Question 1
0 out of 10 points
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| 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 |
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Question 2 0 out of 10 points
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| 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. |
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Question 3 10 out of 10 points
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| 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! |
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Question 4 10 out of 10 points
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| 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! |
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Question 5 0 out of 10 points
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| 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 |
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Question 6 0 out of 10 points
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| 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. |
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Question 7 0 out of 10 points
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| 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. |
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Question 8 10 out of 10 points
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| 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! |
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Question 9 10 out of 10 points
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| 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! |
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Question 10 0 out of 10 points
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| 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. |
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