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 Debits : decrease assets and increase liabilities increase both assets and liabilities increase assets and decrease liabilities decrease both assets and liabilities 2 / 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 3 / 10 A trial balance will not balance if : a $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45 a correct journal entry is posted twice a $10 cash drawing by the owner is debited to Owner’s Drawings for $100 and credited to Cash for $10 the purchase of supplies on account is debited to Supplies and credited to Cash 4 / 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 : Cannot be determined $15,000 $35,000 $10,000 The balance after posting this transaction = $25,000 - $10,000 =$15,000 5 / 10 Posting : transfers journal entries to ledger accounts transfers ledger transaction data to the journal is an optional step in the recording process normally occurs before journalizing 6 / 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 7 / 10 Which of the following statements about a journal is false ? It discloses in one place the complete effect of a transaction It helps to locate errors because the debit and credit amounts for each entry can be readily compared It provides a chronological record of transactions It is not a book of original entry 8 / 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 9 / 10 Which of the following is not part of the recording process ? Analyzing transactions Entering transactions in a journal Preparing a trial balance Posting transactions 10 / 10 Accounts that normally have debit balances are : assets, owner’s drawings, and expenses assets, expenses, and owner’s capital assets, expenses, and revenues assets, liabilities, and owner’s drawings 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
