Accounting Fundamentals

Oct 12th, 2015
Anonymous
Category:
Accounting
Price: $5 USD

Question description

12. Which of the following is prepared first?

a. balance sheet

b. expense sheet

c. statement of owner’s equity

d. income statement

20. If cash has been debited, it is likely that:

a. the owner made an investment

b. a charge customer made a payment

c. the business borrowed cash from the bank

d. All of the above.

21. If prepaid rent has been debited, it is likely that:

a. the rent was paid for three months in advance

b. a bill for the past month’s rent was received

c. this month’s rent was paid

d. All of the above.

22. Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger

 means:

a. all of the information from the journal was correctly transferred to the ledger

b. all accounts have their correct balances in the ledger

c. only the ledger is accurate; the journal may be incorrect

d. only that the debit dollar amounts equal the credit dollar amounts

23. In preparing the trial balance of the K&L’s Bridal Service, the withdrawal account (which had a

 normal balance in the general ledger) was listed as a credit for $400. What will be the

 difference between the debit and credit sides of the trial balance?

a. $150

b. $200

c. $300

d. $800

24. The trial balance:

a. includes all accounts with a balance in the ledger

b. includes assets, liabilities, capital, withdrawals, revenues and expenses

c. ensures that debits equal credits

d. All of the above.

Unit 1 Examination 

25) The proper format for a journal entry includes all of the following, except:

a. the total amounts of debits must equal the total amount of credits

b. skip a line between transactions

c. the credit portion of the transaction is always first

d. listed in chronological order


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