Chapter 2 Accounting

10 Questions | Total Attempts: 533

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Accounting Quizzes & Trivia

Questions and Answers
  • 1. 
    A debit entry to an account
    • A. 

      Increases liabilities

    • B. 

      Increases OE

    • C. 

      Increases Assets

    • D. 

      Increases both a and b

  • 2. 
    Which account types normally have a credit balance?
    • A. 

      Revenues

    • B. 

      Liabilities

    • C. 

      Expenses

    • D. 

      Both a and b

  • 3. 
    An attorney performs services of $1,100 for a client and receives $400 cash with the remainder on account. The journal entry for this would
    • A. 

      Debit cash, credit AR, credit service revenue

    • B. 

      Debit cash, debit service revenue, credit AR

    • C. 

      Debit cash, debit AR, credit service revenue

    • D. 

      Debit cash, credit service revenue

  • 4. 
    The list of accounts with their balances is the 
    • A. 

      Journal

    • B. 

      Trial balance

    • C. 

      Chart of accounts

    • D. 

      Balance sheet

  • 5. 
    • A. 

      Account

    • B. 

      Ledger

    • C. 

      Journal

    • D. 

      Trial balance

  • 6. 
    The beginning cash balance was $3,000. At the end of the period, the balance was $2,000. If total cash paid out during the period was 27,000, the amount of cash receipts was
    • A. 

      22000

    • B. 

      28000

    • C. 

      32000

    • D. 

      26000

  • 7. 
    In a double-entry accounting system,
    • A. 

      Liabilities, OE, and revenues all have normal debit balances

    • B. 

      A debit entry is recorded on the left side of a T-account

    • C. 

      Half of all the accounts have a normal credit balance

    • D. 

      Both a and c are correct

  • 8. 
    Which accounts appear on which financial statement?
    • A. 

      Balance sheet- receivables, land, payables; Income statement- Revenues, supplies

    • B. 

      BS- cash, revenues, land; IS- expenses, payables

    • C. 

      BS- Cash, receivables, payables; IS- revenues, expenses

    • D. 

      BS- expenses, payables, cash; IS- revenues, receivables, land

  • 9. 
    • A. 

      Ledger, trial balance, journal, financial statements

    • B. 

      Journal, ledger, trial balance, financial statements

    • C. 

      Financial statements, trial balance, ledger, journal

    • D. 

      Ledger, journal, trial balance, financial statements

  • 10. 
    The error of posting $500 as a $50 can be detected by
    • A. 

      Totaling each account's balance in the ledger

    • B. 

      Dividing the out of balance amount by 2

    • C. 

      Dividing the out of balance amount by 9

    • D. 

      Examining the chart of accounts