Question 1

Of the following,which is an internal report that will determine if debit balances equal credit balances in the ledger?

Accepted Answer

A)  chart of accounts
B)  income statement
C)  trial balance
D)  account reconciliation

Question 2

Which of the following is not a useful step in finding errors on the trial balance?

Accepted Answer

A)  Determine the difference between debits and credits and look for the amount.
B)  Determine the difference between debits and credits and change any account to make the trial balance correct.
C)  Determine the difference between debits and credits,divide the amount by 2,and look for the amount.
D)  Determine the difference between debits and credits,divide the amount by 9,and if it divides evenly,look for a transposition or slide error.

Question 3

Which of the following describes the classification and normal balance of the fees earned account?

Accepted Answer

A)  asset,credit
B)  liability,credit
C)  stockholders' equity,debit
D)  revenue,credit

Question 4

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle Company paid the invoice.
a. Provide the journal entry for the purchase on account.
b. Provide the journal entry for the payment of the invoice.

Accepted Answer

The answer of On October 10,Nikle Company purchased supplies for...

Question 5

In which order are the accounts listed in the chart of accounts?

Accepted Answer

A)  assets,expenses,liabilities,stockholders' equity,revenues
B)  stockholders' equity,assets,liabilities,revenues,expenses
C)  assets,liabilities,stockholders' equity,revenues,expenses
D)  assets,liabilities,revenues,expenses,stockholders' equity

Question 6

The process of recording a transaction in the journal is called

Accepted Answer

A)  ledgerizing
B)  journalizing
C)  posting
D)  summarizing

Question 7

Revenues are equal to the difference between cash receipts and cash payments.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following groups of accounts increase with a credit?

Accepted Answer

A)  common stock,revenues,expenses
B)  assets,common stock,revenues
C)  liabilities,common stock,revenues
D)  none of these

Question 9

A credit to the cash account will increase the account.

Accepted Answer

A) True 
 B)False

Question 10

A group of related accounts that make up a complete unit is called a trial balance.

Accepted Answer

A) True 
 B)False

Exam 2: Analyzing Transactions

In which order are the accounts listed in the chart of accounts?

Correct Answer
verified

Of the following,which is an internal report that will determine if debit balances equal credit balances in the ledger?

Correct Answer
verified

The process of recording a transaction in the journal is called

Correct Answer
verified

Revenues are equal to the difference between cash receipts and cash payments.

Correct Answer
verified

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle Company paid the invoice. a. Provide the journal entry for the purchase on account. b. Provide the journal entry for the payment of the invoice.

Correct Answer
verified

Which of the following groups of accounts increase with a credit?

Correct Answer
verified

A group of related accounts that make up a complete unit is called a trial balance.

Correct Answer
verified

A credit to the cash account will increase the account.

Correct Answer
verified

Which of the following is not a useful step in finding errors on the trial balance?

Correct Answer
verified

Which of the following describes the classification and normal balance of the fees earned account?

Correct Answer
verified

Exam 2: Analyzing Transactions

In which order are the accounts listed in the chart of accounts?

Correct AnswerverifiedShow Answer

Of the following,which is an internal report that will determine if debit balances equal credit balances in the ledger?

Correct AnswerverifiedShow Answer

The process of recording a transaction in the journal is called

Correct AnswerverifiedShow Answer

Revenues are equal to the difference between cash receipts and cash payments.

Correct AnswerverifiedShow Answer

On October 10,Nikle Company purchased supplies for $1,800 on account.On October 25,Nikle Company paid the invoice. a. Provide the journal entry for the purchase on account. b. Provide the journal entry for the payment of the invoice.

Correct AnswerverifiedShow Answer

Which of the following groups of accounts increase with a credit?

Correct AnswerverifiedShow Answer

A group of related accounts that make up a complete unit is called a trial balance.

Correct AnswerverifiedShow Answer

A credit to the cash account will increase the account.

Correct AnswerverifiedShow Answer

Which of the following is not a useful step in finding errors on the trial balance?

Correct AnswerverifiedShow Answer

Which of the following describes the classification and normal balance of the fees earned account?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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