This quiz focuses on key concepts of financial accounting including the accounting equation, trial balances, liquidity measures, and journal entries.
Purchasing with a sales tax exemption
Purchasing in bulk
Purchasing with a discount
Purchasing on credit
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Increase side
Decrease side
Credit side
Debit side
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$120,000
$45,000
$110,000
$50,000
Expenses
Liabilities
Dividends
Revenues
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Machinery Expense
Accumulated Depreciation
Machinery
Depreciation Expense
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Trial balance
Explanation
Debit entry
Credit entry
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Decrease to the expense account
Increase to the expense account
Increase in retained earnings
Decrease to the revenue account
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Supplies
Dividends
Accounts Payable
Service Revenue
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A credit balance
Always the same as the normal balance of the equity accounts
A debit balance
Dependent upon the financial condition of the entity
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Retained earnings less dividends paid
The difference between assets and liabilities
The difference between sales and cost of goods sold
The difference between all of the revenues earned and all of the expenses incurred during an accounting period
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Asset account
Expense account
Liability account
Contra-asset account
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Allocating the cost of an asset to expense over the course of its estimated useful life
Decreasing the cost of an asset during each accounting period
Valuing an asset at its fair market value
Accounting for the change in value of an asset due to abandonment
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Expenses
Retained earnings
Dividends
Revenues
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Balancing
Journalizing
Analyzing
Posting
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Accounts Payable
Unearned Revenue
Supplies Expense
Accounts Receivable
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Credit
T-account posting
Debit
Journal entry
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A $500 payment on accounts payable is debited to Accounts Payable for $50 and credited to Cash for $50
A $350 payment of rent is debited to Rent Expense for $350 and credited to Cash for $35
A transaction is not posted at all
A journal entry is posted twice
The transaction was a bad business decision for the company
The company owes a tax liability
The transaction was posted to the wrong accounts
The income statement will show a net loss
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Assets Expenses Liabilities Revenues Equity Dividends
Assets Liabilities Equity Dividends Revenues Expenses
Assets Dividends Equity Expenses Liabilities Revenues
Assets Revenues Equity Liabilities Expenses Dividends
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Receipt of revenue
Payment of an account payable
Payment of an expense
Receipt of an account receivable
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Closing entries
Transfer entries
Adjusting entries
Posting entries
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$60,000
$48,000
$35,500
$312,500
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Are declared an asset
Reduce liabilities
Result in a decrease in equity, so debiting Dividends would have the effect of decreasing Owner's Equity
Are an expense
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Accounts Payable
Cash
Prepaid Rent
Rent Expense
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Decrease to the expense account
Increase to the expense account
Increase in retained earnings
Decrease to the revenue account
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Assets will increase
Liabilities will increase
Owner's equity will decrease
Assets will decrease
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All accounts reflect correct balances
No errors can be found
No errors have been made
The accounting equation has remained in balance
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Accounts Receivable XXX Service Revenue XXX
Service Revenue XXX Unearned Revenue XXX
Cash XXX Accounts Receivable XXX
Service Revenue XXX Accounts Receivable XXX
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Assets
Revenues
Liabilities
Owner's Equity
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Retained Earnings XXX Sales Revenue XXX
Sales Revenue XXX Retained Earnings XXX
Owner's Equity XXX Sales Revenue XXX
Sales Revenue XXX Owner's Equity XXX
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Cash XXX Salaries Expense XXX
Accounts Payable XXX Cash XXX
Wages Expense XXX Cash XXX
Cash XXX Salaries Payable XXX
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Assets - Liabilities
Current Assets + Current Liabilities
Current Assets - Current Liabilities
Current Assets - Liabilities
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Earned revenue
Owners' equity
Current liabilities
Current assets
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Assets = Liabilities + Common Stock - Revenues - Expenses + Dividends
Assets - Liabilities - Common Stock = Revenues - Expenses - Dividends
Assets - Liabilities = Revenues - Exports - Dividends
Assets - Liabilities = Revenues - Expenses + Dividends
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Cash $4,000 Note Payable $4,000 Equipment $8,000
Equipment $8,000 Cash $4,000 Accounts Payable $4,000
Equipment $8,000 Cash $4,000 Note Payable $4,000
Equipment $8,000 Cash $8,000
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Accounts Receivable XXX Revenue XXX
Revenue XXX Accounts Receivable XXX
Accounts Receivable XXX Cash XXX
Cash XXX Accounts Receivable XXX
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Supplies Expense 1,750 Supplies 1,750
Supplies Expense 1,500 Supplies 1,500
Supplies 1,500 Supplies Expense 1,500
Supplies 1,750 Supplies Expense 1,750
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Full disclosure principle
Monetary unit principle
Matching principle
Revenue recognition
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"Debit means decrease, and "credit" means increase.
"Debit" adjusts assets, and "credit" adjusts liabilities and equity.
"Debit" means increase, and "credit" means decrease.
"Debit" means left, and "credit" means right.
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Rent Expense 24,000 Cash 23,000
Rent Revenue 24,000 Rent Expense 24,000
Prepaid Rent 8,000 Rent Expense 8,000
Rent Expense 8,000 Prepaid rent 8,000
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(Current Assets - Inventory) / Current Liabilities
Net Income / Net Sales
Current Inventory / Current Liabilities
Current Assets / Current Liabilities
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Revenues
Assets
Expenses
Dividends
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$2,700
$32,000
$16,000
$24,000
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All in the first year that the building is used
When the $500,000 is paid for the building
When $5000 in revenue is earned
Over the expected useful life of the building
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Revenue earned on account
Unearned revenue
A cash sale
A cash expenditure
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Counted
Purchased
Recorded on the books
Are consumed or used
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Short-term profits
Ability to cover its long-term obligations
Ability to meet its short-term debts with its most liquid assets
Ability to meet all of its short-term obligations
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The current ratio is considered to be a more conservative measure of a company's liquidity
The quick ratio is considered to be a more conservative measure of a company's liquidity
The current ratio is considered to be a more accurate measure of a company's liquidity
The quick ratio also measures profitability
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