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which of the following entries records the acquisition of office supplies on account?

Question 1 

A list of all the accounts from the ledger with their ending balances is called a __________.

A. normal balance 

B. trial balance 

C. chart of accounts 

D. footing

Question 2 

Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?

Cash

$1,100

Accounts Receivable

800

Capital

1,900

Withdrawals

500

Service Fees

1,000

Rent Expense

500

A. $2,900 debit, $2,900 credit 

B. $3,900 debit, $3,900 credit 

C. $2,000 debit, $2,000 credit 

D. $1,200 debit, $1,200 credit

Question 3 

A debit to an expense account was posted to a revenue account. This error would cause __________.

A. assets to be overstated 

B. liabilities to be overstated 

C. revenue to be understated 

D. None of the above answers are correct.

Question 4 

The purpose of the trial balance is __________.

A. to list all of the accounts in the chart of accounts 

B. to report all accounts with zero balances 

C. to prove that debits equal credits 

D. to distribute it with the other financial reports

Question 5 

Which of the following is prepared last?

A. Balance Sheet 

B. Income Statement 

C. Statement of Owner’s Equity 

D. Trial Balance

Question 6 

The chart of accounts __________.

A. is a numbered list of all of the business’ accounts 

B. allows accounts to be located quickly 

C. can be expanded as the business grows 

D. All of the above answers are correct.

Question 7 

A debit to a liability account was posted to a revenue account. This error would cause __________.

A. revenues to be understated 

B. liabilities to be understated 

C. capital to be overstated 

D. None of the above answers are correct.

Question 8 

A credit to an asset account was posted to a revenue account. This error would cause __________.

A. assets to be overstated 

B. revenue to be overstated 

C. expenses to be overstated 

D. Both A and C are correct.

Question 9 

An account that would be increased by a debit is __________.

A. cash 

B. fees earned 

C. capital 

D. accounts payable

Question 10 

A withdrawal by the owner was posted to an expense account. This error would cause __________.

A. assets to be overstated 

B. liabilities to be understated 

C. withdrawals to be overstated 

D. expenses to be overstated

Question 11 

A debit to an asset account was posted to a liability account. This error would cause __________.

A. assets to be understated 

B. liabilities to be overstated 

C. capital to be overstated 

D. None of the above answers are correct.

Question 12 

Which of the following groups of accounts have a normal credit balance?

A. revenue, liabilities, and capital 

B. assets, capital, and withdrawals 

C. liabilities, expenses, and assets 

D. assets, expenses, and withdrawals

Question 13 

Which of the following is not a financial statement?

A. Balance sheet 

B. Income statement 

C. Statement of owner’s equity 

D. Trial balance

Question 14 

A compound transaction was recorded as follows: debit Equipment, $5,000; debit Cash, $1500; credit Accounts Payable, $3,500. This error would cause __________.

A. assets to be overstated 

B. assets to be understated 

C. liabilities to be overstated 

D. liabilities to be understated

Question 15 

A credit to an asset account was posted to a liability account. This error would cause __________.

A. assets to be understated 

B. liabilities to be overstated 

C. capital to be understated 

D. None of the above answers are correct.

Question 16 

A credit to an asset account was posted to the capital account. This error would cause __________.

A. assets to be overstated 

B. liabilities to be overstated 

 C. capital to be understated 

D. Both A and C are correct.

Question 17 

A credit customer paid $850 toward his accounts receivable. The accountant recorded a credit to the revenue account. This error would cause __________.

A. revenue to be understated 

B. cash to be overstated 

C. accounts receivable to be overstated 

D. liabilities to be understated

Question 18 

Which of the following errors would cause the trial balance to be out of balance?

A. An entry is posted twice. 

B. An entry is not posted at all. 

C. A debit is entered as $200 and the credit is entered at $2,000. 

D. None of the above answers are correct.

Question 19 

A credit to a liability account was posted to an expense account. This error would cause __________.

A. assets to be overstated 

B. liabilities to be overstated 

C. expenses to be overstated 

D. None of the above answers are correct.

Question 20 

A credit to a liability account was posted to an asset account. This error would cause __________.

