Recording of accounting operations quiz Financial Accounting Quiz On Aug 20, 2024 Share /10 12345678910 Recording of accounting operations 10 questions in 10 minutes Pass Score 70% 1 / 10 Debits : increase assets and decrease liabilities decrease both assets and liabilities increase both assets and liabilities decrease assets and increase liabilities 2 / 10 The order of the accounts in the ledger is : revenues, assets, expenses, liabilities, owner’s capital, owner’s drawings assets, liabilities, owner’s capital, owner’s drawings, revenues, expenses assets, revenues, expenses, liabilities, owner’s capital, owner’s drawings owner’s capital, assets, revenues, expenses, liabilities, owner’s drawings 3 / 10 Which of the following statements about a journal is false ? It is not a book of original entry 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 provides a chronological record of transactions 4 / 10 Which of the following statements about an account is true? In its simplest form, an account consists of two parts 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 An account is an individual accounting record of increases and decreases in specific asset, liability, and owner’s equity items 5 / 10 Before posting a payment of $10,000, the Accounts Payable of the Company had a normal balance of $25,000. The balance after posting this transaction was : $35,000 $15,000 $10,000 Cannot be determined The balance after posting this transaction = $25,000 - $10,000 =$15,000 6 / 10 A ledger : is a collection of the entire group of accounts maintained by a company is a book of original entry contains only asset and liability accounts should show accounts in alphabetical order 7 / 10 Which of the following is not part of the recording process ? Analyzing transactions Preparing a trial balance Posting transactions Entering transactions in a journal 8 / 10 Posting : transfers ledger transaction data to the journal is an optional step in the recording process normally occurs before journalizing transfers journal entries to ledger accounts 9 / 10 A revenue account : is decreased by credits has a normal balance of a debit is increased by credits is increased by debits 10 / 10 The purchase of supplies on account should result in : a debit to Supplies and a credit to Accounts Receivable a debit to Supplies and a credit to Accounts Payable a debit to Supplies Expense and a credit to Accounts Payable a debit to Supplies Expense and a credit to Cash 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
