Question 1

Revenues and expenses are two categories of ____________________ accounts.

Accepted Answer

The answer of Revenues and expenses are two categories of...

Question 2

Posting is the transfer of the information from each journal entry to the ledger.

Accepted Answer

A) True 
 B)False

Question 3

Match between columns
                        Premises:  An increase in an asset, dividend, and expense account and a decrease in a liability, common stock, and revenue account; recorded on the left side of a T-account.
 A written promise to pay a definite sum of money on a specified future date.
 A file containing all accounts of a company and their balances.
 A complete record of all transactions in one place that shows debits and credits for each transaction.
 The ratio of total liabilities to total assets; used to reflect the risk associated with the company's debts.
 A list of all accounts used by a company and the identification number assigned to each account.
 A list of accounts and their balances at a point in time; the total debit balances should equal the total credit balances.
 A decrease in an asset, dividend, and expense account and an increase in a liability, common stock, and revenue account; recorded on the right side of a T-account.
 The difference between total debits and total credits for an account including the beginning balance.
 An account with debit and credit columns for recording entries and a third column for showing the balance of the account after each entry.

Accepted Answer

The Answer of Balance column account and Debt ratio and is...

Question 4

An account is a record of increases and decreases in a specific asset,liability,equity,revenue,or expense item.

Accepted Answer

A) True 
 B)False

Question 5

The balances for the accounts of Lance's Consulting Firm,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$$\begin{array} { l r l r } 
\text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \
\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \
\text { Cash } & 10,000 & \text { Retained earnings } & 68,700 \
\text { Office supplies } & 1,000 & \text { Land } & 53,000 \
\text { Building } & 99,000 & \text { Unearned revenue } & 7,000 \
\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \
\text { Consulting revenue } & 150,000 & \text { Common stock } & 12,900
\end{array}$$
Calculate total assets.

Accepted Answer

$7,000 + 10,000 + 1,...

Question 6

A company had total assets of $350,000; total liabilities of $101,500; and total equity of $248,500.Calculate its debt ratio.

Accepted Answer

$101,500/$...

Question 7

Misa Chien and Jennifer Green founded Nom Nom Truck.What are some accounting challenges they faced when starting their business?

Accepted Answer

They had to account for many a...

Question 8

Which of the following statements is false with regard to the debt ratio?

Accepted Answer

A)   It is of use to both internal and external users of accounting information.
B)   A relatively high ratio is always desirable.
C)   The dividing line for a high and low ratio varies from industry to industry.
D)   Many factors such as the company's age, stability, profitability, and cash flow influence the determination of what would be interpreted as a high versus a low ratio.
E)   The ratio might be used to help determine if a company is capable of increasing its income by obtaining further debt.F) B) and D)
G) A) and D)

Question 9

_______________ is the process of transferring journal entry information to the ledger.

Accepted Answer

The answer of _______________ is the process of transferring journal...

Question 10

On September 30,the Cash account of Value Company had a normal balance of $5,000.During September,the account was debited for a total of $12,200 and credited for a total of $11,500.What was the balance in the Cash account at the beginning of September?

Accepted Answer

A)   $0 balance
B)   $4,300 debit balance
C)   $4,300 credit balance
D)   $5,700 debit balance
E)   $5,700 credit balanceF) None of the above
G) A) and D)

Question 11

An account used to record the owners' investments in the business is called:

Accepted Answer

A)   Dividends
B)   Common Stock
C)   Revenue
D)   Expense
E)   LiabilityF) B) and E)
G) All of the above

Question 12

An account balance is:

Accepted Answer

A)   The total of the credit side of the account.
B)   The total of the debit side of the account.
C)   The difference between the total debits and total credits for an account including the beginning balance.
D)   Assets = Liabilities + Equity
E)   Always a credit.F) A) and B)
G) A) and C)

Question 13

A ___________________ is a record containing all accounts for a company along with their balances.

Accepted Answer

general le...

Question 14

On April 30,Holden Company had an Accounts Receivable balance of $18,000.During the month of May,total credits to Accounts Receivable were $52,000 from customer payments.The May 31 Accounts Receivable balance was $13,000.What was the amount of credit sales during May?

Accepted Answer

A)   $5,000
B)   $47,000
C)   $52,000
D)   $57,000
E)   $32,000F) B) and E)
G) A) and B)

Question 15

List the steps in processing transactions.

Accepted Answer

Business transactions and events are the...

Question 16

Which of the following is a TRUE statement concerning a company's financial statements?

Accepted Answer

A)   Balance sheet and income statement data combined contain the complete financial picture of a given company.
B)   A trial balance is another name for a balance sheet.
C)   Another name for the income statement is the earnings statement.
D)   Dividends paid to a company's shareholders are shown on the income statement.
E)   The balance sheet shows the financial position of a company for a period of time.F) A) and C)
G) C) and D)

Question 17

The debt ratio reflects the risk of a company to both its owners and creditors.

Accepted Answer

A) True 
 B)False

Question 18

The process of transferring general journal information to the ledger is:

Accepted Answer

A)   Double-entry accounting.
B)   Posting.
C)   Balancing an account.
D)   Journalizing.
E)   Not required unless debits do not equal credits.F) B) and C)
G) C) and D)

Question 19

What would be the appropriate entry for the following transaction?
Bill Co.performed $5,200 in consulting services on account.

