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Unit Test Review

Quiz by Adam Zlomke

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11 questions
Show answers
  • Q1
    A business that performs an activity for a fee is a proprietorship.
    False
    True
    30s
  • Q2
    A proof of equality of debits and credits in a general ledger is called a..
    General Ledger
    Trial Balance
    Work sheet
    Chart of Accounts
    30s
  • Q3
    A t-account is an accounting device used to analyze transactions.
    False
    True
    30s
  • Q4
    Temporary accounts must start each fiscal period with a balance of more than zero.
    False
    True
    30s
  • Q5
    Restrictive endorsements should be used when sending checks through the mail.
    True
    False
    30s
  • Q6
    To establish a petty cash fund you would..
    Debit Petty Cash; Credit Cash
    Debit Owner's Capital; Credit Petty Cash
    Debit Cash; Credi Petty Cash
    Debit Petty Cash; Credit Owner's Capital
    30s
  • Q7
    On a work sheet, the balance of the Sales account is extended to the..
    Balance Sheet Credit Column
    Balance Sheet Debit Column
    Income Statement Credit Column
    Income Statement Debit Column
    30s
  • Q8
    Net Income component percentage is calculated by dividing net income by total sales.
    False
    True
    30s
  • Q9
    Transferring information from a journal entry to a ledger account is called..
    Adjusting
    Journalizing
    Recording
    Posting
    30s
  • Q10
    The posting reference should always be recorded in the journal's Post. REf. column before amounts are recorded in the ledger.
    Posting references should always be recorded after amounts are recorded in the ledger.
    True
    30s
  • Q11
    Selling services on account would require which of the following journal entries..
    Debit Cash; Credit Accounts Receivable
    Debit Accounts Receivable; Credit Sales
    Debit Accounts Receivable; Credit Cash
    Debit Sales; Credit Accounts Receivable
    30s

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