Question 1

0 out of 10 points

The left side of an account is

Answers:	a. the balance of the account
b. Blank
c. the debit side
d. A description of the account

Response Feedback:

Try again

Question 2 0 out of 10 points

In the first month of operations, the total of the debit entries to the Cash account amounted to $1,400 and the total of the credit entries to the Cash account amounted to $800. The Cash account has a

Answers:	a. $600 debit balance
b. $1,400 debit balance
c. $600 credit balance
d. $800 credit balance

Response Feedback:

Try again.

Question 3 10 out of 10 points

All of the following are characteristics of every accounting information system except it is a system

Answers:	a. of data storage hardware for the chart of accounts
b. that processes transaction data
c. that collects transaction data
d. that communicates financial information to decision makers

Response Feedback:

You are correct!

Question 4 10 out of 10 points

Debits

Answers:	a. increase both assets and liabilities
b. decrease assets and increase liabilities
c. decrease both assets and liabilities
d. increase assets and decrease liabilities

Response Feedback:

You are correct!

Question 5 0 out of 10 points

Jamal Company began the year with $84,000 in its Common Stock account and a debit balance in Retained Earnings of $36,000. During the year, the company earned net income of $18,000 and declared and paid $6,000 of dividends. In addition, the company sold additional common stock amounting to $22,000. Based on this information, what should the transaction analysis show for the ending total of all stockholders' equity accounts?

Answers:	a. $166,000
b. $110,000
c. $82,000
d. $154,000

Response Feedback:

Try again

Question 6 0 out of 10 points

Barnes Company showed the following balances at the end of its first year:

Cash $14,000

Prepaid insurance 700

Accounts receivable 3,500

Accounts payable 2,800

Notes payable 4,200

Common stock 5,400

Dividends 700

Revenues 24,000

Expenses 17,500

Answers:	a. $37,100
b. $37,800
c. $36,400
d. $35,700

Response Feedback:

Try again.

Question 7 0 out of 10 points

An account is a part of the financial information system and is described by each one of the following except

Answers:	a. an account has a debit and credit side
b. an account has a title
c. an account consists of three parts
d. an account is a source document

Response Feedback:

Try again.

Question 8 10 out of 10 points

Which of the following items has no effect on retained earnings?

Answers:	a. Expense
b. Revenue
c. Land Purchase
d. Dividends

Response Feedback:

You are correct!

Question 9 10 out of 10 points

Which one of the following is not a part of an account?

Answers:	a. Title
b. Trial Balance
c. Debit Side
d. Credit Side

Response Feedback:

You are correct!

Question 10 0 out of 10 points

Which one of the following represents the basic accounting equation?

Answers:	a. Assets = Liabilities + Stockholder's Equity
b. Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses
c. Assets = Revenues + Expenses - Liabilities
d. Assets + Dividends + Expenses = Liabilities + Common Stock + Revenues

Response Feedback:

Try again.