Recording Of Accounting Operations Quiz

Recording of accounting operations

10 questions in 10 minutes

Pass Score 70%

1 / 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 Payable

a debit to Supplies and a credit to Accounts Receivable

a debit to Supplies Expense and a credit to Accounts Payable

2 / 10

A ledger :

contains only asset and liability accounts

should show accounts in alphabetical order

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

is a book of original entry

3 / 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

$15,000

Cannot be determined

$10,000

4 / 10

Accounts that normally have debit balances are :

assets, owner’s drawings, and expenses

assets, expenses, and owner’s capital

assets, liabilities, and owner’s drawings

assets, expenses, and revenues

5 / 10

Debits :

increase assets and decrease liabilities

decrease assets and increase liabilities

increase both assets and liabilities

decrease both assets and liabilities

6 / 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 discloses in one place the complete effect of a transaction

It is not a book of original entry

7 / 10

Which of the following isnotpart of the recording process ?

Analyzing transactions

Entering transactions in a journal

Preparing a trial balance

Posting transactions

8 / 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

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

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

9 / 10

Which of the following statements about an account istrue?

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

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

10 / 10

A trial balance will not balance if :

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

a correct journal entry is posted twice

a $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45

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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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