Question 1

Which statement(s)  concerning cash is (are)  true?

Accepted Answer

A)   cash will always have more debits than credits
B)   cash will never have a credit balance
C)   cash is increased by debiting
D)   all of the aboveE) A) and D)
F) B) and C)

Question 2

Which of the following is true regarding normal balances of accounts?

Accepted Answer

A)   All accounts have a normal debit balance.
B)   All expense accounts have a normal negative balance.
C)   Accounts that have a normal debit balance will only have debit entries, never credit entries.
D)   The normal balance appears on the side of the account that also receives increase entries.E) C) and D)
F) A) and B)

Question 3

Which of the following is not a correct rule of debits and credits?

Accepted Answer

A)   assets, expenses, and dividends are increased by debits
B)   assets are decreased by credits and have a normal debit balance
C)   liabilities, revenues, and retained earnings are increased by credits
D)   the normal balance for revenues and expenses is a creditE) A) and D)
F) A) and B)

Question 4

The accounts payable account is listed in the chart of accounts as an asset.

Accepted Answer

A) True 
 B)False

Question 5

A chart of accounts is

Accepted Answer

A)   the same as a balance sheet
B)   usually a listing of accounts in alphabetical order
C)   usually a listing of accounts in financial statement order
D)   used in place of a ledgerE) None of the above
F) A) and B)

Question 6

In which order are the accounts listed in the chart of accounts?

Accepted Answer

A)   assets, expenses, liabilities, stockholders' equity, revenues
B)   stockholders' equity, assets, liabilities, revenues, expenses
C)   assets, liabilities, stockholders' equity, revenues, expenses
D)   assets, liabilities, revenues, expenses, stockholders' equityE) All of the above
F) None of the above

Question 7

If the trial balance is in balance, it can be assumed that all journal entries were posted correctly and no errors were made.

Accepted Answer

A) True 
 B)False

Question 8

The recording of cash receipts to the cash account will be done by debiting the account.

Accepted Answer

A) True 
 B)False

Question 9

Dividends decrease retained earnings and are listed on the income statement as a deduction from revenue.

Accepted Answer

A) True 
 B)False

Question 10

The classification and normal balance of the dividends account is

Accepted Answer

A)   an expense with a credit balance
B)   an expense with a debit balance
C)   a liability with a credit balance
D)   a stockholders' equity item with a debit balanceE) B) and C)
F) C) and D)

Question 11

Consuming goods and services in the process of generating revenues results in expenses.

Accepted Answer

A) True 
 B)False

Question 12

Accounts payable are accounts that you expect will be paid to you.

Accepted Answer

A) True 
 B)False

Question 13

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts:
      Indicate the following for each debit and each credit:
  Present your answers in the following form:

Accepted Answer

The answer of All nine transactions for Dalton Survey Company...

Question 14

Which side of the account increases a cash account?

Accepted Answer

A)   credit
B)   neither a debit or a credit
C)   debit
D)   both a debit and a creditE) A) and B)
F) A) and D)

Question 15

Journalize the entries to correct the following errors:

Accepted Answer

The answer of Journalize the entries to correct the following...

Question 16

Of the following, which will determine if the accounting equation is in balance?

Accepted Answer

A)   journal entry
B)   income statement
C)   trial balance
D)   account reconciliationE) B) and C)
F) All of the above

Exam 2: Analyzing Transactions

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form:

Correct Answer
verified

Accounts payable are accounts that you expect will be paid to you.

Correct Answer
verified

Which of the following is true regarding normal balances of accounts?

Correct Answer
verified

Journalize the entries to correct the following errors:

Correct Answer
verified

Which side of the account increases a cash account?

Correct Answer
verified

Which of the following is not a correct rule of debits and credits?

Correct Answer
verified

A chart of accounts is

Correct Answer
verified

In which order are the accounts listed in the chart of accounts?

Correct Answer
verified

The recording of cash receipts to the cash account will be done by debiting the account.

Correct Answer
verified

Of the following, which will determine if the accounting equation is in balance?

Correct Answer
verified

The classification and normal balance of the dividends account is

Correct Answer
verified

If the trial balance is in balance, it can be assumed that all journal entries were posted correctly and no errors were made.

Correct Answer
verified

Which statement(s) concerning cash is (are) true?

Correct Answer
verified

The accounts payable account is listed in the chart of accounts as an asset.

Correct Answer
verified

Consuming goods and services in the process of generating revenues results in expenses.

Correct Answer
verified

Dividends decrease retained earnings and are listed on the income statement as a deduction from revenue.

Correct Answer
verified

Exam 2: Analyzing Transactions

All nine transactions for Dalton Survey Company for September, the first month of operations, are recorded in the following T accounts: Indicate the following for each debit and each credit: Present your answers in the following form:

Correct AnswerverifiedShow Answer

Accounts payable are accounts that you expect will be paid to you.

Correct AnswerverifiedShow Answer

Which of the following is true regarding normal balances of accounts?

Correct AnswerverifiedShow Answer

Journalize the entries to correct the following errors:

Correct AnswerverifiedShow Answer

Which side of the account increases a cash account?

Correct AnswerverifiedShow Answer

Which of the following is not a correct rule of debits and credits?

Correct AnswerverifiedShow Answer

A chart of accounts is

Correct AnswerverifiedShow Answer

In which order are the accounts listed in the chart of accounts?

Correct AnswerverifiedShow Answer

The recording of cash receipts to the cash account will be done by debiting the account.

Correct AnswerverifiedShow Answer

Of the following, which will determine if the accounting equation is in balance?

Correct AnswerverifiedShow Answer

The classification and normal balance of the dividends account is

Correct AnswerverifiedShow Answer

If the trial balance is in balance, it can be assumed that all journal entries were posted correctly and no errors were made.

Correct AnswerverifiedShow Answer

Which statement(s) concerning cash is (are) true?

Correct AnswerverifiedShow Answer

The accounts payable account is listed in the chart of accounts as an asset.

Correct AnswerverifiedShow Answer

Consuming goods and services in the process of generating revenues results in expenses.

Correct AnswerverifiedShow Answer

Dividends decrease retained earnings and are listed on the income statement as a deduction from revenue.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified