Accounting Tri I Final

1.

2 points

Paid Cash on Account with Check #405. What is the source document?

Invoice 51235

C405

M425

Goat 2 Niner 5

2.

2 points

The first number in an account number signifies the location within the general ledger division (Ex. 320)

True

False

3.

2 points

Debits increase all accounts

True

False

4.

2 points

Cash increases with a credit

True

False

5.

2 points

A Check Endorsement that says "Pay to the Order of Jimmy the Goat" on the back is a/an

Blank Endorsement

Restrictive Endorsement

Special Endorsment

A Singing Endorsement

6.

2 points

A check endorsement with just the signed name of the holder on the back is a/an

Blane Endorsement

Blank Endorsement

Special Endorsement

Restrictive Endorsement

7.

2 points

The post reference that goes into the General Journal when posting to the Cash general ledger account is

210

110

211

111

8.

2 points

The normal balance of Sales is a debit

True

False

9.

2 points

Assets are in order of liquidity

True

False

10.

2 points

Paid cash to owner for personal use

Credit Cash, Debit Drawing

Debit Personal Use, Credit Cash

Credit Personal Use, Debit Cash

Credit Drawing, Debit Cash

11.

2 points

To Increase Capital

Debit

Taco

Credit

Debit or Credit

12.

2 points

Income Statement accounts consist of what types of accounts?

300, 400, 500 Accounts

Permanent

100, 200, & 300 Accounts

Temporary Accounts

13.

2 points

Debits are on the __________

Left

Footer

Left & Right

Right

14.

2 points

If total Assets = $100,000, what is the total Equity in the business?

$100,000

$50,000

Can not determine with this information

$200,000

15.

2 points

Expenses are in order of liquidity

True

False

16.

2 points

Debits always equal Credits

True

False

17.

2 points

All of the following are Assets except

Accounts Receivable

Accounts Payable

Cash

Prepaid Rent

18.

2 points

To establish a Petty Cash fund with $200

Debity Petty Cash, Credit Cash

Debit Cash, Credity Drawing

Debit Cash, Credit A/P

Debit Petty Cash, Credity Drawing

19.

2 points

Supplies has a beginning balance of $1000 and supplies on hand at the end of the accounting period are determined to be $400. The adjustment on the work sheet would be...

Credit Cash, Credit Supplies

Debit Supplies, Credit Supplies Expense

Debit Supplies Expense, Credit Supplies

Debit Cash, Credit Supplies Expense

20.

2 points

Cash decreases with a debit

True

False

21.

2 points

What is the Insurance Expense when beginning Prepaid Insurance is $1200 and the ending balance of Prepaid Insurance is $300

$900

$300

$600

$1200

22.

2 points

The second and third numbers in an account number signify its general ledger division (ex. Account #320)

True

False

23.

2 points

Expenses are the same as Liabilities

True

False

24.

2 points

The first two columns of the Work Sheet are the Income Statement Debit and Credit columns

True

False

25.

2 points

The Balance Sheet consists of

100, 200, 300 Accounts

400, 500 Accounts

Both A & B

Neither A or B

26.

2 points

Bought Supplies on Account

None of the Above

Debit Supplies, Credit A/P

Credit Supplies, Debit A/R

Credit Supplies, Debit Cash

27.

2 points

The normal balance of cash is credit

True

False

28.

2 points

Paid Cash for Insurance

Credit PP Insurance, Debit A/R

Credit PP Insurance, Debit Cash

Debit PP Insurance, Credit A/R

Debit PP Insurance, Credit Cash

29.

2 points

Assets are debts incurred during business operations

True

False

30.

2 points

Which of the following would be found on the Bank Statement?

None of the Above

Outstanding Checks

Outstanding Deposits

Bank Fees

31.

2 points

Cash is a/an

Owner's Equity

Liability

Asset

Revenue

32.

2 points

The Normal Balance of the Capital Account is

Neither

Credit

Both

Debit

33.

2 points

500 accounts are

Liabilities

Revenues

Expenses

Assets

34.

2 points

The Sales account increases with a debit

True

False

35.

2 points

Drawing is a/an __________ account

Asset

Owner's Equity

Liability

Expense

36.

2 points

To Decrease Cash

Credit

Debit

Either

Taco

37.

2 points

100 Accounts are

Liabilities

Drawing

Assets

Owner's Equity

38.

2 points

When the Credit Column of the Balance Sheet on a Work Sheet is Greater than the Debit Column you have a/an

Net of Shrimp

Net Income

Net Loss

Gross Income

39.

2 points

The right hand side of the Accounting Equation is the ________ side

Asset

Expense

Revenue

Equity

40.

2 points

A dishonored check is really awesome for all parties

True

False

41.

2 points

Paid Cash on Account

Debit A/P, Credit Cash

Credit A/P, Debit Cash

Debit Sales, Credit Cash

Debit A/P, Credit A/R

42.

2 points

When the Credit Column of the Income Statement on a Work Sheet is greater than the Debit Column you have a/an

Net Loss

Gross Income

Net Income

Gross Loss