Recording of accounting operations quiz Financial Accounting Quiz On Feb 5, 2025 Share /10 12345678910 Recording of accounting operations 10 questions in 10 minutes Pass Score 70% 1 / 10 The order of the accounts in the ledger is : assets, revenues, expenses, liabilities, owner’s capital, owner’s drawings assets, liabilities, owner’s capital, owner’s drawings, revenues, expenses revenues, assets, expenses, liabilities, owner’s capital, owner’s drawings owner’s capital, assets, revenues, expenses, liabilities, owner’s drawings 2 / 10 Which of the following statements about an account is true? The left side of an account is the credit or decrease side There are separate accounts for specifc assets and liabilities but only one account for owner’s equity items In its simplest form, an account consists of two parts An account is an individual accounting record of increases and decreases in specific asset, liability, and owner’s equity items 3 / 10 Which of the following is not part of the recording process ? Preparing a trial balance Analyzing transactions Posting transactions Entering transactions in a journal 4 / 10 Which of the following statements about a journal is false ? It provides a chronological record of transactions It helps to locate errors because the debit and credit amounts for each entry can be readily compared It discloses in one place the complete effect of a transaction It is not a book of original entry 5 / 10 Posting : transfers ledger transaction data to the journal transfers journal entries to ledger accounts is an optional step in the recording process normally occurs before journalizing 6 / 10 Debits : increase assets and decrease liabilities increase both assets and liabilities decrease assets and increase liabilities decrease both assets and liabilities 7 / 10 The expanded accounting equation is : Assets = Liabilities - Owner’s Capital - Owner’s Drawings - Revenues - Expenses Assets + Liabilities = Owner’s Capital + Owner’s Drawings + Revenues + Expenses Assets = Liabilities + Owner’s Capital + Owner’s Drawings + Revenues - Expenses Assets = Liabilities + Owner’s Capital - Owner’s Drawings + Revenues - Expenses 8 / 10 A trial balance will not balance if : the purchase of supplies on account is debited to Supplies and credited to Cash a $10 cash drawing by the owner is debited to Owner’s Drawings for $100 and credited to Cash for $10 a correct journal entry is posted twice a $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45 9 / 10 A trial balance : proves the mathematical accuracy of journalized transactions will not balance if a correct journal entry is posted twice proves that all transactions have been recorded is a list of accounts with their balances at a given time 10 / 10 A ledger : is a book of original entry contains only asset and liability accounts should show accounts in alphabetical order is a collection of the entire group of accounts maintained by a company Your score is LinkedIn Facebook Twitter VKontakte 0% Send feedback Question topics Debits and credits The Journal –The Ledger – Posting Chart of accounts –The trial balance accounting debits and creditsaccounting debits and credits chartaccounting exam
