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Accounting Final

Final Exam

QuestionAnswer
A financial statement that reports assets, liabilities, and owner's equity on a specific date Balance Sheet
Planning, recording, analyzing, and interpreting financial information Accounting
An equation showing the relationship among assets, liabilities, and owner's equity Accounting equation
A business activity that changes assets, liabilities, or owner's equity Transaction
A planned process for providing financial information that will be useful to management Accounting system
A decrease in owner's equity resulting from the operation of a business Expense
A sale for which cash will be received at a later date Sale on account
The amount in an account Account balance
The account used to summarize the owner's equity in the business Capital
Assets taken out of the business for the owner's personal use Withdrawal
The amount remaining after the value of all liabilities is subtracted from the value of the assets Owner's Equity
A record summarizing all the information pertaining to a single item in the accounting equation Account
Organized summaries of a business's financial activities Accounting records
An increase in owner's equity resulting from the operation of a business Revenue
Anything of value that is owned Asset
A business owned by one person Proprietorship
Financial rights to the assets of a business Equities
A business that performs an activity for a fee Service business
An amount owed by a business Liability
The name given to an account Account title
T/F: Keeping personal and business records separate is an application of the Business Entity concept. T
T/F: The relationship among assets, liabilities, and owner's equity can be written as an equation. T
T/F: The equation is called the accounting equation and does not have to be in balance to be correct. F
T/F: The sum of the assets and liabilities of a business always equals the investment of the business owner. F
T/F: The capital account is an owner's equity account. T
T/F: If two amounts are recorded on the same side of the accounting equation, the equation will no longer be in balance. F
T/F: When cash is paid on account, a liability is increased. F
T/F: The Going Concern accounting concept affects the way financial statements are prepared. F
T/F: On a balance sheet, a single line means that amounts are to be added or subtracted. T
T/F: When cash is received for services performed, the asset account Cash is increased and the owner's equity account is decreased. F
T/F: Accounts Receivable is a liability account. F
T/F: Regardless of when payment is made when services are sold, the revenue should be recorded at the time of the sale. T
T/F: When cash is paid to the owner for personal use, assets decrease and owner's equity decreases. T
T/F: An owner may withdraw only cash from a business; other assets must remain in the business at all times for the accounting equation to be in balance. F
T/F: Three transactions that affect owner's equity are receiving cash on account, paying expenses, and paying for supplies bought on account. F
Two transactions that decrease owner's equity are: A. expenses and withdrawals B. expenses and investments C. withdrawals and liabilities D. liabilities and expenses A
If a business received $2,000 from sales, this would A. increase assets and increase owner's equity B. increase assets and decrease liabilities C. increase liabilities and decrease owner's equity D. decrease assets and decrease owner's equity A
Accounts Payable is classified as a(n) A. asset account B. liability account C. owner's equity account D. none of these B
When business transactions are stated in numbers that have common values, the _________ is being applied. A. Business Entity B. Unit of Measurement C. Going Concern D. Realization of Revenue B
Two transactions that increase owner's equity are: A. expenses and withdrawals B. investments and withdrawals C. investments and revenue D. expenses and revenue C
T/F: An accounting device used to analyze transactions is a T account. T
T/F: An amount recorded on the left side of a T account is a credit. F
T/F: Each asset account has a normal debit balance. T
T/F: Each liability account has a normal credit balance. T
T/F: The balance of an account increases on the same side as the normal balance side. T
T/F: Asset accounts increase on the credit side. F
T/F: Each transaction changes the balance in at least two accounts. T
T/F: A list of accounts used by a business is a chart of accounts. T
T/F: When cash is paid for supplies, the supplies account is increased by a debit. T
T/F: Common accounting practice is to record withdrawals as debits directly in the owner's capital account. F
T/F: The left side of an asset account is the credit side because asset accounts are on the left side of the accounting equation. F
T/F: A drawing account is decreased by debits and increased by credits. F
T/F: Increases in expense accounts are recorded as debits because they decrease the owner's capital account. T
