2) the increase or decrease

2) the increase or decrease in the owner’s equity is reported on the

A statement of owner’s equity

B income statement

C balance sheet

D all of those

 

13) which of the following would result if the business provided services to a customer collecting?

A cash would increase and revenue would decrease

B since the cash was collected there is no need to record this

C cash would increase and capital would increase

D cash would increase and revenue would increase

 

17) Accounts payable had a normal starting balance of $600. There were debit posting of $350 and credit posting of $200 during the month. The ending balance is

A $950 credit

B $450 debit

C $450 credit

D $750 debit

 

19) Given the following list of accounts with normal balances what are the trial balance totals of the debits and credit.

cash $500

accounts receivable 100

capital 300

withdrawals 100

service fees 700

rent expense 300

a $800 debit $800 credit

b $1,200 debit $1,200 credit

c $900 debit $900 credit

d $1,000 debit $1,000 credit

 

A credit to an asset account was posted to an owner’s equity account this error would cause

 

a assets were overstated

b owner’s equity was overstated

c liabilities were overstated

d both a and c are correct

 

25) The journal described as the simplest form is a (an)

a accounting journal

b general journal

c special journal

d interim journal

 

28) Antonio’s catered a reception. The total price was $1,200. The customer paid $200 cash and charged the remainder. The journal entry to record this transaction is

 

a cash 200 accounts receivable 200

b cash 200 accounts receivable 1,000 catering service fees 1,200

c cash 1,000 accounts receivable 200 catering service fees 1,200

d accounts receivable 1,200 cash 200 catering service fees 1,000

 

36) If you had purchased $500 of supplies during the month and at the end of the month you had $300 on hand the adjustment for supplies would be.

 

a $100

b $300

c $200

d $500

 

46) The adjusting entries are journalized

 

a whenever time permits

b before preparing financial reports

c before the next accounting period starts

d at the beginning of the accounting period

 

48) An important purpose of closing entries is to

 

a set nominal accounts balances to zero to begin the next period

b adjust the accounts in the ledger

c help in preparing financial statement

d set real accounts balances to zero to begin the next period

 

49) Which of the following accounts will not be closed to income summary at the end of the fiscal year?

 

a word processing fees

b smith withdrawals

c salaries expense

d supplies expense

 

51) Which of the following accounts ordinarily appears in the post-closing trial balance

 

a accumulated depreciation

b supplies expense

c fees revenue

d salaries expense

 

61) A $100 petty cash fund has cash of $14 and valid receipts for $82. The entry to replenish the fund would include a

 

a credit to cash for $82

b debit to cash short/over for $4

c debit to cash for $82

d debit to petty cash for $86

 

63) The entry to replenish the petty cash fund debited supplies instead of postage expense this would cause

 

a expenses to be overstated

b revenues to be understated

c expenses to be understated

d revenues to be overstated

 

67) The amount of fica-oasdi and fica-medicare taxes an employer must pay is

 

a equal to the amount withheld from the employee

b not dependent on the amount withheld from the employee

c greater than the amount withheld from the employee

d less than the amount withheld from the employee

 

68) The payroll register includes sections for recording

 

a assets liabilities equity revenues and expenses

b gross pay deductions and net pay

c accrued expenses unearned revenues and net pay

d trade accounts receivable and short-term note receivables

 

71) When calculating the payroll the clerk forgot about the tax ceilings

 

a suta could be overstated

b fica-oasdi could be overstated

c futa could be overstated

d all of these could be correct

 

72) The accounting department forgot to estimate the worker’s compensation this will cause

 

a the net income to be understated

b the liabilities to be overstated

c the assets to be overstated

d the net income to be overstated

 

81) Jane’s Bakery sold 50 pies at $8.00 each to a charge customer terms 2/10 n/30 which entry is required to record this transaction?

 

a debit accounts receivable for $400 credit bakery sales for $400

b debit accounts receivable for $392 credit bakery sales for $392

c debit cash for $392 credit bakery sales for $392

d debit accounts receivable for $392 debit sales discount for $8 and credit bakery sales for $400

 

82) Compass outfitters sold goods for $300 to a charge customer the customer returned for credit $120 worth of goods which entry is required to record the return transaction?

 

a debit sales returns and allowances $ 120 credit accounts receivable for $180

b debit accounts receivable $ 180 credit sales returns and allowances for $120

c debit sales $180 credit sales returns and allowances $120

d debit sales returns and allowances for $120 credit sales for $180

 

93) Deluth Corporation has normal gross profit of 40% the current year’s beginning inventory was $2,000 purchases were $ 5,000 and retail sales were $ 6,000 the estimated ending inventory under the gross margin method is

 

a $3,600

b $3,400

c $3,450

d $4,500

 

94) Supplies bought on account were returned for credit and recorded with a debit to accounts payable and a credit to merchandise inventory this error would cause

 

a the period’s net income to be understated

b the period end cost of goods sold to be understated

c the period end cost of goods sold to be overstated

d none of these are correct

 

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