Recording Of Accounting Operations Quiz

Recording of accounting operations

10 questions in 10 minutes

Pass Score 70%

1 / 10

Debits :

decrease assets and increase liabilities

increase assets and decrease liabilities

decrease both assets and liabilities

increase both assets and liabilities

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 :

$10,000

Cannot be determined

$35,000

$15,000

3 / 10

The purchase of supplies on account should result in :

a debit to Supplies Expense and a credit to Cash

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

4 / 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

5 / 10

A ledger :

should show accounts in alphabetical order

contains only asset and liability accounts

is a book of original entry

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

6 / 10

Which of the following isnotpart of the recording process ?

Posting transactions

Entering transactions in a journal

Preparing a trial balance

Analyzing transactions

7 / 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

8 / 10

Which of the following statements about a journal isfalse?

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 is not a book of original entry

It discloses in one place the complete effect of a transaction

9 / 10

A trial balance :

is a list of accounts with their balances at a given time

will not balance if a correct journal entry is posted twice

proves the mathematical accuracy of journalized transactions

proves that all transactions have been recorded

10 / 10

Which of the following statements about an account istrue?

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

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

Your score is

Recording of accounting operations quiz

10 questions in 10 minutes

Pass Score 70%

Question topics

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10 questions in 10 minutes

Pass Score 70%

Question topics

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