financial accounting for

SELF-STUDY QUESTIONS Anwers to Self Sauts Questions are at the end of this chapter.) 11.? Which of the following transactions does not affect the balance sheet totals? Purchased $500 supplies on account a. Received $4,000 cash from a bank after signing a note payable Ordered a new machine that will be paid for upon its delivery in two months Paid off a $3,000 note payable 12. w b. C. d 2. Tobias Company LO2 Tobias Company purchased inventory on account. This transaction will a. Only the balance sheet b. 13. A Only the income statement d The income statement, balance sheet, and statement of retained earnings 3. If assets increase by $100 and liabilities decrease by $ c The income statement and the statement of retained earnings $30, stockholders' equity must: Lo2 d. a. Remain unchanged 14. Po b. Increase by $130 Decrease by $70 b. d. 15. W c. d. Decrease by $130 4. A T-account consists of how many parts? LO3 a. One b. Two c. Three d. Four 5, d. L04 which of the following is true? 16. The a. The debit is on the right side of an asset account b. The debit is on the left side of an asset account c. The credit is on the left side of a liability account d. The debit is on the right side of an expense account 6. Which of the following accounts has a normal debit balance? d. LO4 17. Ma a. Accounts Payable b. Notes Payable c. Common Stock d. Advertising Expense which of the following accounts is increased by a credit? LO4 7, a Accounts Receivable b. Sales Revenue c. Dividends d. Advertising Expense which of the following is true? a. QUES L04 8. A debit will increase a liability account A credit will increase an asset account 1. List 2. Defi 3. Prov 4. Prov b. A credit will increase a revenue account A debit will decrease an expense account c. d. LO4 9. In applying the rules of debits and credits, which of the following statements is a. The word debit means to increase and the word credit means to decrease b. Asset, expense, and common stock accounts are debited for increases c. Liability, revenue, and common stock accounts are debited for increases d. Which of these accounts has a normal debit balance? a. Assets, expenses, dividends b. Assets, revenues, common stock c. Liabilities, revenues, common stock d Assets, liabilities, dividends c. Asset, expense, and dividends are debited for increases 04 10