Fundamental Accounting 2018
Quiz by Rachel Nally
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25 questions
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- Q1The process of originally recording a business transaction in the accounting records is termed ______.balancingjournalizingfootingposting30s
- Q2Temporary capital accounts start each fiscal period with ______.both debit and credit balancesdebit balancescredit balanceszero balances30s
- Q3If liabilities total $2,000 and the owner’s equity totals $18,000, the asset value is ______.$ 18,000$ 2,000$20,000$ 16,00045s
- Q4An Income Statement is designed to show ______.all the changes to owner’s equity that occurred during the fiscal periodthe profitability of the business during the current fiscal periodthe value of assets, liabilities, and owner’s equity in the business on a particular datehow much a business is worth45s
- Q5If a business pays cash for supplies, which of the following statements is true?one asset increases and one liability decreasesone asset decreases and owner’s equity decreasesone asset increases and owner’s equity increasesone asset increases and another asset decreases30s
- Q6The process of transferring information from the journal to the individual general ledger accounts is called ______.postingjournalizingclosingtransferring30s
- Q7The normal balance of a revenue account is the ______.credit sideleft sidedebit sidenone of these30s
- Q8The normal balance of an expense account is the ______.debit sideright sidenone of thesecredit side30s
- Q9What two types of transactions decrease owner’s equity?withdrawals and expensesrevenues and expensesinvestments and withdrawalswithdrawals and revenues30s
- Q10The Balance Sheet of Nally’s Nook includes the following items: Office Furniture Cash Supplies Accounts Payable R. Nally, Capital Accounts Receivable R. Nally, Drawing Truck The list includes ______.five assets and two liabilitiesfour assets and three liabilitiesfive assets and three owner’s equityfive assets and one liability120s
- Q11An endorsement on the back of a check consisting of the words “Pay to the order of” and a new check owner’s name is a ______.deposit endorsementspecial endorsementblank endorsementrestrictive endorsement30s
- Q12A lost check with a blank endorsement on it can be cashed by ______.only the person who endorsed the checkanyone who has the checkno oneonly the person whose name follows the words “Pay to the order of”30s
- Q13The point of the double-entry system of accounting is that every transaction ______.affects accounts on both sides of the balance sheetaffects two or more ledger accounts and is recorded by an equal dollar amount of debits and creditsis recorded in both the journal and the ledgerincreases one ledger account and decreases another30s
- Q14A journal consists of ______.a storage center of information within a computer-based accounting system from which data can be retrieved and arranged in any desired formata chronological record of individual business transactionsa listing of the balances of each ledger account to determine the equality of debit and credit entriesa separate page or “account” for each type of asset, liability, and element of owner’s equity30s
- Q15Net Income is best described as ______.the increase in owner’s equity resulting from profitable business operations during an accounting periodrevenue earned during an accounting period, less any cash payments made during the periodcash receipts less cash payments made during a given accounting periodthe increase in total assets over a given accounting period45s