecredits through $150.

QUESTION 22 The service receives cash from a customer the isowed to the firm "on account," based upon services calculation to thecustomer previously. Exactly how does the repertoire of the cash impact theaccounting equation? A. Assets increase; owner"s same increases.B. Legacy increase; liabilities increase. C. Heritage decrease;owner"s equity decreases. D. One heritage increases; one assetdecreases

QUESTION 23 A organization completes service to a client and sendsout a sales invoice. The amount will be gathered from the customerat a later time. Which of the complying with would it is in TRUE in ~ the timewhen the invoice is sent out out? A. Full assets will certainly decrease. B. Netincome will increase. C. Owner"s equity will certainly decrease. D. Totalliabilities will certainly increase.

QUESTION 24 i m sorry of the adhering to accounts boosts with adebit? A. Cash B. Interest Payable C. Account Payable D. Smith,Capital

QUESTION 25 The accounts Receivable account the Nuptials Inc. Isshown below. Account Receivable Dr Cr 26,000 3,500 5,000 Calculatethe finishing balance of the account. A. $33,500 debit B. $31,000,debit C. $3,500, credit D. $27,500, debit

QUESTION 26 The following transactions for the month of Marchhave to be journalized and also posted to the proper accounts. Mar. 1Martinez invest $9,000 cash in his new design services business.Mar. 2 paid the very first month"s rent of $800. Mar. 3 Purchasedequipment by paying $3,000 cash and executing a keep in mind payable for$5,000. Mar. 4 to buy office provides for $750 cash. Mar. 5Billed a customer for $10,000 of design services completed. Mar. 6Received $8,000 on account because that the services previously recorded.What is the balance in Cash? A. $13,250 B. $12,450 C. $15,450 D.$14,000

QUESTION 27 i beg your pardon of the adhering to sequences says the stimulate inwhich a trial balance lists accounts? A. Equity → heritage →Liabilities B. Liabilities → legacy → equity C. Assets → same →Liabilities D. Legacy → legal responsibility → Equity

QUESTION 28 which of the adhering to statements is FALSE? A. Atrial balance reflects total amounts for assets, liabilities, andequity. B. A trial balance is created prior to the balance paper isprepared. C. A trial balance gift data in debit and creditformat, yet a balance sheet does not. D. A trial balance showstotal debits and total credits.

QUESTION 29 A promise obtained from a business"s customers topay for goods and services that they received from the business iscalled a(n): A. Revenue. B. Account receivable. C. Account payable.D. Expense.

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QUESTION 30 You deserve to evaluate the financial resources, debt, andoverall financial position of a agency in i beg your pardon of the followingfinancial statements? A. Income statement B. Balance paper C.Statement that owner"s same D. Explain of cash flows

QUESTION 31 A book holding every one of the account is called the: A.income statement. B. Journal. C. Ledger. D. Balance sheet.

QUESTION 32 i beg your pardon of the following groups of accounts BOTHnormally have a debit balance? A. Assets and Liabilities B.Liabilities and Owner"s equity C. Revenues and also Expenses D. Assetsand Expenses

QUESTION 33 A company buys $500 of supplies on account. Whichaccount is debited? A. Offers B. Cash C. Service revenue D.Accounts payable