Which of
the following transactions would cause the debit and credit columns in the
trial balance to be unequal?
A.
debit Cash, $900; credit Revenue, $900
B. debit
Accounts Payable, $350; credit Cash, $350
C.
debit Equipment $1,400; credit Accounts Receivable, $1,400
D.
debit Withdrawals, $500; credit Cash, $500
Question 2 of 40
2.5/
2.5 Points
A debit
to an asset account was posted to an expense account. This error would
cause __________.
A.
liabilities to be overstated
B.
expenses to be overstated
C.
assets to be understated
D.
Both B and C are correct.
Question 3 of 40
2.5/
2.5 Points
An
account that would be increased by a debit is __________.
A.
cash
B.
fees earned
C.
capital
D.
accounts payable
Question 4 of 40
2.5/
2.5 Points
Which of
the following errors would cause the trial balance to be out of balance?
A. An
entry is posted twice.
B. An
entry is not posted at all.
C. A
debit is entered as $200 and the credit is entered at $2,000.
D.
None of the above answers are correct.
Question 5 of 40
2.5/
2.5 Points
The
chart of accounts __________.
A. is
a numbered list of all of the business’ accounts
B.
allows accounts to be located quickly
C. can
be expanded as the business grows
D. All
of the above answers are correct.
Question 6 of 40
2.5/
2.5 Points
A
compound transaction was recorded as follows: debit Equipment, $5,000;
debit Cash, $1500; credit Accounts Payable, $3,500. This error would cause
__________.
A.
assets to be overstated
B.
assets to be understated
C.
liabilities to be overstated
D.
liabilities to be understated
Question 7 of 40
2.5/
2.5 Points
A debit
to an expense account was posted to a revenue account. This error would
cause __________.
A.
assets to be overstated
B.
liabilities to be overstated
C.
revenue to be understated
D.
None of the above answers are correct.
Question 8 of 40
2.5/
2.5 Points
Given the following list of
accounts with normal balances, what are the trial balance totals of the
debits and credits?
Cash
$1,100
Accounts
Receivable
800
Capital
1,900
Withdrawals
500
Service
Fees
1,000
Rent
Expense
500
A.
$2,900 debit, $2,900 credit
B.
$3,900 debit, $3,900 credit
C.
$2,000 debit, $2,000 credit
D.
$1,200 debit, $1,200 credit
Question 9 of 40
2.5/
2.5 Points
Which of
the following groups of accounts have a normal credit balance?
A.
revenue, liabilities, and capital
B.
assets, capital, and withdrawals
C.
liabilities, expenses, and assets
D.
assets, expenses, and withdrawals
Question 10 of 40
2.5/
2.5 Points
Which of
the following is prepared last?
A.
Balance Sheet
B.
Income Statement
C.
Statement of Owner’s Equity
D.
Trial Balance
Question 11 of 40
2.5/
2.5 Points
The
business incurred an expense and paid it immediately. To record this
__________.
A. an expense
is debited and a liability is credited
B. an
expense is debited and an asset is credited
C. an
expense is debited and Capital is credited
D.
None of the above answers are correct.
Question 12 of 40
2.5/
2.5 Points
Given the following list of
accounts with normal balances, what are the trial balance totals of the
debits and credits?
Cash
$1000
Equipment
500
Accounts
Payable
350
Capital
900
Service
Fees
1000
Salaries
Expense
750
A.
$3,250 debit, $3,250 credit
B.
$1,125 debit, $1,125 credit
C.
$4,500 debit, $4,500 credit
D.
$2,250 debit, $2,250 credit
Question 13 of 40
2.5/
2.5 Points
A credit
to an asset account was posted to the capital account. This error would
cause __________.
A.
assets to be overstated
B.
liabilities to be overstated
C.
capital to be understated
D.
Both A and C are correct.
Question 14 of 40
2.5/
2.5 Points
A credit
to an asset account was posted to the capital account. This error would
cause __________.
A.
assets to be overstated
B.
liabilities to be overstated
C.
capital to be understated
D.
Both A and C are correct.
Question 15 of 40
2.5/
2.5 Points
The
purpose of the trial balance is __________.
A. to
list all of the accounts in the chart of accounts
B. to
report all accounts with zero balances
C. to
prove that debits equal credits
D. to
distribute it with the other financial reports
Question 16 of 40
2.5/
2.5 Points
A debit
to a liability account was posted to a revenue account. This error would
cause __________.
A.
revenues to be understated
B.
liabilities to be understated
C.
capital to be overstated
D.
None of the above answers are correct.
Question 17 of 40
2.5/
2.5 Points
A debit
to a liability account was posted to the capital account. This error would
cause __________.
A.
assets to be overstated
B.
liabilities to be overstated
C.
capital to be overstated
D.
None of the above answers are correct.
Question 18 of 40
2.5/
2.5 Points
A credit
to a liability account was posted to an expense account. This error would
cause __________.
A.
assets to be overstated
B.
liabilities to be overstated
C.
expenses to be overstated
D.
None of the above answers are correct.
Question 19 of 40
2.5/
2.5 Points
A list
of all the accounts from the ledger with their ending balances is called a
__________.
A.
normal balance
B.
trial balance
C.
chart of accounts
D.
footing
Question 20 of 40
2.5/ 2.5
Points
A debit
to an asset account was posted to a liability account. This error would
cause __________.
A.
assets to be understated
B.
liabilities to be overstated
C.
capital to be overstated
D.
