Question 1 A debit always have an unfavorable effect on an account. (A) True B) False Question 2 Total amounts of Debit and Credit in a compound entry will sometimes be unequal. A True False Question 3 The General Journal is a chronological record of all transaction. True 1 Point 1 Point 1 Point False Question 4 Which of the following errors will not affect the equality of the debit and credit columns of the trial balance? A debit entry was recorded in a wrong debit account. The debit balance of a transaction has a different balance with its related credit. The account balance was carried to the wrong column of the trial balance. A debit was entered in an account as a credit. Question 5 Which of the following statements is true? Transposition errors always result to trial balance with unequal debit and credit totals. 1 Point 1 Point Miscalculation of interest which was debited and credited for equal amounts will result to an unbalanced trial balance. Total omission of a journal entry will still make the trial balance equal. In the accounting cycle, posting may precede journalizing. Question 6 Accrued expense is classified as account, while accrued revenue is classified as account (A) an expense; an asset (B) an expense; a revenue a liability: a revenue (D) a liability; an asset Question 7 What type of adjusting entry is required for this item: Unpaid interest from notes issued? A Accrued expense (B) Accrued revenue Prepaid expense (D) Unearned revenue 1 Point 1 Point