Accouting homework. I need help?

Accouting homework. I need help?

Postby beamen » Tue Apr 19, 2011 8:38 pm

If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates

no errors can be discovered.

the mathematical equality of the accounting equation.

no errors have been made.

that all accounts reflect correct balances.


Which of the following is incorrect regarding a trial balance?

A trial balance uncovers errors in journalizing and posting.

A trial balance is useful in the preparation of financial statements.

It proves that the debits equal the credits after posting.

It proves that the company has recorded all transactions.


Anderson Company purchased equipment for $1,800 cash. As a result of this event,

a) stockholders' equity decreased by $1,800.

b) total assets increased by $1,800.

c) total assets remained unchanged.

d) Both a and b.

The procedure of transferring journal entries to the ledger accounts is called

reporting.

posting.

journalizing.

analyzing.


Posting of journal entries should be done in

alphabetical order.

account number order.

dollar amount order.

chronological order.


The ledger should be arranged in

financial statement order.

alphabetical order.

chronological order.

dollar amount order.


A compound journal entry involves

four or more accounts.

two accounts.

three or more accounts.

three accounts.


A complete journal entry does not show

the new balance in the accounts affected by the transaction.

a brief explanation of the transaction.

the accounts and amounts to be debited and credited.

the date of the transaction.

On July 7, 2008, Reethink Enterprises performed cash services of $1,400. The entry to record this transaction would include

a debit to Service Revenue of $1,400.

a credit to Accounts Receivable of $1,400.

a credit to Accounts Payable of $1,400.

a debit to Cash of $1,400.


The usual sequence of steps in the transaction recording process is:

journal analyze ledger.

ledger journal analyze.

analyze journal ledger.

journal ledger analyze


Credits

decrease both assets and liabilities.

decrease assets and increase liabilities.

increase both assets and liabilities.

increase assets and decrease liabilities.


Which of the following correctly identifies normal balances of accounts?

Assets Debit
Liabilities Credit
Stockholders' Equity Credit
Revenues Credit
Expenses Debit

Assets Debit
Liabilities Credit
Stockholders' Equity Credit
Revenues Debit
Expenses Credit

Assets Debit
Liabilities Credit
Stockholders' Equity Credit
Revenues Credit
Expenses Credit

Assets Credit
Liabilities Debit
Stockholders' Equity Debit
Revenues Credit
Expenses Debit


Dawson's Delivery Service purchased equipment for $2,500. The Company $500 in cash and signed a note for the balance. Dawson debited the Equipment account, credited Cash and

credited another asset account for $500.

credited a liability account for $2,000.

debited the Dawson, Capital account for $2,000.

nothing further must be done.


An account is an individual accounting record of increases and decreases in specific


liabilities.

assets, liabilities, and owner's equity items.

assets.

expenses.


The standard form of a journal entry has the

debit account entered first and indented.

credit account entered first at the extreme left margin.

credit account entered first and indented

debit account entered first at the extreme left margin
beamen
 
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Joined: Tue Feb 22, 2011 12:46 am



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