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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

_isthe recording function of the accounting process.LO.1
Assets=_+Owner’s Equity LO.1
The owner’s current investment or equity in the assets of a business is called LO.1
A list of assets, liabilities, and owner’s equity as of a particular date is reported on a LO.1
_createan outward or potential outward flow of assets.LO.1
Revenue earned on account creates an assetentitled_ LO.1
_recordpersonal expenses that are not related to the business. They are a subdivision of owner’s equity.LO.1
The_reportshow well a business performs for a period of time.LO.1
The_ _isa report that shows changes in capital. LO.1
The ending figure for capital from the statement of owner’s equity is placed on the ____. LO.1
Business transactions are recorded in monetary terms. True/False LO.1
Assets less Liabilities equals Owner’s Equity. True/False LO.1
Revenue is an asset. True/False LO.1
Capital means cash. True/False LO.1
Bookkeeping is 50 percent of accounting True/False LO.1
The balance sheet lists assets, revenue, and owner’s equity. True/False LO.1
The balance sheet shows where we are now for a specific period of time. True/False LO.1
Revenue creates an outward flow of assets. True/False LO.1
Expenses are a subdivision of owner’s equity. True/False LO.1
Withdrawals are the only subdivision of owner’s equity. True/False LO.1
Withdrawals are listed on the income statement. True/False LO.1
Revenue is a subdivision of owner’s equity. True/False LO.1
The income statement helps update the statement of owner’s equity, and the statement of owner’s equity helps update the balance sheet. True/False LO.1
Withdrawals are listed on the statement of owner’s equity. True/False LO.1
EXAMPLE: Jim Murray invested $1,000 in his business. LO.1
Bought equipment on account for $100. LO.1
Paid salaries of $50 LO.1
Bought additional equipment for $500 cash. LO.1
Paid rent expense of $50. LO.1
Received $5,000 in cash from revenue earned. LO.1
Paid heat expense of $15. LO.1
Earned revenue of $500 that will not be received until next month. LO.1
Paid amount owed on equipment previously purchased on account. LO.1
Paid for cleaning supplies expense, $ 15. LO.1
Customers paid $ 10 of amount previously owed. LO.1
Bought additional equipment of $1,000, half paid in cash and half charged. LO.1
Charged customer $100 for services performed LO.1
Jim paid home phone bill from the company’s cash. LO.1
Advertising expense incurred but not to be paid until next month. LO.1
_accumulate information in a book called the ledger. LO.1
The left side of any T account is calledthe_. LO.1
Assets are increasedby_. LO.1
The process of balancing an account involves_. LO.1
Transaction anaylsis charts are an aid inrecording_. LO.1
The_indicatesthe names and num¬bering system of accounts. LO.1
A_isa group of accounts. LO.1
A_isan informal report that lists accounts and their bal¬ances. LO.1
Withdrawals are increasedby_. LO.1
The income statement, statement of owner’s equity, and balance sheet may be prepared from a LO.1
Cash, Accounts Receivable, and Equipment are examplesof_. LO.1
Increasing expenses ultimately cause owner’s equityto_. LO.1
An increase in rent expense isa_bythe rules of debits and credits. LO.1
A debit to one asset and a credit to another asset for the same transaction reflect a _inassets. LO.1
The category of accounts payable isa/an_. LO.1
EXAMPLE: Abby Lane invested $25,000 in the taxi company. LO.1
Purchased a taxi on account for $40,000. LO.1
Bought equipment on account for $6,000. __ LO.1
Advertising bill received, but not paid til next month. _ LO.1
Abby paid home telephone bill from company checkbook, $20. _ LO.1
Collected $100 in cash from daily taxi fees earned. __ LO.1
Customer charged a taxi ride of $10. __ LO.1
Received partial payment for Transaction #7 of $5. __ LO.1
Paid business telephone bill, $32. __ LO.1
Purchased additional equipment for cash, $550. __ LO.1
Paid taxi driver salaries of $150. __ LO.1
Drove customer on account to local train station for $6. __ LO.1
Received $5 from customer who hired taxi for ride acrosstown.__ LO.1
Collected from past charged revenue, $15. __ LO.1
Bought office equipment on account for $110. __ LO.1
There are debit and credit columns found on the three financial statements. True/False LO.1
A trial balance could balance but be wrong. True/False LO.1
Withdrawals are listed on the credit column of the trial balance. True/False LO.1
Double entry bookkeeping results in a system where the sum of all the debits is equal to the sum of all the credits. True/False LO.1
The ledger is numbered like a textbook. True/False LO.1
Withdrawals are always increased by credits. True/False LO.1
An expense could create a liability. True/False LO.1
A shift in assets means the total of assets must change. True/False LO.1
The rules of debit and credit are constantly changing. True/False LO.1
The transaction analysis chart is a teaching device. True/False LO.1
The chart of accounts makes locating and identifying accounts easier. True/False LO.1
The left side of any account is a credit. True/False LO.1
A debit means all accounts are decreasing. True/False LO.1
Financial statements are prepared from a trial balance. True/False LO.1
The statement of owner’s equity is prepared before the income statement. True/False LO.1
Liabilities increase by credits. True/False LO.1
Footings aid in balancing accounts. True/False LO.1
The balance sheet contains the old figure for capital. True/False LO.1
Think of a credit as always meaning something good. True/False LO.1
A_isan accounting period that runs for any 12 consecutive months. LO.1
_are prepared for parts of a fiscal year(monthly, quarterly, etc.). LO.1
The_ eliminates the need for footings. LO.1
The positive balance of each account is referred to asits_ LO.1
The process of recording transactions in a journal iscalled_. LO.1
Entries are journalizedin_. LO.1
A ledger is often calleda_ LO.1
The_portionof a journal entry is indented and placed below the _portion. LO.1
A journal entry requiring three or more accounts is calleda_ LO.1
Prepaid rent isa(n)_onthe balance sheet. LO.1
When supplies are used up or consumed they becomea(n)_. LO.1
The book of original entry usually refers toa(n)_. LO.1

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