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Download 20 MCQ Which statement about the rules of debit and

Jul 13th, 2014
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  2. Download: http://solutionzip.com/downloads/20-mcq-which-statement-about-the-rules-of-debit-and-credit-is-true/
  3. Question 1 of 20 5.0 Points
  4. Which statement about the rules of debit and credit is true?
  5. A. If accounts receivable is decreased with a credit, the normal balance is a credit.
  6. B. If accounts payable is increased with a credit, the normal balance is a credit.
  7. C. If capital is increased with a debit, the normal balance is a debit.
  8. D. If cash is decreased with a debit, the normal balance is a debit.
  9. Question 2 of 20 5.0 Points
  10. The ledger is a
  11. A. group of accounts that records data from business transactions.
  12. B. tool used to make sure that all accounts have normal balances.
  13. C. chronological record of the day’s transactions.
  14. D. tool used to ensure that debits equal credits.
  15. Question 3 of 20 5.0 Points
  16. When recording transactions in two or more accounts and the totals of the debits and credits are equal, it’s called
  17. A. debiting.
  18. B. crediting.
  19. C. posting.
  20. D. double-entry bookkeeping.
  21. Question 4 of 20 5.0 Points
  22. The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an
  23. A. $800 debit.
  24. B. $800 credit.
  25. C. $2,600 credit.
  26. D. $2,600 debit.
  27. Question 5 of 20 5.0 Points
  28. The beginning balance in the Computers account was $2,000. The company purchased an additional $1,000 worth of computers. The balance in the account is a
  29. A. debit of $2,000.
  30. B. credit of $3,000.
  31. C. debit of $3,000.
  32. D. credit of $2,000.
  33. Question 6 of 20 5.0 Points
  34. Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is a
  35. A. $55 debit.
  36. B. $55 credit.
  37. C. $95 debit.
  38. D. $95 credit.
  39. Question 7 of 20 5.0 Points
  40. The beginning balance in Cash was $3,500. Additional cash of $2,000 was received. Checks were written totaling $2,500. The cash balance is
  41. A. $2,000.
  42. B. $6,000.
  43. C. $4,500.
  44. D. $3,000.
  45. Question 8 of 20 5.0 Points
  46. Which entry records the investment of cash by John, owner of a sole proprietorship?
  47. A. Debit John, Capital; credit Cash
  48. B. Debit Cash; credit John, Withdrawals
  49. C. Debit John, Withdrawals; credit Cash
  50. D. Debit Cash; credit John, Capital
  51. Question 9 of 20 5.0 Points
  52. The owner invested personal equipment in the business. To record this transaction,
  53. A. debit Equipment and credit Accounts Payable.
  54. B. debit Accounts Payable and credit Equipment.
  55. C. debit Equipment and credit Capital.
  56. D. credit Equipment and debit Capital.
  57. Question 10 of 20 5.0 Points
  58. The accounts payable account is a/an _______, and it has a normal _______ balance.
  59. A. revenue; debit
  60. B. expense; credit
  61. C. liability; debit
  62. D. liability; credit
  63. Question 11 of 20 5.0 Points
  64. Accounts Payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month. The ending balance is a
  65. A. $500 credit.
  66. B. $1,000 debit.
  67. C. $500 debit.
  68. D. $1,000 credit.
  69. Question 12 of 20 5.0 Points
  70. A category that is not in the chart of accounts is
  71. A. assets.
  72. B. liabilities.
  73. C. cash flows.
  74. D. revenue.
  75. Question 13 of 20 5.0 Points
  76. A debit balance is a normal balance for which type of account?
  77. A. Accounts payable
  78. B. Revenue
  79. C. Accounts receivable
  80. D. Owner’s capital
  81. Question 14 of 20 5.0 Points
  82. A liability would be credited and an expense would be debited if the business
  83. A. paid a creditor.
  84. B. incurred an expense and didn’t pay the expense immediately.
  85. C. bought supplies on account.
  86. D. bought supplies for cash.
  87. Question 15 of 20 5.0 Points
  88. The business incurred an expense and paid it immediately. To record this transaction,
  89. A. an expense is debited, and a liability is credited.
  90. B. an expense is debited, and an asset is credited.
  91. C. an expense is debited, and Capital is credited.
  92. D. None of the above
  93. Question 16 of 20 5.0 Points
  94. Which type of account has a normal credit balance?
  95. A. Withdrawals
  96. B. Assets
  97. C. Expenses
  98. D. Revenues
  99. Question 17 of 20 5.0 Points
  100. The left side of any account is the
  101. A. debit side.
  102. B. credit side.
  103. C. ending balance.
  104. D. footings.
  105. Question 18 of 20 5.0 Points
  106. An account that would be increased by a credit is
  107. A. cash.
  108. B. accounts receivable.
  109. C. utilities expense.
  110. D. accounts payable.
  111. Question 19 of 20 5.0 Points
  112. The owner of BobCats R Us paid his personal MasterCard bill using a company check. What is the correct entry to record the transaction?
  113. A. Credit Cash; debit Capital
  114. B. Credit Cash; debit Supplies Expense
  115. C. Credit Cash; debit Withdrawals
  116. D. Credit Cash; debit Accounts Receivable
  117. Question 20 of 20 5.0 Points
  118. An account is said to have a debit balance if
  119. A. the footing of the debits exceeds the footing of the credits.
  120. B. there are more entries on the debit side than on the credit side.
  121. C. its normal balance is debit without regard to the amounts or number of entries on the debit side.
  122. D. the last entry of the accounting period was posted on the debit side.
  123.  
  124. Download: http://solutionzip.com/downloads/20-mcq-which-statement-about-the-rules-of-debit-and-credit-is-true/
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