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Quiz: Solid Footing Chapter 10 Name: ________________________________ Print your name above Print your name on the Multiple Choice Answer Form For each of the accounts

Quiz: Solid Footing Chapter 10

Name: ________________________________

Print your name above

Print your name on the Multiple Choice Answer Form

For each of the accounts below select the correct combination. Circle the correct combination.

Place your answer on the Multiple Choice Answer Form.

Only the answer on the Multiple Choice Answer Form will be counted for grading purposes.

Appears on

Which Financial Normal Is the Account

Type of Account? Statement? Balance Closed?

1. Accounts Payable A. Liability Balance Sheet Credit No

B. Asset Balance Sheet Credit No

C. Liability Balance Sheet Debit No

D. Asset Balance Sheet Debit No

E. None of the above

2. Accounts Receivable A. Asset Balance Sheet Credit No

B. Liability Balance Sheet Debit No

C. Asset Income Statement Debit No

D. Liability Income Statement Debit No

E.

None of the above

3. Accumulated Depreciation A. Expense Income Statement Credit Yes

B. Expense Income Statement Debit Yes

C. Asset Balance Sheet Credit Yes

D. Asset Balance Sheet Credit No

E. Asset Balance Sheet Debit No

4. Cash A. Asset Balance Sheet Credit No

B. Asset Balance Sheet Debit No

C. Asset Balance Sheet Credit Yes

D. Asset Balance Sheet Debit Yes

E. None of the above

5. Common Stock A. Asset Balance Sheet Credit No

B. Asset Balance Sheet Debit No

C. Equity Balance Sheet Credit No

D. Revenue Income Statement Credit Yes

E.

None of the above

6. Cost of Goods Sold A. Expense Income Statement Debit No

B. Expense Income Statement Debit Yes

C. Asset Balance Sheet Debit No

D. Asset Balance Sheet Debit Yes

E.

None of the above

7. Depreciation Expense A. Expense Income Statement Debit Yes

B. Expense Income Statement Credit Yes

C. Expense Income Statement Debit No

D. Expense Income Statement Credit No

E.

None of the above

Quiz: Solid Footing Chapter 10 Pg. 2

Appears on

Which Financial Normal Is the Account

Type of Account?

Statement?

Balance

Closed?

8. Dividends Payable A. Dividends Balance Sheet Credit No

B. Liability Balance Sheet Credit Yes

C. Liability Balance Sheet Credit No

D. Dividends Balance Sheet Credit Yes

E.

None of the above

9. Equipment A. Asset Balance Sheet Credit No

B. Asset Balance Sheet Credit Yes

C. Asset Balance Sheet Debit Yes

D. Asset Balance Sheet Debit No

E.

None of the above

10. Interest Expense A. Expense Income Statement Debit No

B. Expense Income Statement Credit Yes

C. Expense Neither B/S or I/S Debit No

D. Expense Neither B/S or I/S Credit Yes

E. None of the above

11. Interest Payable A. Liability Balance Sheet Debit No

B. Liability Balance Sheet Debit Yes

C. Liability Balance Sheet Credit No

D. Liability Balance Sheet Credit Yes

E.

None of the above

12. Interest Receivable A. Asset Balance Sheet Debit No

B. Asset Balance Sheet Debit Yes

C. Asset Balance Sheet Credit No

D. Asset Balance Sheet Credit Yes

E.

None of the above

13. Inventory A. Asset Balance Sheet Debit No

B. Asset Balance Sheet Credit No

C. Expense Balance Sheet Debit Yes

D. Expense Balance Sheet Credit Yes

E. None of the above

14. Note Payable A. Liability Balance Sheet Debit No

B. Liability Balance Sheet Debit Yes

C. Liability Balance Sheet Credit No

D. Liability Balance Sheet Credit Yes

E.

None of the above

15. Prepaid Insurance A. Asset Balance Sheet Credit No

B. Asset Balance Sheet Debit No

C. Expense Income Statement Credit Yes

D. Expense Income Statement Debit Yes

E.

None of the above

16. Prepaid Rent A. Asset Balance Sheet Credit No

B. Asset Balance Sheet Debit No

C. Liability Balance Sheet Credit No

D. Liability Balance Sheet Debit No

E. None of the above

Quiz: Solid Footing Chapter 10 Pg. 3

Appears on

Which Financial Normal Is the Account

Type of Account?

Statement?

Balance

Closed?

17. Rent Expense A. Asset Balance Sheet Credit No

B. Asset Balance Sheet Debit No

C. Expense Balance Sheet Credit No

D. Expense Balance Sheet Debit No

E.

None of the above

18. Retained Earnings A. Equity Balance Sheet Credit Yes

B. Equity Balance Sheet Credit No

C. Equity Income Statement Credit Yes

D. Equity Income Statement Credit No

E.

None of the above

19. Sales Revenue A. Revenue Balance Sheet Credit Yes

B. Revenue Balance Sheet Credit No

C. Revenue Income Statement Credit Yes

D. Revenue Income Statement Credit No

E. None of the above

20. Supplies A. Asset Balance Sheet Debit No

B. Asset Balance Sheet Credit No

C. Asset Balance Sheet Debit Yes

D. Asset Balance Sheet Credit Yes

E.

None of the above

21. Supplies Expense A. Expense Income Statement Credit Yes

B. Expense Income Statement Credit No

C. Expense Income Statement Debit Yes

D. Expense Income Statement Debit No

E.

None of the above

22. Unearned Revenue A. Liability Balance Sheet Credit Yes

B. Revenue Income Statement Credit Yes

C. Revenue Income Statement Credit No

D. Liability Balance Sheet Credit No

E.

None of the above

23. Wages Expense A. Expense Income Statement Credit Yes

B. Expense Income Statement Credit No

C. Expense Income Statement Debit Yes

D. Expense Income Statement Debit No

E. None of the above

24. Wages Payable A. Liability Balance Sheet Debit No

B. Liability Balance Sheet Credit Yes

C. Expense Income Statement Debit Yes

D. Expense Income Statement Debit No

E.

None of the above

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