A. liabilities to be overstated 

B. liabilities to be understated 

C. revenues to be overstated 

D. revenues to be understated

Question 21 of 40

2.5 Points

Which of the following entries records the acquisition of office supplies for cash?

A.  

Office Supplies

5,000

Cash

5,000

B.  

Office   Supplies

5,000

Accounts Payable

5,000

C.  

Equipment

5,000

Accounts Payable

5,000

D.  

Equipment

5,000

Accounts Receivable

5,000

Question 22 

The process that begins with recording business transactions and includes the completion of the financial statements is the __________.

A. calendar year 

B. natural business year 

C. fiscal year 

D. accounting cycle

Question 23 

A debit to an expense account was posted to an asset account. This would cause __________.

A. assets to be understated 

B. liabilities to be understated 

C. capital to be understated 

D. expenses to be understated

Question 24 

The posting reference column on the general journal __________.

A. shows which transactions have been posted to the ledger 

B. displays to which accounts the transactions have been posted 

C. allows us to cross reference to the general ledger 

D. All of the above answers are correct.

Question 25 

A debit to a liability account was posted to an expense account. This would cause __________.

A. assets to be overstated 

B. liabilities to be understated 

C. owner’s equity to be overstated 

D. expenses to be overstated

Question 26 

A debit to a liability account was posted to a revenue account. This would cause __________.

A. assets to be overstated 

B. liabilities to be overstated 

C. capital to be overstated 

D. revenue to be overstated

Question 27 

The twelve-month period a business chooses for its accounting period is a(n. __________.

A. calendar year 

B. accounting period 

C. fiscal year 

D. accounting cycle

Question 28 

The posting reference column in the journal is used for __________.

A. recording the source documents identification number 

B. recording the account number to which the entry was posted 

C. recording the time when the entry was posted 

D. recording the initials of the person who did the posting

Question 29 

A debit to the capital account was posted to an expense account. This would cause __________.

A. assets to be overstated 

B. liabilities to be understated 

C. capital to be overstated 

D. expense to be understated

Question 30 

A credit to an asset account was posted to an expense account. This would cause __________.

A. assets to be overstated 

B. liabilities to be understated 

C. capital to be understated 

D. expenses to be overstated

Question 31 

The purpose of posting is to __________.

A. list the transactions in chronological order in the journal 

B. provide an explanation of the transaction 

C. update the account balances in the ledger 

D. correct a previous entry

Question 32 

A credit to an asset account was posted to a revenue account. This would cause __________.

A. assets to be understated 

B. liabilities to be understated 

C. capital to be understated 

D. revenue to be overstated

Question 33 

The posting reference column in the ledger is __________.

A. used to record the journal and page number the transactions originated 

B. used to record the ledger number 

C. used to record the date 

D. not used

Question 34 

Revenue is traditionally recognized in the accounting records when __________.

A. cash is received 

B. services are rendered 

C. it is incurred 

D. None of the above answers are correct.

Question 35 

Posting is performed by transferring information from the journal to the __________.

A. ledger 

B. trial balance 

 C. balance sheet 

D. income statement

Question 36 

Which of the following entries would record the payment of a utility bill?

A. debit Utilities Expense; credit Cash 

B. debit Cash; credit Utilities Expense 

C. debit Utilities Expense; credit Accounts Payable 

D. debit Accounts Receivable; credit Utilities Expense

Question 37 

A credit to a liability account was posted to an owner’s equity account. This would cause __________.

A. assets to be overstated 

B. liabilities to be understated 

C. owner’s equity to be understated 

D. net income to be overstated

Question 38 

Business transactions are first recorded in the __________.

A. ledger 

B. journal 

C. trial balance 

D. balance sheet

Question 39 of 40

2.5 Points

Renzi’s Volleyball Gym purchased equipment for $1,200. It made a down payment of $600 with the remainder on account. The journal entry to record this transaction is __________.

A.  

Cash

600

Accounts Receivable

600

B.  

Accounts   Payable

600

Cash

600

Equipment

1,200

C.  

Supplies

1,200

Cash

600

Accounts Payable

600

D.  

Equipment

1,200

Accounts Payable

600

Cash

600

Question 40 

A journal entry affecting three or more accounts is called a __________.

A. multi-level entry 

B. multi-step entry 

C. compound entry 

D. simple entry

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