Recording of accounting operations quiz

Financial Accounting Quiz

On Aug 20, 2024

/10

Recording of accounting operations

10 questions in 10 minutes

Pass Score 70%

1 / 10

Accounts that normally have debit balances are :

assets, liabilities, and owner’s drawings

assets, expenses, and revenues

assets, expenses, and owner’s capital

assets, owner’s drawings, and expenses

2 / 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

Cannot be determined

$10,000

$15,000

3 / 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

4 / 10

Which of the following statements about an account is true?

An account is an individual accounting record of increases and decreases in specific asset, liability, and owner’s equity items

In its simplest form, an account consists of two parts

There are separate accounts for specifc assets and liabilities but only one account for owner’s equity items

The left side of an account is the credit or decrease side

5 / 10

The order of the accounts in the ledger is :

owner’s capital, assets, revenues, expenses, liabilities, owner’s drawings

assets, liabilities, owner’s capital, owner’s drawings, revenues, expenses

assets, revenues, expenses, liabilities, owner’s capital, owner’s drawings

revenues, assets, expenses, liabilities, owner’s capital, owner’s drawings

6 / 10

Which of the following is not part of the recording process ?

Posting transactions

Entering transactions in a journal

Analyzing transactions

Preparing a trial balance

7 / 10

Debits :

decrease assets and increase liabilities

increase both assets and liabilities

decrease both assets and liabilities

increase assets and decrease liabilities

8 / 10

Posting :

normally occurs before journalizing

transfers journal entries to ledger accounts

transfers ledger transaction data to the journal

is an optional step in the recording process

9 / 10

A ledger :

should show accounts in alphabetical order

is a book of original entry

is a collection of the entire group of accounts maintained by a company

contains only asset and liability accounts

10 / 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 provides a chronological record of transactions

It discloses in one place the complete effect of a transaction

Your score is

Question topics

Debits and credits

The Journal –The Ledger – Posting

Chart of accounts –The trial balance