Accepted Answer

A)   Credit to Cash, debit to Accounts Receivable.
B)   Debit to Service Revenue, debit to Cash.
C)   Debit to Accounts Receivable, credit to Cash.
D)   Debit to Service Revenue, credit to Cash.
E)   Debit to Accounts Receivable, credit to Service Revenue.F) B) and E)
G) None of the above

Question 20

A ___________________________ gives a complete record of each transaction in one place and shows debits and credits for each transaction.

Accepted Answer

general jo...

Exam 2: Analyzing and Recording Transactions

Correct Answer
verified
$7,000 + 10,000 + 1,...
View Answer

_______________ is the process of transferring journal entry information to the ledger.

Correct Answer
verified

What would be the appropriate entry for the following transaction? Bill Co.performed $5,200 in consulting services on account.

Correct Answer
verified

An account is a record of increases and decreases in a specific asset,liability,equity,revenue,or expense item.

Correct Answer
verified

A ___________________________ gives a complete record of each transaction in one place and shows debits and credits for each transaction.

Correct Answer
verified
general jo...
View Answer

An account balance is:

Correct Answer
verified

The debt ratio reflects the risk of a company to both its owners and creditors.

Correct Answer
verified

A company had total assets of $350,000; total liabilities of $101,500; and total equity of $248,500.Calculate its debt ratio.

Correct Answer
verified
$101,500/$...
View Answer

Which of the following is a TRUE statement concerning a company's financial statements?

Correct Answer
verified

Posting is the transfer of the information from each journal entry to the ledger.

Correct Answer
verified

Revenues and expenses are two categories of ____________________ accounts.

Correct Answer
verified

An account used to record the owners' investments in the business is called:

Correct Answer
verified

Which of the following statements is false with regard to the debt ratio?

Correct Answer
verified

List the steps in processing transactions.

Correct Answer
verified
Business transactions and events are the...
View Answer

Misa Chien and Jennifer Green founded Nom Nom Truck.What are some accounting challenges they faced when starting their business?

Correct Answer
verified
They had to account for many a...
View Answer

On September 30,the Cash account of Value Company had a normal balance of $5,000.During September,the account was debited for a total of $12,200 and credited for a total of $11,500.What was the balance in the Cash account at the beginning of September?

Correct Answer
verified

The process of transferring general journal information to the ledger is:

Correct Answer
verified

On April 30,Holden Company had an Accounts Receivable balance of $18,000.During the month of May,total credits to Accounts Receivable were $52,000 from customer payments.The May 31 Accounts Receivable balance was $13,000.What was the amount of credit sales during May?

Correct Answer
verified

A ___________________ is a record containing all accounts for a company along with their balances.

Correct Answer
verified
general le...
View Answer

Match the following definitions and terms

Exam 2: Analyzing and Recording Transactions

Correct Answerverified$7,000 + 10,000 + 1,...View AnswerShow Answer

_______________ is the process of transferring journal entry information to the ledger.

Correct AnswerverifiedShow Answer

What would be the appropriate entry for the following transaction? Bill Co.performed $5,200 in consulting services on account.

Correct AnswerverifiedShow Answer

An account is a record of increases and decreases in a specific asset,liability,equity,revenue,or expense item.

Correct AnswerverifiedShow Answer

A ___________________________ gives a complete record of each transaction in one place and shows debits and credits for each transaction.

Correct Answerverifiedgeneral jo...View AnswerShow Answer

An account balance is:

Correct AnswerverifiedShow Answer

The debt ratio reflects the risk of a company to both its owners and creditors.

Correct AnswerverifiedShow Answer

A company had total assets of $350,000; total liabilities of $101,500; and total equity of $248,500.Calculate its debt ratio.

Correct Answerverified$101,500/$...View AnswerShow Answer

Which of the following is a TRUE statement concerning a company's financial statements?

Correct AnswerverifiedShow Answer

Posting is the transfer of the information from each journal entry to the ledger.

Correct AnswerverifiedShow Answer

Revenues and expenses are two categories of ____________________ accounts.

Correct AnswerverifiedShow Answer

An account used to record the owners' investments in the business is called:

Correct AnswerverifiedShow Answer

Which of the following statements is false with regard to the debt ratio?

Correct AnswerverifiedShow Answer

List the steps in processing transactions.

Correct AnswerverifiedBusiness transactions and events are the...View AnswerShow Answer

Misa Chien and Jennifer Green founded Nom Nom Truck.What are some accounting challenges they faced when starting their business?

Correct AnswerverifiedThey had to account for many a...View AnswerShow Answer

On September 30,the Cash account of Value Company had a normal balance of $5,000.During September,the account was debited for a total of $12,200 and credited for a total of $11,500.What was the balance in the Cash account at the beginning of September?

Correct AnswerverifiedShow Answer

The process of transferring general journal information to the ledger is:

Correct AnswerverifiedShow Answer

On April 30,Holden Company had an Accounts Receivable balance of $18,000.During the month of May,total credits to Accounts Receivable were $52,000 from customer payments.The May 31 Accounts Receivable balance was $13,000.What was the amount of credit sales during May?

Correct AnswerverifiedShow Answer

A ___________________ is a record containing all accounts for a company along with their balances.

Correct Answerverifiedgeneral le...View AnswerShow Answer

Match the following definitions and terms

Correct Answer
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$7,000 + 10,000 + 1,...
View Answer

Correct Answer
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Correct Answer
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general jo...
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Correct Answer
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Correct Answer
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$101,500/$...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
Business transactions and events are the...
View Answer

Correct Answer
verified
They had to account for many a...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
general le...
View Answer