Assets are increased with debits and decrease with credits.
Student Response
Value
Correct Answer
Feedback
False
True
100%
Score:
1/1
2.
Of the following, which statement istrue about assets?
Student Response
Value
Correct Answer
Feedback
Assets include only physical assets.
Assets are owned solely by stockholders of the company
Assets include physical and intangible assets.
100%
Assets are the result of selling products or services to customers.
Score:
1/1
3.
Which of the following abbreviations are correct?
Student Response
Value
Correct Answer
Feedback
Debit “Dr”, Credit “Cd”
Debit “Db”, Credit “Cr”
Debit “Dr”, Credit “Cr”
100%
Debit “Db”, Credit “Cd”
Score:
1/1
4.
The double-entry accounting system records each transaction twice.
Student Response
Value
Correct Answer
Feedback
True
0%
False
Score:
0/1
5.
Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.
Student Response
Value
Correct Answer
Feedback
False
True
0%
Score:
0/1
6.
The balance of the account is determined by
Student Response
Value
Correct Answer
Feedback
adding all of the debits to all of the credits.
always subtracting all of the credits from the debit.
always subtracting the debits from the credits.
adding all of the debits, adding all of the credits, and then subtracting the smaller sum from the larger sum.
100%
Score:
1/1
7.
Unless the transaction is compound, the dollar amount of the debits for each transaction is equal to the dollar amount of the credits for that transaction, and thus the term double-entry bookkeeping.
Student Response
Value
Correct Answer
Feedback
False
True
0%
Score:
0/1
8.
Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?
Student Response
Value
Correct Answer
Feedback
cash received from customers on account was posted as a debit of $680 to Cash and a credit of $680 to Accounts Payable
a payment of $67 for insurance was posted as a debit of $42 to Prepaid Insurance and a credit of $42 to Cash
a transaction was not posted
a payment of $1,311 to a creditor was posted as a debit of $3,111 to Accounts Payable and a debit of $311 to Accounts Receivable
100%
Score:
1/1
9.
The classification and normal balance of the supplies expense account is a(n)
Student Response
Value
Correct Answer
Feedback
asset with a debit balance
liability with a credit balance
expense with a debit balance
100%
asset with a credit balance
Score:
1/1
10.
Which of the following groups of accounts have a normal debit balance?
Student Response
Value
Correct Answer
Feedback
liabilities, expenses
revenues, liabilities, capital stock
assets, expenses
100%
capital stock, assets
Score:
1/1
11.
Prepaid expenses are an example of an expense.
Student Response
Value
Correct Answer
Feedback
False
True
0%
Score:
0/1
12.
In which of the following types of accounts are increases recorded by debits?
Student Response
Value
Correct Answer
Feedback
assets, liabilities
dividends, liabilities
expenses, liabilities
assets, expenses
100%
Score:
1/1
13.
Stockholders’ equity is the stockholders’ right to the assets of the business.
Student Response
Value
Correct Answer
Feedback
False
True
100%
Score:
1/1
14.
Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.
Student Response
Value
Correct Answer
Feedback
False
100%
True
Score:
1/1
15.
Which of the following entries records the acquisition of office supplies on account?
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