T/F: The normal balance side of an accounts receivable account is a credit. F
T/F: Accounts payable accounts are increased with a debit. F
T/F: Cash is increased with a credit. F
T/F: Prepaid Insurance is decreased with a credit. T
T/F: To summarized withdrawal information separately from the other records, owner withdrawal transactions are recorded in the owner's capital account. F
T/F: Increases to accounts are recorded on the debit side. F
Advertising Expense is increased with a debit. T
The right side of a T account is the A. debit side B. credit side C. normal balance side D. equity side B
If an amount is recorded on the side of a T account opposite the normal balance side, A. the account balance is increased. B. the account balance is decreased. C. the account balance is unaffected. D. the account balance is correct. B
The normal balance side of an asset account is the A. debit side B. credit side C. decrease side D. right side A
When the owner invests cash in a business, the owner's capital account is A. increased by a debit B. increased by a credit C. decreased by a debit D. decreased by a credit B
When a business pays cash on account, a liability account is A. increased by a debit B. increased by a credit C. decreased by a debit D. decreased by a credit C
When cash is received from sales, the change in the owner's equity is usually A. recorded in a separate revenue account. B. recorded directly in the owner's capital account. C. recorded as interest revenue. D. always recorded on the debit side. A
Increases in a revenue account are shown on a T account's A. debit side. B. credit side. C. left side. D. non of these. B
When $1,500 cash is received on account, A. Sales is increased w/ credit & $ is increased w/ credit B. A/R is increased w/ debit & $ is increased w/ credit C. A/R is decreased w/ credit & $ is increased w/ debit D. None of the above C
The normal balance side of any expense account is the A. debit side B. credit side C. right side D. none of these A
A business form giving written acknowledgement for cash received. receipt
A form on which a brief message is written describing a transaction. memorandum
Information for each transaction recorded in a journal. entry
Recording transactions in a journal. Journalizing
A business paper from which information is obtained for a journal entry. Source document
The recording of debit and credit parts of a transaction double entry accounting
A journal amount column that is not headed with an account title general amount column
A form describing the goods or services sold, the quantity, and the price. invoice
A form for recording transactions in chronological order journal
Determining that the amount of cash agrees with the accounting records. proving cash
A business form ordering a bank to pay cash from a bank account check
An invoice used as a source document for recording a sale on account sales invoice
A journal amount column headed with an account title special amount column
T/F: The Objective Evidence accounting concept requires that there be proof that a transaction did occur. T
T/F: A receipt is the source document for cash received from transactions other than sales. T
A journal columns used to record receiving cash from sales are Cash Debit and Sales Credit. T
The journal columns used to record paying cash for rent are General Debit and Cash Credit T
To correct an error in a journal, simply erase the incorrect item and write the correct item in the same place. F
Transactions are recorded in a journal in chronological order. T
The source document for cash payment transactions is a check T
A complete entry consists of the date, the debit amount, and the credit amount. F
The year and the month are written only once on a journal page. T
The day of the month is written on each journal page only for the first entry. F
Double lines re ruled across a journal's amount columns to indicate that the totals have been verified as correct. T
Cash is always proved at the end of the month. T
Preparing source documents for each transaction is an application of the accounting concept A. Business Entity B. Unit ov Measurement C. Objective Evidence D. Going Concern C
A journal entry includes A. the debit part of a transaction recorded under one date and credit part recorded under a later date B. the debit and credit parts of a transaction recorded in one place. C. more debits than credits D. none of these B
On each journal page, the year is written A. for each entry B. on the first line of each column C. only for the first entry D. none of these C
On each journal page, the month is written A. for each entry B. on the first line of each column C. only for the first entry D. none of these C
The entry to record receipt of cash from the owner as an investment is A. debit Capital, credit Cash B. debit Cash, credit Capital C. debit Cash, credit A/P D. none of these B
When cash is paid for insurance, the A. prepaid insurance account is decreased B. prepaid insurance account is credited C. balance of prepaid insurance account is increased D. none of these C
