Quiz: Solid Footing Chapter 10

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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