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Exam 2: Analyzing Transactions

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Question 21

Multiple Choice

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A credit may signify a

A) decrease in assets
B) decrease in liabilities
C) decrease in common stock
D) decrease in revenue

E) None of the above
F) B) and C)

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Question 22

Multiple Choice

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If the two totals of a trial balance are not equal,it could be due to

A) failure to record a transaction
B) recording the same erroneous amount for both the debit and the credit parts of a transaction
C) an error in determining the account balances,such as a balance being incorrectly computed
D) recording the same transaction more than once

E) B) and C)
F) None of the above

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Question 23

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Debits will increase unearned revenues and revenues.

The erroneous arrangement of digits,such as writing $45 as $54,is called a slide.

The is where a transaction can first be found in the accounting records.

On January 1, Cassie Harris and other stockholders established a catering service. Listed below are accounts she would like to open in the general ledger. List the accounts in the order in which they should appear in the ledger and propose a two digit account numbering scheme that is consistent with the rules of a proper chart of accounts. 1. Cash 2. Supplies 3. Equipment 4. Accounts Payable 5. Common Stock 6. Wages Expense 7. Rent Expense 8. Truck 9. Utilities Expense 10. Dividends 11. Truck Expense 12. Prepaid Insurance 13. Fees Earned 14. Miscellaneous Expense 15. Insurance Expense 16. Notes Payable 17. Accounts Receivable

Which of the following accounts are debited to record increases?

Which are the parts of the T account?

An account in its simplest form has three parts to it: a title,an increase side,and a decrease side.

In which of the following types of accounts are decreases recorded by credits?

On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions a through d, each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by placing the account numbers in the appropriate box. 1. Cash 2. Accounts Receivable 3. Supplies 4. Prepaid Insurance 5. Equipment 6. Truck 7. Notes Payable 8. Accounts Payable 9. Common Stock 10. Dividends 11. Fees Earned 12. Wages Expense 13. Rent Expense 14. Utilities Expense 15. Truck Expense 16. Miscellaneous Expense

A chart of accounts is a listing of accounts that make up the journal.

a. List the errors in the following trial balance.All accounts have normal balances. b. What would be the new totals of the trial balance after errors are corrected? What would be the balance of Accounts Receivable?

Which of the following errors could cause the trial balance totals to be unequal?

Dividends decrease stockholders' equity and are listed on the income statement as a deduction from revenue.

Which of the following entries records the collection of cash from cash customers?

Organize the following accounts into the usual sequence of a chart of accounts. Miscellaneous Expense Accounts Payable Accounts Receivable Cash Common Stock Fees Earned Prepaid Rent Salaries Expense Unearned Revenue Dividends

The post reference notation used in the journal is the page number.

A list of the accounts used by a business is called the

Which of the following will increase stockholders' equity?