If an error is recorded in a journal entry A. cancel the error by drawing a neat line through the error B. correct the entry by writing the correct item above the canceled error C. do not erase the incorrect item D. all of these D
When services are sold on account, the amount is recorded in the A. General Debit column and Cash Credit column B. General Credit column and Cash Debit column C. General Debit column and Sales Credit column D. General Debit column and A/P Debit column C
When cash is paid for utilities, amount is recorded in the A. Cash Credit column and General Debit column B. Sales Credit column and General Debit column C. General Credit column and Cash Debit column D. General Credit column and Sales Credit column. A
When cash is received on account, the amount is recorded in the A. A/R Debit column and Cash Credit column B. Sales Credit column and Cash Debit column C. General Debit column and Cash Credit column D. Cash Debit column and General Credit column D
T/F: A journal shows in one place all the changes in a single account. F
T/F: Account numbers may be assigned by 10s so that new accounts can be added easily. T
T/F: The procedure of arranging accounts in a general ledger, assigning account numbers, and keeping records current is posting. F
T/F: If a business has only two assets accounts, Cash and Supplies, the two accounts are numbered 110 and 120. T
T/F: If a new account is located between accounts numbered 510 and 520, the new account number should be 515. T
T/F: A journal page number is written in the Post. Ref. column of an account to show that posting of the entry is completed. F
T/F: The account number is placed in the Post. Ref. column of the journal as the last step in the posting procedure. T
T/F: If the previous account balance and the current entry posted to an account are both debits, the new account balance is a debit. T
T/F: The column total of the General Debit column is posted. F
T/F: Only the column totals for special amount columns in a journal are posted. T
T/F: The cash account is the first asset account and is numbered 100. F
T/F: When adding a new expense account between accounts numbered 510 and 520, the new account is assigned the account number 515. T
T/F: The two steps for opening an account are writing the account title and recording the balance. F
T/F: Separate amounts in special amount columns are posted individually. F
T/F: Separate amounts in general amount columns are not posted individually. F
T/F: The posting reference should always be recorded in the journal's Post. Ref. column before amounts are recorded in the ledger. F
T/F: The only reason for the Post. Ref. columns of the journal and general ledger is to indicate which entries in the journal still need to be posted if posting is interrupted. F
T/F: The steps for posting are to write the date, journal page number, amount, and balance. F
T/F: A check mark in parentheses below a General Debit column total indicates that the total is not posted. T
T/F: With the exception of the totals line, the Post. Ref. column is completely filled in with either an account number or a check mark. T
The first digit in the account number 120 means that the account is in the A. expense division of the general ledger B. revenue division of the general ledger C. liability division of the general ledger D. asset division of the general ledger D
When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts is kept up to date, the accounting personnel are A. posting B. doing file maintenance C. journalizing D. none of these B
The procedure for transferring information from a journal entry to a ledger account is A. posting B. journalizing C. file maintenance D. none of these A
The first step in the posting procedure is writing the A. entry date in the Date column of the account B. journal page number int he Post. Ref. column of the account C. entry amount in the Debit or Credit column of the account D. none of these A
The last step in the posting procedure is writing the A. entry date in the Date column of the account B. journal page number in the Post. Ref. column of the account C. entry amount in the Debit or Credit column of the account D. none of these D
An account number in the journal's Post. Ref. column shows A. the account to which the amount is posted B. the date of the entry C. that work on that journal page is completed D. none of these A
Posting references in a journal are A. not necessary B. the first item recorded when posting C. always placed in an account's Post. Ref. column D. none of these D
If posting is interrupted, the accounting personnel know to resume posting A. on the line with a blank Post. Ref. column in the journal B. at the beginning of the journal page C. the next day D. all of these A
If all separate amounts on a journal line are recorded in special amount columns, A. all amounts are posted individually B. only one of the amounts is posted individually C. neither amount is posted individually D. all of these C
