Subject: Business    / Accounting    

Question

 

 


Part 1 of 1 –

Question 1 of 20
An account that would be increased by a credit is __________.
A. cash

B. accounts receivable

C. utilities expense

D. accounts payableQuestion 2 of 20
A liability would be credited and an expense debited if __________.
A. the business paid a creditor

B. the business incurred an expense and did not pay the expense immediately

C. the business bought supplies on account

D. the business bought supplies for cashQuestion 3 of 20
A category that is not in the chart of accounts is __________.
A. assets

B. liabilities

C. cash flows

D. revenueQuestion 4 of 20
A chart of accounts __________.
A. is set up in alphabetical order

B. includes account balances

C. is a listing of all the accounts used by a company

D. All of the above answers are correct.Question 5 of 20
What would be the effect on accounts if the owner withdrew cash?
A. An asset would be debited and an expense credited.

B. Withdrawals would be debited and an asset credited.

C. An asset would be debited and a revenue credited.

D. An asset would be debited and Capital credited.Question 6 of 20 5.0/ 5.0 Points
Which of the following types of accounts has a normal credit balance?
A. withdrawals

B. assets

C. expenses

D. revenuesQuestion 7 of 20
A debit increases the balance in all of the following accounts, except __________.
A. cash

B. withdrawals

C. expenses

D. accounts payableQuestion 8 of 20
The right side of any account is the __________.
A. debit side

B. credit side

C. ending balance

D. footingsQuestion 9 of 20
An asset would be debited and a liability credited if __________.
A. the business bought supplies for cash

B. the business incurred an expense and paid it

C. the business incurred an expense and did not pay for the expense immediately

D. the business bought equipment on accountQuestion 10 of 20 5.0/ 5.0 Points
Accounts Payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month. The ending balance is __________.
A. $500 credit

B. $1,000 debit

C. $500 debit

D. $1,000 creditQuestion 11 of 20
When an owner records a credit for $650 for revenue earned but not yet received, the amount of the debit should be __________.
A. $325

B. $0

C. $975

D. $650Question 12 of 20
Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to __________.
A. revenue

B. accounts receivable

C. accounts payable

D. cashQuestion 13 of 20
Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is __________.
A. $55 debit

B. $55 credit

C. $95 debit

D. $95 creditQuestion 14 of 20
One asset would be debited and another credited if __________.
A. the business provided services to a cash customer

B. the business paid a creditor

C. the business bought supplies paying cash

D. the business provided services to a credit customerQuestion 15 of 20
The ledger is __________.
A. a group of accounts that records data from business transactions

B. a tool used to make sure that all accounts have normal balances

C. a chronological record of the day's transactions

D. a tool used to ensure that debits equal creditsQuestion 16 of 20
Which of the following entries records the investment of cash by John, owner of a sole proprietorship?
A. debit John, Capital; credit Cash

B. debit Cash; credit John, Withdrawals

C. debit John, Withdrawals; credit Cash

D. debit Cash; credit John, CapitalQuestion 17 of 20
The business incurred an expense and paid it immediately. To record this __________.
A. an expense is debited and a liability is credited

B. an expense is debited and an asset is credited

C. an expense is debited and Capital is credited

D. None of the above answers are correct.Question 18 of 20
The left side of any account is the __________.
A. debit side

B. credit side

C. ending balance

D. footingsQuestion 19 of 20
A debit balance is a normal balance for which type of account?
A. accounts payable

B. revenue

C. accounts receivable

D. owner’s capitalQuestion 20 of 20
The beginning balance in the Computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is __________.
A. debit of $2,000

B. credit of $3,000

C. debit of $3,000

D. credit of $2,000