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Multiple Choice Questions A02 Principles of Accounting I Exam 5 Answers (Ashworth College) Question 1 of 40 2.5/ 2.5 Points A. Description A02 Principles of Accounting I Exam 5 Answers (Ashworth Colle
Multiple Choice Questions
A02 Principles of Accounting I Exam 5 Answers (Ashworth College) Question 1 of 40 2.5/ 2.5 Points A.
Description
A02 Principles of Accounting I Exam 5 Answers (Ashworth College)
Question 1 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 2 of 40
0.0/ 2.5 Points
A credit to an asset account was posted to a revenue account. This error would cause __________.
A. assets to be overstated
B. revenue to be overstated
C. expenses to be overstated
D. Both A 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
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 5 of 40
2.5/ 2.5 Points
A credit customer paid $850 toward his accounts receivable. The accountant recorded a credit to the revenue account. This error would cause __________.
A. revenue to be understated
B. cash to be overstated
C. accounts receivable to be overstated
D. liabilities to be understated
Question 6 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 7 of 40
2.5/ 2.5 Points
A withdrawal by the owner was posted to an expense account. This error would cause __________.
A. assets to be overstated
B. liabilities to be understated
C. withdrawals to be overstated
D. expenses to be overstated
Question 8 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 9 of 40
2.5/ 2.5 Points
Which of the following is not a financial statement?
A. Balance sheet
B. Income statement
C. Statement of owner's equity
D. Trial balance
Question 10 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 11 of 40
2.5/ 2.5 Points
A credit 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 understated
D. None of the above answers are correct.
Question 12 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 13 of 40
2.5/ 2.5 Points
The business provided services to a cash customer. To record this __________.
A. an asset is debited and a liability is credited
B. an asset is debited and a revenue is credited
C. an expense is debited and Capital is credited
D. None of the above answers are correct.
Question 14 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 15 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 16 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 17 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 18 of 40
2.5/ 2.5 Points
A credit to a liability account was posted to an asset account. This error would cause __________.
A. liabilities to be overstated
B. liabilities to be understated
C. revenues to be overstated
D. revenues to be understated
Question 19 of 40
0.0/ 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 20 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
Part 2 of 2 - Lesson 5 Questions
47.5/ 50.0 Points
Question 21 of 40
2.5/ 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 22 of 40
2.5/ 2.5 Points
A credit to an asset account was posted to a revenue account. This would cause __________.
A. assets to be understated
B. liabilities to be understated
C. capital to be understated
D. revenue to be overstated
Question 23 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 24 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
Question 25 of 40
2.5/ 2.5 Points
The general journal __________.
A. is the book of original entry
B. is the book of final entry
C. contains account balances
D. is completed after the general ledger
Question 26 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 27 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 28 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 29 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 30 of 40
2.5/ 2.5 Points
The first step of the accounting cycle is __________.
A. recording journal entries
B. posting to the ledger
C. preparing a trial balance
D. analyzing business transactions
Question 31 of 40
2.5/ 2.5 Points
The posting reference column on the general journal __________.
A. shows which transactions have been posted to the ledger
B. displays to which accounts the transactions have been posted
C. allows us to cross reference to the general ledger
D. All of the above answers are correct.
Question 32 of 40
0.0/ 2.5 Points
The posting reference column in the journal is used for __________.
A. recording the source documents identification number
B. recording the account number to which the entry was posted
C. recording the time when the entry was posted
D. recording the initials of the person who did the posting
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
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 35 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 36 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 37 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 38 of 40
2.5/ 2.5 Points
A credit to an asset account was posted to an expense account. This would cause __________.
A. assets to be overstated
B. liabilities to be understated
C. capital to be understated
D. expenses to be overstated
Question 39 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 40 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
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