Separate amounts in the Sales Credit column of a journal are A. rounded to the nearest dollar B. posted individually C. posted frequently D. none of these D
A bank card that, when making purchases, automatically deducts the amount of the purchase from the checking account of the cardholder debit card
A bank account from which payments can be ordered by a depositor. checking account
A check that a bank refuses to pay dishonored check
A computerized cash payments system that uses electronic impulses to transfer funds. electronic funds transfer
An endorsement restricting further transfer of a check's ownership. restrictive endorsement
A check with a future date on it postdated check
An amount of cash kept on hand and used for making small purchases. petty cash
A form showing proof of a petty cash payment petty cash slip
A signature or stamp on the back of a check transferring ownership. endorsement
An endorsement consisting only of the endorser's signature blank endorsement
An endorsement indicating a new owner of the check special endorsement
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank bank statement
T/F: In order to control cash, one common method is to ensure that cash payments are paid by pre-numbered checks. T
T/F: Ownership of a check cannot be transferred. F
T/F: Voided checks should be recorded in a journal. T
T/F: The petty cash fund is a liability with a normal debit balance. F
T/F: When petty cash is replenished, the Petty Cash is debited and Cash is credited F
T/F: When the petty cash fund is replenished, the balance of the petty cash account increases. F
T/F: As petty cash is paid out, the balance of the petty cash account decreases. F
T/F: A check with a blank endorsement can be cashed by anyone who has the check. T
T/F: An outstanding check is one that has been issued but not yet reported on a bank statement by the bank T
T/F: The source document for an electronic funds transfer is a memorandum. T
A lost check with a blank endorsement on it can be cashed by A. anyone who has the check B. only the person whose name follows the words "Pay to the order of." C. only the person who endorsed the check D. no one A
If any kind of error is made in preparing a check, A. a new check should be prepared B. VOID should be written on the check stub. C. VOID should be written on the check. D. all of these D
Each time cash or checks are placed in a bank account, the customer prepares a A. signature card B. deposit slip C. check D. none of these B
An endorsement on the back of a check consisting only of a signature is A. a blank endorsement B. a special endorsement C. a restrictive endorsement D. an incorrect endorsement A
The entry to establish a $200.00 petty cash fund is A. debit Cash, $200.00; credit Petty Cash, $200.00. B. Debit Miscellaneous Expense, $200.00; credit Cash, $200.00. C. debit Petty Cash, $200.00; credit Cash, $200.00 D. none of these C
An endorsement on the back of a check consisting of the words "Pay to the order of" and a new check owner's name is a A. blank endorsement B. special endorsement C. restrictive endorsement D. signature endorsement B
A petty cash fund is always replenished A. daily B. weekly C. at the end of the month D. none of these C
An endorsement on the back of a check indicating that the check is to be accepted for deposit only is a A. blank endorsement B. special endorsement C. restrictie endorsement D. deposit endorsement C
The bank statement shows checking account balance of $5,500. There are outstanding checks totaling $600, outstanding deposit of $400, and bank service charge of $15.00. The Cash account balance should be A. $5,300 B. $5,700 C. $5,285 D. none of these A
A proof of the equality of debits and credits in a general ledger. trial balance
The difference between total revenue and total expenses when total revenue is greater. net income
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. adjustments
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. work sheet
The length of time for which a business summarizes and reports financial information fiscal period
The difference between total revenue and total expenses when total expenses is greater net loss
A financial statement showing the revenue and expenses for a fiscal period income statement
T/F: Financial information may be reported any time a business needs it. T
T/F: Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept. T
T/F: The balance of the supplies account plus the value of the supplies on hand equals the up-to-date balance of the supplies account. F
T/F: If an account is written in an incorrect column on a work sheet, the error should be erased and the amount should be written in the correct column. T
T/F: If the Trial Balance columns are not equal and the difference is $50.00, the error most likely is a $25.00 amount written in the wrong column. T
T/F: The accounting concept Consistent Reporting is being applied when a word processing service business reports revenue per page one year and revenue per hour the next year F
T/F: Journals, ledgers, and work sheets are considered permanent records. F
