Multiple Choice Questions

Which of the following will increase owner's equity?a. Expenses > revenuesb. the owner draws money for personal use c. Revenues > expensesd. Cash is received from customers on account.
  • revenues and liabilities
  • Revenues> expenses
  • revenue and liabilities
  • revenue, credit
The posting process will include the transfer of the following info from the journal to the account a. date, amount (debit or credit) b. date, amount (debit or credit), journal page numberc. amount (debit or credit), account number d. date, amount (debit or credit) account number
  • Cash- 40,000Joshua Scott, Capital- 40,000Invested cash in business
  • the amount of debits exceeds the amount of the credits
  • date, amount (debit or credit), journal page number
  • debit Utilities Expense; credit Accounts Payable
Joshua Scott invests $40,000 into his new business. How would the journal entry for his transaction be entered in the journal?a. Cash 40,000 Joshua Scott, Capital 40,000Invested cash in businessb. Cash 40,000Joshua Scott, Capital 40,000 Invested cash in business c. Joshua Scott, Capital 40,000 Cash 40,000 Invested cash in businessd. Joshua Scott, Loan 40,000Cash 40,000 Invested cash in business
  • the amount of debits exceeds the amount of the credits
  • increase Supplies Expense with a debit and the normal balance is a debit
  • date, amount (debit or credit), journal page number
  • Cash- 40,000Joshua Scott, Capital- 40,000Invested cash in business
An account is said to have a debit balance ifa.the amount of the debits exceeds the amount of the creditsb. there are more entries on the debit side than on the credit sidec. there are more entries on the credit side than on the debit sided. the first entry of the accounting period was posted on the debit side
  • revenues (credits)>expenses(debits)
  • the amount of debits exceeds the amount of the credits
  • date, amount (debit or credit), journal page number
  • Cash- 40,000Joshua Scott, Capital- 40,000Invested cash in business
Net income will result whena. revenues (credits) > expenses (debits)b. revenues (debits) > expenses (credits)c. expenses (credits) = revenues (debits) d. revenues (credits) = expenses (debits)
  • revenue and liabilities
  • revenues (credits)>expenses(debits)
  • Revenues> expenses
  • revenues and liabilities
An overpayment error was discovered in computing and paying the wages of a Jamison Tree Trimming employee. When Jamison receives cash from the employee for the amount of the overpayment, which of the following entries will Jamison make?a. Cash, debit; Wages Expense, credit b. Wages Payable, debit; Wages Expense, credit c. Wages Expense, debit, Cash, credit d. Cash, debit; Wages Payable, credit
  • Cash, debit; wage expense, credit
  • meet the info needs of a company and other financial statement users
  • date, amount (debit or credit), journal page number
  • Cash- 40,000Joshua Scott, Capital- 40,000Invested cash in business
Which of the following types of accounts have a normal credit balance?a. assets and liabilities b. liabilities and expenses c. revenues and liabilities d. capital and drawing
  • revenue, credit
  • revenues and liabilities
  • revenue and liabilities
  • Revenues> expenses
The chart of accounts is designed toa. alphabetize the accounts to make reading easier for its financial statement users.b. analyze the accounts and organize them in order of dollar amount to simplify the accounting information for users.c. summarize the transactions and determine their ending balances.d. meet the information needs of a company and other financial statement users.
  • meet the info needs of a company and other financial statement users
  • the amount of debits exceeds the amount of the credits
  • date, amount (debit or credit), journal page number
  • usually a listing of accounts in financial statement order
0 h : 0 m : 1 s

Multiple Choice Questions
Answered Not Answered Not Visited Correct : 0 Incorrect : 0