None of the above answers are correct.
Part 2
of 2 – Lesson 5 Questions
47.5/
50.0 Points
Question 21 of 40
2.5/
2.5 Points
During
the month of January, Katelyn invested $11,000 in starting her legal
practice. The proper journal entry would be __________.
A.
Cash, debit $11,000; Katelyn’s Capital, credit $11,000
B.
Accounts Payable, debit $11,000; Cash, credit $11,000
C.
Cash, debit $11,000; Revenue, credit $11,000
D.
Katelyn’s Capital, debit $11,000; Cash, credit $11,000
Question 22 of 40
2.5/
2.5 Points
A debit to
the capital account was posted to a revenue account. This would cause
__________.
A.
assets to be understated
B.
liabilities to be overstated
C.
capital to be understated
D.
revenue to be understated
Question 23 of 40
2.5/
2.5 Points
A debit
to a liability account was posted to an expense account. This would cause
__________.
A.
assets to be overstated
B.
liabilities to be understated
C.
owner’s equity to be overstated
D.
expenses to be overstated
Question 24 of 40
2.5/
2.5 Points
Which of
the following entries would record the payment of a utility bill?
A.
debit Utilities Expense; credit Cash
B.
debit Cash; credit Utilities Expense
C.
debit Utilities Expense; credit Accounts Payable
D. debit
Accounts Receivable; credit Utilities Expense
Question 25 of 40
2.5/
2.5 Points
A
journal entry affecting three or more accounts is called a __________.
A.
multi-level entry
B.
multi-step entry
C.
compound entry
D.
simple entry
Question 26 of 40
2.5/
2.5 Points
Renzi’s
Volleyball Gym purchased equipment for $1,200. It made a down payment of
$600 with the remainder on account. The journal entry to record this
transaction is __________.
A.
Cash
600
Accounts Receivable
600
B.
Accounts
Payable
600
Cash
600
Equipment
1,200
C.
Supplies
1,200
Cash
600
Accounts Payable
600
D.
Equipment
1,200
Accounts Payable
600
Cash
600
Question 27 of 40
0.0/
2.5 Points
Revenue
is traditionally recognized in the accounting records when __________.
A.
cash is received
B.
services are rendered
C. it
is incurred
D.
None of the above answers are correct.
Question 28 of 40
2.5/
2.5 Points
The
posting reference column in the ledger is __________.
A.
used to record the journal and page number the transactions originated
B.
used to record the ledger number
C.
used to record the date
D. not
used
Question 29 of 40
2.5/
2.5 Points
A debit
to a liability account was posted to a revenue account. This would cause
__________.
A.
assets to be overstated
B.
liabilities to be overstated
C.
capital to be overstated
D.
revenue to be overstated
Question 30 of 40
2.5/
2.5 Points
Which of
the following entries records the owner taking cash for personal use?
A.
debit Wage Expense; credit Cash
B.
debit Capital; credit Cash
C. No
entry is necessary since the owner owns the cash and the entire business.
D.
debit Withdrawals; credit Cash
Question 31 of 40
2.5/
2.5 Points
A credit
to an asset account was posted to a liability account. This would cause
__________.
A.
assets to be understated
B.
liabilities to be overstated
C.
capital to be overstated
D.
revenue to be overstated
Question 32 of 40
2.5/
2.5 Points
Posting
is performed by transferring information from the journal to the
__________.
A.
ledger
B.
trial balance
C.
balance sheet
D.
income statement
Question 33 of 40
2.5/
2.5 Points
The
process that begins with recording business transactions and includes the
completion of the financial statements is the __________.
A.
calendar year
B.
natural business year
C.
fiscal year
D.
accounting cycle
Question 34 of 40
2.5/
2.5 Points
Business
transactions are first recorded in the __________.
A.
ledger
B.
journal
C.
trial balance
D.
balance sheet
Question 35 of 40
2.5/
2.5 Points
A credit
to a liability account was posted to an owner’s equity account. This would
cause __________.
A.
assets to be overstated
B.
liabilities to be understated
C.
owner’s equity to be understated
D. net
income to be overstated
Question 36 of 40
2.5/
2.5 Points
The
twelve-month period a business chooses for its accounting period is a(n.
__________.
A.
calendar year
B.
accounting period
C.
fiscal year
D.
accounting cycle
Question 37 of 40
2.5/
2.5 Points
The
journal entry to record a withdrawal by the owner would most commonly
include __________.
A. a
debit to Wage Expense and a credit to Cash
B. a
debit to Capital and a credit to Cash
C. a
debit to Withdrawals and a credit to Cash
D. a
debit to Cash and a credit to Wage Expense
Question 38 of 40
2.5/
2.5 Points
Which of
the following entries records the acquisition of office supplies for cash?
A.
Office
Supplies
5,000
Cash
5,000
B.
Office
Supplies
5,000
Accounts Payable
5,000
C.
Equipment
5,000
Accounts Payable
5,000
D.
Equipment
5,000
Accounts Receivable
5,000
Question 39 of 40
2.5/
2.5 Points
A debit
to an expense account was posted to an asset account. This would cause
__________.
A.
assets to be understated
B.
liabilities to be understated
C.
capital to be understated
D.
expenses to be understated
Question 40 of 40
2.5/
2.5 Points
The
purpose of posting is to __________.
A.
list the transactions in chronological order in the journal
B.
provide an explanation of the transaction
C.
update the account balances in the ledger
D.
correct a previous entry
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