Query
1. Of the next account varieties, which might be elevated by a debit?
a. Liabilities and bills.
b. Property and fairness.
c. Property and bills.
d. Fairness and revenues.
2. The next feedback all relate to the recording course of. Which of those statements is right?
a. The overall ledger is a chronological file of transactions.
b. The overall ledger is posted from transactions recorded within the normal journal.
c. The trial stability offers the first supply doc for recording transactions into the overall journal.
d. Transposition is the switch of knowledge from the overall journal to the overall ledger.
three. The next feedback every relate to the recording of journal entries. Which assertion is true?
a. For any given journal entry, debits should exceed credit.
b. It’s customary to file credit on the left and debits on the precise.
c. The chart of accounts reveals the quantity to debit and credit score to the affected accounts.
d. Journalization is the method of changing transactions and occasions into debit/credit score format.
four. Failure to file the receipt of a utility invoice for providers already acquired will lead to:
a. An overstatement of belongings.
b. An overstatement of liabilities.
c. An overstatement of fairness.
d. An understatement of belongings.
5. The correct journal entry to file Ransom Firm’s billing of purchasers for $500 of providers rendered is:
a. Money 500
Accounts Receivable 500
b. Accounts Receivable 500
Capital Inventory 500
c. Accounts Receivable 500
Service Income 500
d. Money 500
Service Income 500
6. The correct journal entry to file $1,000 of Dividends paid by Myer’s Company is:
a. Dividends 1,000
Money 1,000
b. Accounts Payable 1,000
Money 1,000
c. Dividends Expense 1,000
Money 1,000
d. Dividends Expense 1,000
Service Income 1,000
7. Lynn Lipincott invested land valued at $5,000 in her enterprise. This transaction could be recorded by:
a. Money 5,000
Capital Inventory 5,000
b. Land 5,000
Capital Inventory 5,000
c. Land 5,000
Service Income 5,000
d. Capital Inventory 5,000
Land 5,000
eight. The trial stability:
a. Is a proper monetary assertion.
b. Is used to show that there aren’t any errors within the journal or ledger.
c. Offers a list of each account within the chart of accounts.
d. Offers a list of the stability of every account in energetic use.
9. Which of the next errors shall be disclosed within the preparation of a trial stability?
a. Recording transactions within the incorrect account.
b. Duplication of a transaction within the accounting data.
c. Posting solely the debit portion of a selected journal entry.
d. Recording the incorrect quantity for a transaction to each the account debited and the account credited.
10. The fundamental sequence within the accounting course of can finest be described as:
a. Transaction, journal entry, supply doc, ledger account, trial stability.
b. Supply doc, transaction, ledger account, journal entry, trial stability.
c. Transaction, supply doc, journal entry, trial stability, ledger account.
d. Transaction, supply doc, journal entry, ledger account, trial stability.Get accounting project homework assist
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