Recording of accounting operations quiz Financial Accounting Quiz On Mar 16, 2024 Share /10 12345678910 Recording of accounting operations 10 questions in 10 minutes Answers at the end of the exam Pass Score 70% The questions change when you repeat the exam enter full-screen mode by pressing the icon located in the top- right comer of the exam 1 / 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 2 / 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 3 / 10 A trial balance : 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 is a list of accounts with their balances at a given time 4 / 10 Which of the following is not part of the recording process ? Analyzing transactions Preparing a trial balance Entering transactions in a journal Posting transactions 5 / 10 The order of the accounts in the ledger is : owner’s capital, assets, revenues, expenses, liabilities, owner’s drawings revenues, assets, expenses, liabilities, owner’s capital, owner’s drawings assets, revenues, expenses, liabilities, owner’s capital, owner’s drawings assets, liabilities, owner’s capital, owner’s drawings, revenues, expenses 6 / 10 The purchase of supplies on account should result in : 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 a debit to Supplies and a credit to Accounts Receivable 7 / 10 Which of the following statements about a journal is false ? It discloses in one place the complete effect of a transaction 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 8 / 10 A trial balance will not balance if : a correct journal entry is posted twice the purchase of supplies on account is debited to Supplies and credited to Cash a $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45 a $10 cash drawing by the owner is debited to Owner’s Drawings for $100 and credited to Cash for $10 9 / 10 Accounts that normally have debit balances are : assets, expenses, and revenues assets, owner’s drawings, and expenses assets, expenses, and owner’s capital assets, liabilities, and owner’s drawings 10 / 10 A ledger : is a collection of the entire group of accounts maintained by a company contains only asset and liability accounts should show accounts in alphabetical order is a book of original entry 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