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Question 1 of 20
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0.0/ 5.0 Points
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Which entry would record the payment of a utility bill?
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[removed]
A. Debit Utilities Expense; credit Cash
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[removed]
B. Debit Cash; credit Utilities Expense
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[removed]
C. Debit Utilities Expense; credit Accounts Payable
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D. Debit Accounts Receivable; credit Utilities Expense
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Question 2 of 20
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5.0/ 5.0 Points
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A business incurred an expense and paid it immediately. To record this transaction,
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A. an expense is debited, and a liability is credited.
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B. an expense is debited, and an asset is credited.
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C. an expense is debited, and Capital is credited.
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D. None of the above
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Question 3 of 20
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0.0/ 5.0 Points
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The purpose of posting is to
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A. list the transactions in chronological order in the journal.
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B. provide an explanation of the transaction.
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C. update the account balances in the ledger.
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D. correct a previous entry.
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Question 4 of 20
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0.0/ 5.0 Points
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The general journal
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A. is the book of original entry.
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B. is the book of final entry.
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C. contains account balances.
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D. is completed after the general ledger.
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Question 5 of 20
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0.0/ 5.0 Points
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The first step of the accounting cycle is to
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A. record journal entries.
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B. post to the ledger.
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C. prepare a trial balance.
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D. analyze business transactions.
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Question 6 of 20
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0.0/ 5.0 Points
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A business provided services to a cash customer. To record this transaction,
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A. an asset is debited, and a liability is credited.
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B. an asset is debited, and a revenue is credited.
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C. an expense is debited, and Capital is credited.
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D. None of the above
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Question 7 of 20
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0.0/ 5.0 Points
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Business transactions are first recorded in the
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A. ledger.
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B. journal.
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C. trial balance.
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D. balance sheet.
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Question 8 of 20
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5.0/ 5.0 Points
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Which of the following is not a financial statement?
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A. Balance sheet
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B. Income statement
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C. Statement of owner’s equity
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D. Trial balance
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Question 9 of 20
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0.0/ 5.0 Points
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Which entry records the owner’s taking cash for personal use?
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A. Debit Wage Expense; credit Cash
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B. Debit Capital; credit Cash
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C. No entry is necessary because the owner owns the cash and the entire business.
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D. Debit Withdrawals; credit Cash
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Question 10 of 20
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0.0/ 5.0 Points
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Posting is performed by transferring information from the journal to the
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A. ledger.
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B. trial balance.
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[removed]
C. balance sheet.
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[removed]
D. income statement.
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Question 11 of 20
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0.0/ 5.0 Points
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The posting reference column in the ledger is
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[removed]
A. used to record the journal and page number the transactions originated.
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[removed]
B. used to record the ledger number.
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C. used to record the date.
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[removed]
D. not used.
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Question 12 of 20
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0.0/ 5.0 Points
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An account that would be increased by a debit is
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A. cash.
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B. fees earned.
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[removed]
C. capital.
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D. accounts payable.
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Question 13 of 20
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0.0/ 5.0 Points
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Given the following list of accounts with normal balances, what are the trial balance totals of the debits and credits?
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Cash
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$1,000
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Equipment
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500
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Accounts Payable
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350
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Capital
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900
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Service Fees
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1,000
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Salaries Expense
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750
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[removed]
A. $3,250 debit, $3,250 credit
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[removed]
B. $1,125 debit, $1,125 credit
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C. $4,500 debit, $4,500 credit
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D. $2,250 debit, $2,250 credit
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Question 14 of 20
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0.0/ 5.0 Points
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The process that begins with recording business transactions and includes the completion of the financial statements is the
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A. calendar year.
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B. natural business year.
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[removed]
C. fiscal year.
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D. accounting cycle.
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Question 15 of 20
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5.0/ 5.0 Points
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Which of the following groups of accounts have a normal credit balance?
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[removed]
A. Revenue, liabilities, and capital
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[removed]
B. Assets, capital, and withdrawals
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[removed]
C. Liabilities, expenses, and assets
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[removed]
D. Assets, expenses, and withdrawals
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Question 16 of 20
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0.0/ 5.0 Points
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During the month of January, Katelyn invested $11,000 in starting her legal practice. Which of the following would be the proper journal entry?
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A. Cash, debit $11,000; Katelyn’s Capital, credit $11,000
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B. Accounts Payable, debit $11,000; Cash, credit $11,000
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C. Cash, debit $11,000; Revenue, credit $11,000
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D. Katelyn’s Capital, debit $11,000; Cash, credit $11,000
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Question 17 of 20
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0.0/ 5.0 Points
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Which error would cause the trial balance to be out of balance?
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A. An entry is posted twice.
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B. An entry isn’t posted at all.
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C. A debit is entered as $200, and a credit is entered at $2,000.
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D. None of the above
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Question 18 of 20
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0.0/ 5.0 Points
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Which of the following is prepared first?
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[removed]
A. Balance sheet
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[removed]
B. Income statement
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[removed]
C. Statement of owner’s equity
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[removed]
D. Trial balance
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Question 19 of 20
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0.0/ 5.0 Points
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Revenue is traditionally recognized in the accounting records when
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A. cash is received.
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[removed]
B. services are rendered.
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C. it’s incurred.
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D. None of the above
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Question 20 of 20
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0.0/ 5.0 Points
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A list of all the accounts from the ledger with their ending balances is called a
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A. normal balance.
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[removed]
B. trial balance.
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[removed]
C. chart of accounts.
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D. footing.
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