T/F: The two accounts affected by the adjustment for insurance are Prepaid Insurance Expense and Insurance F
T/F: Two financial statements are prepared from the information on the work sheet T
T/F: Net income on a work sheet is calculated by subtracting the Income Statement Credit column total from the Income Statement Debit column total. F
T/F: If the difference between the totals of Debit and Credit columns on a work sheet can be evenly divided by 9, then the error is most likely in addition F
T/F: If there are errors in the work sheet's Trial Balance columns, it might be because not all general ledger account balances were copied in the Trial Balance column correctly T
Reporting changes in financial information for specific period of time in the form of financial statements is an application of accounting concept A. Matching Expenses with Revenue B. Accounting Period Cycle C. Consistent Reporting D. Going Concern B
On a trial balance, A. all general ledger account titles are listed B. only general ledger accounts that have balances are listed C. only accounts with debit balances are listed D. only accounts with credit balances are listed A
If pair of work sheet columns do not balance & difference btwn totals is amount that appears elsewhere on work sheet, error is probably A. error in addition B. amount that has been written in wrong column C. amount that has not been extended D. slide C
Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept A. Matching Expenses with Revenue B. Accounting Period Cycle C. Consisten Reporting D. Going Concern C
On a work sheet, the balance of an expense account is extended to the A. Balance Sheet Debit column B. Balance Sheet Credit column C. Income Statement Debit column D. Income Statement Credit column C
Recording revenue from business activities & expenses associated w/ earning that revenue in same accounting period is application of accounting concept A. Matching Expenses w/ Revenue B. Accounting Period Cycle C. Consistent Reporting D. Going Concern A
Net loss is entered in work sheet's A. Income Statement Debit & Balance Sheet Credit columns B. Income Statement Credit & Balance Sheet Debit columns C. Balance Sheet Debit & Trial Balance Credit columns D. none of these B
If a Trial Balance columns are not equal and the difference is 1, the error often is A. transposed numbers or a "slide" B. in writing an amount in the wrong column C. in posting D. in addition D
T/F: A balance sheet reports financial information over a specific period of time. F
T/F: The financial condition of a business refers to its financial strength. T
T/F: Reporting in the same fiscal period the revenue earned and the expenses incurred to earn that revenue is an application of the accounting concept Matching Expenses with Revenue. T
T/F: The formula for calculating net income is total revenue minus total expenses equals net income. T
T/F: The net income calculated for the income statement and the net income on the work sheet must be the same T
T/F: On an income statement, double lines are ruled across both amount columns to indicate that debits equal credits. F
T/F: For a service business, the revenue reported on an income statement includes components for total expenses and net income. T
T/F: The formula for calculating the total expenses component percentage is: total expenses divided by total sales equals total expenses component percentage. T
T/F: The current capital to be reported on a balance sheet is calculated as: the capital account balance plus net income equals current capital F
T/F: Component percentage on an income statement are calculated by dividing sales and total expenses by net income F
T/F: A component percentage is the percentage relationship between one financial statement item and the total that includes that item T
T/F: The Adequate Disclosure accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition T
T/F: An income statement reports information over a period of time, indicating the financial progress of business in earning a net income or a net loss T
T/F: The Matching Expenses with Revenue accounting concept is applied when the revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period T
T/F: Information needed to prepare an income statement comes from the trail balance columns and the income statement columns of a work sheet. F
T/F: An amount written in parentheses on a financial statement indicates an estimate F
T/F: A balance sheet reports financial information on a specific date and includes the assets, liabilities, and owner's equity T
T/F: When a business has two different sources of revenue, a separate income statement should be prepared for each kind of revenue. F
T/F: The owner's equity amount reported on a balance sheet is calculated as: capital account balance plus drawing account balance less net income. F
T/F: The owner's equity section of a balance sheet may report different kinds of details about owner's equity, depending on the need of the business. T
