Cards Return to collection Details

hatchet

Which the the following explains the classification and normal balance of the fees earn account?

A. One asset through a credit transaction balance

B. A liability v a credit transaction balance

C. An price with a debit balance

D. A revenue through a credit balance

Definition D. A revenue v a credit balance
Term

Which that the following types of accounts have a typical credit balance?

A. Capital stock and also dividends

B. Revenues and also liabilities

C. Assets and liabilities 

D. Liabilities and expenses

Definition B. Revenues and liabilities
Term

A list of the accounts is called

A. T account

B. Ledger

C. Debit

D. Chart of accounts

Definition D. Chart of accounts
Term

The classification and normal balance of the supplies expense account is a(n)

A. Asset with a debit balance

B. Expense with a debit balance

C. Asset with a credit balance

D. Liability with a credit balance

Definition B. Cost with a debit balance
Term

Accounts are records of increases and also decreases in individual financial explain items.

You are watching: Which of the following groups of accounts increase with debits?

True

 

False

Definition True
Term

Journal entries deserve to have an ext than 2 accounts as long as the debits equal the credits.

True

 

False

Definition True
Term

The article reference notation supplied in the journal is the page number. 

True

 

False

Definition False
Term

A chart of account is a listing of account that consist of the journal.

True

 

False

Definition False
Term

Which the the following entries documents the receipt that cash for 2 months" rent? The cash was obtained in advanceof providing the service.

A. Prepaid Rent, debit; rental Revenue, credit.

B. Cash, debit; Rent cost credit.

C. Cash, debit; Unearned Rent, credit.

D. Cash, debit; Prepaid Rent, credit.

Definition C. Cash, debit; Unearned Rent, credit.
Term

The attempt balance is the end of balance and the accountant suspects that a transposition or on slide error has actually occurred. What will certainly the accountant do to uncover the error?

A. Identify the quantity of the error and also divide through two, climate look for that amount on the attempt balance.

B. Recognize the quantity of the error and also look for that amount top top the attempt balance.

C. Determine the lot of the error and also divide by nine. If the an outcome is same divided, climate this form of error is likely.

D. Identify the quantity of the error and also refer come the journal entries for that amount.

Definition

C. Identify the quantity of the error and divide by nine. If the result is evenly divided, climate this type of error is likely.

Term

Randomly noted below room the procedures for preparing a trial balance:

(1) Verify the the full of the Debit column equates to the total of the credit column.

(2) perform the accounts from the ledger and also enter their debit or credit transaction balance in the Debit or credit column

of the psychological balance.

(3) perform the name of the company, the title of the attempt balance, and also the day the psychological balance is prepared.

(4) total the Debit and also Credit columns of the attempt balance.

What is the appropriate order of these steps?

A. (3), (2), (4), (1)

B. (2), (3), (4), (1)

C. (3), (2), (1), (4)

D. (4), (3), (2), (1)

Definition A. (3), (2), (4), (1)
Term

Which of the following entries documents the payment the rent for the present month?

A. Rental Expense, debit; Cash, credit

B. Cash, debit; rental Expense, credit

C. Rent Expense, debit; account Receivable, credit

D. Accounts Payable, debit; rental Expense, credit

Definition A. Rent Expense, debit; Cash, credit
Term

An account is claimed to have a debit balance if

A. There are much more entries on the debit side than on the credit transaction side

B. Over there are more entries on the credit transaction side than on the debit side

C. The lot of the debits over the quantity of the credits

D. The very first entry that the accounting duration was posted on the debit side

Definition C. The lot of the debits over the lot of the credits
Term

Which that the following statements is not true about liabilities?

A. Liabilities space debts owed to outsiders.

B. Receiving cash before a company is performed create a liability.

C. Account titles of legal responsibility often include the hatchet “payable.”

D. Liabilities carry out not encompass wages owed to employee of the company.

Definition D. Liabilities do not encompass wages fan to employees of the company.
Term

Retained income will be reduced by every one of the complying with except

A. Revenues

B. Expenses

C. Dividends

D. All of these

Definition A. Revenues
Term

Which one of the statements listed below is not a objective for the journal?

A. To display increases and decreases in accounts

B. To present a complete transaction in one place

C. To assist posting transactions come ledger 

D. To show a chronological order by date

Definition A. To show increases and decreases in accounts
Term

Which the the adhering to accounts rise with a credit?

A. Capital stock, revenues, expenses

B. Assets, capital stock, revenues

C. Liabilities, capital stock, revenues

D. Retained earnings, capital stock, assets

Definition C. Liabilities, funding stock, revenues
Term

Which the the adhering to group of accounts are increased with a debit?

A. Assets, revenues, expenses

B. Assets, liabilities, revenues

C. Assets, dividends, expenses

D. Assets, liabilities, stockholders’ equity

Definition C. Assets, dividends, expenses
Term

Revenue should be recognized when

A. The client charges an order

B. The service is performed

C. The customer areas an order

D. Cash is received

Definition B. The organization is performed
Term

The totals at the bottom the the psychological balance and also the totals at the bottom the the balance paper both display equality and balancing, and therefore need to be equal.

True

 

False

Definition False
Term

The cash account will constantly be debited

True

 

False

Definition False
Term

The erroneous plan of digits, such as creating $45 together $54, is dubbed a slide.

True

 

False

Definition False
Term

For a month"s transactions for a common medium-sized business, the account payable account is most likely to have actually only credit entries.

See more: Black Ink Crew Chicago Season 4 Episode 4, Watch Black Ink Crew Chicago Season 4

True

 

False

Definition False
Term

The unearned profits account is an example of a liability.