Recording Of Accounting Operations Quiz

Recording of accounting operations

10 questions in 10 minutes

Pass Score 70%

1 / 10

Debits :

increase both assets and liabilities

decrease both assets and liabilities

decrease assets and increase liabilities

increase assets and decrease liabilities

2 / 10

A trial balance will not balance if :

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 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

3 / 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

4 / 10

Which of the following statements about an account istrue?

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

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 :

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

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

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

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

6 / 10

Posting :

transfers ledger transaction data to the journal

transfers journal entries to ledger accounts

is an optional step in the recording process

normally occurs before journalizing

7 / 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

8 / 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

9 / 10

Which of the following statements about a journal isfalse?

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 is not a book of original entry

It provides a chronological record of transactions

10 / 10

Which of the following isnotpart of the recording process ?

Analyzing transactions

Preparing a trial balance

Posting transactions

Entering transactions in a journal

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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