Assuring that financial statements contain all information necessary to understand a business's financial condition is an application of the accounting concept A. Adequate Disclosure B. Going Concern C. Objective Evidence D. Accounting Period Cycle A
Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept A. Adequate Disclosure B. Going Concern C. Objective Evidence D. Accounting Period Cycle D
A balance sheet reports a business's financial A. condition over a specific period of time B. progress over a specific period of time C. condition on a specific date D. progress on a specific date C
The date on a monthly income statement prepared on July 31 is written as A. For Month Ended July 31, 20__ B. July 31, 20__ C. 20__, July 31 D. none of these A
Information needed to prepare an income statement's revenue section is obtained from a works sheet's Account Title column & A. Income Statement Debit column B. Income Statement Credit column C. Balance Sheet Debit column D. Balance Sheet Credit column B
The amount of net income calculated on an income statement is correct if A. it is the same as net income shown on the work sheet B. debits equal credits C. it is the same as the balance sheet d. none of these A
Formula for calculating net income component percentage is A. net income/total sales=net income component percentage B. total sales/total expenses=net income component percentage C. total sales-total expenses/by net income=total income percentage A
Information needed to prepare a balance sheet liabilities section is obtained from a work sheet's Account Title column and A. Income Statement Debit column B. Income Statement Credit column C. Balance Sheet Debit column D. Balance Sheet Credit column D
When preparing a balance sheet, the amount of owner's capital is obtained from A. the general ledger B. the income statement C. the work sheet's Balance Sheet Credit column D. none of these C
T/F: The capital account's new balance after all closing entries are posted is verified by checking it with the amount of capital shown the the balance sheet at the end of the fiscal period T
T/F: All accounts in a general ledger are listed on a post-closing trial balance. F
T/F: Adjusting entries are recorded on the next journal page following the page on which the last daily transactions for the month are recorded. T
T/F: Permanent accounts are also referred to as temporary accounts F
T/F: Preparing a work sheet at the end of each fiscal period to summarize the general ledger information needed to prepare financial statements is an application of the accounting concept Accounting Period Cycle T
T/F: The ending account balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period T
T/F: At the end of the fiscal period, the balances of temporary accounts are summarized and transferred to the owner's capital account T
T/F: Temporary accounts must start each fiscal period with a zero balance T
T/F: Journal entries used to prepare temporary accounts for a new fiscal period are closing entries T
T/F: To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance T
T/F: A source document is prepared for closing entries F
T/F: The income summary account balance must be reduced to zero to prepare the account for the next fiscal period T
Adjustments are analyzed and planned A. in the ledgers B. on the financial statements C. on a work sheet D. none of these C
After adjusting entry for Supplies has been posted, Supplies Expense has up-to-date balance, which is A. same as beginning balance for Supplies B. same as the ending balance for Supplies C. value of supplies used during fiscal period D. none of these C
Journal entry to adjust Prepaid Insurance is A. debit Prepaid Insurance; credit Insurance Expense B. debit Insurance Expense; credit Prepaid Insurance C. debit Income Summary; credit Prepaid Insurance D. debit Insurance Expense; credit Income Summary B
Temporary accounts begin each new fiscal period with a A. debit balance B. credit balance C. zero balance D. balance equal to net income C
When the total expenses are greater than the total revenue, A. the income summary account has a credit balance B. the income summary account has a debit balance C. debits equal credits D. none of these B
Information needed for closing entries is found in A. Income Statement and Balance Sheet columns of work sheet B. Income Statement and Adjustments columns of the work sheet C. Trial Balance and Adjustments columns of the work sheet D. none of these A
The journal entry to close the expense accounts is A. debit Income Summary; credit owner's capital B. debit Income Summary for the total expenses; credit each expense account C. debit each expense account; credit Income Summary D. none of these B
Which accounting concept applies when expenses are reported in the same fiscal period that they are used ot produce revenue? A. Business Entity B. Going Concern C. Matching Expenses with Revenue D. Adequate Disclosure C
The last step in the accounting cycle is to A. journalize and post the closing entries B. prepare a work sheet and financial statements C. analyze transactions and journalize and post them D. none of these D
Created by: mpiontek