Accounting

Front 1

AN ACCOUNTING DEVICE USED TO ANALYZE TRANSACTIONS IS A T ACCOUNT

Back 1

TRUE

Front 2

THE BALANCE OF AN ACCOUNT INCREASES ON THE SAME SIDE AS THE NORMAL BALANCE SIDE

Back 2

TRUE

Front 3

ASSETS ACCOUNTS INCREASE ON THE CREDIT SIDE

Back 3

TRUE

Front 4

EACH TRANSACTION CHANGES THE BALANCES IN AT LEAST TWO ACCOUNTS

Back 4

TRUE

Front 5

ACCOUNTS PAYABLE ACCOUNTS ARE INCREASED WITH A DEBIT

Back 5

FALSE

Front 6

PREPAID INSURANCE IS DECREASED WITH A CREDIT

Back 6

TRUE

Front 7

THE SOURCE DOCUMENT FOR ALL CASH PAYMENTS IS A SALES INVOICE

Back 7

FALSE

Front 8

THE JOURNAL COLUMNS USED TO RECORD PAYING CASH TO OWNER FOR PERSONAL USE ARE GENERAL DEBIT AND CASH CREDIT

Back 8

TRUE

Front 9

DOLLARS AND CENTS SIGNS AND DECIMALS POINTS SHOULD BE USED WHEN WRITING AMOUNTS ON RULED ACCOUNTING PAGES

Back 9

FALSE

Front 10

RECORDING TRANSACTIONS IN A JOURNAL IS JOURNALIZING

Back 10

TRUE

Front 11

THE YEAR AND THE MONTH ARE WRITTEN ONLY ONCE ON A JOURNAL PAGE

Back 11

TRUE

Front 12

WHEN AN AMOUNT TO BE RECORDED IN A JOURNAL IS IN EVEN DOLLARS, THERE IS NO NEED TO RECORD ANYTHING IN THE CENTS COLUNM

Back 12

FALSE

Front 13

ASSETS ACCOUNTS ARE LISTED ON THE LEFT SIDE OF THE ACCOUTNING EQUATION

Back 13

TRUE

Front 14

DOUBLE LINES BELOW A COLUMN TOTAL MEAN THAT THE TOTALS HAVE BEEN VERTIFIED AS CORRECT

Back 14

TRUE

Front 15

REGARDLESS OF WHEN PAYMENT IS MADE WHEN SERVICES ARE SOLD, THE REVENUE SHOULD BE RECOREDE AT THE TIME OF THE SALE

Back 15

TRUE

Front 16

WHEN A COMPANY MAKES A SALE OF $$300.00, CASH AND ACCOUNTS RECEIVABLE INCREASE BY $300.00

Back 16

FALSE

Front 17

ON A CHART OF ACCOUNTS, ALL ASSET LIABILITY ACCOUNTS ARE IN THE SAME DIVISION.

Back 17

TRUE

Front 18

THE TOTAL OF THE SALES CREDIT COLUMN IS POSTED IN THE GL

Back 18

TRUE

Front 19

THE FIRST ASSET ACCOUNT IS NUMBERED 100

Back 19

FALSE

Front 20

SEPARATE TRANSACTION AMOUNTS IN GENERAL AMOUNT COLUMNS ARE POSTED INDIVIDUALLY TO THE GL

Back 20

TRUE

Front 21

AFTER A DEPOSIT IS RECORDED ON THE CHECK STUB, A CHECKBOOK SUBTOTAL IS NOT CALCULATED UNTIL THE NEXT CHECK IS WRITTEN

Back 21

FALSE

Front 22

OWNERSHIP OF A CHECK CAN BE TRANSFERRED

Back 22

TRUE

Front 23

THE PETTY CASH FUND IS A LIABILITY WITH A NORMAL DEBIT BALANCE

Back 23

FALSE

Front 24

THE RIGHT SIDE OF A T ACCOUNT IS THE

Back 24

CREDIT SIDE

Front 25

THE NORMAL BALANCE SIDE OF AN ASSET ACCOUNT IS THE

Back 25

DEBIT SIDE

Front 26

WHEN A BUSINESS RECIEVES REVENUE, SALE IS

Back 26

INCREASED BY A CREDIT

Front 27

DECREASES IN ANY LIABILITIY ACCOUNT ARE SHOWN ON A T ACCOUNTS

Back 27

DEBIT SIDE

Front 28

INCREASE IN A REVENUE ACCOUNT ARE SHOWN ON A T ACCOUNTS

Back 28

CREDIT SIDE

Front 29

A BUSINESS FORM ORDERING A BANK TO PAY CASH FROM A BANK ACCOUNT IS

Back 29

A CHECK

Front 30

THE ENTRY TO RECORD RECEIPT OF CASH FROM THE OWNER AS AN INVESTMENT IS

Back 30

DEBIT CASH, CREDIT CAPITAL

Front 31

THE ACCOUNT DEBITED WHEN CASH IS PAID FOR SUPPLIES IS

Back 31

SUPPLIES

Front 32

DETERMINING THAT THE AMOUNT OF CASH AGREES WITH THE ACCOUNTING RECORD IS

Back 32

PROVIDING CASH

Front 33

WHEN CASH IS PAID FOR UTILITES, THE AMOUNT IS RECORDED IN THE

Back 33

CASH CREDIT COLUMN AND GENERAL DEBIT COLUMN

Front 34

WHEN CASH IS DECREASED AND SUPPLIES ARE INCREASED BY AN EQUAL AMOUNT

Back 34

LIABILITIES AND CAPITAL ARE NOT CHANGED

Front 35

A BALANCE SHEET IS A FINANCIAL STATEMENT THAT REPORTS ASSETS, LIABILITIES, AND OWNERS EQUITY

Back 35

ON A SPECIFIC DATE

Front 36

OWNERS EQUITY IS

Back 36

LISTED ON THE RIGHT SIDE OF THE BALANCE SHEET

Front 37

TOTAL ASSETS ARE $19,500.00 CASH IS PAID FOR $1,500.00 FOR SUPPLIES. THE TOTAL ASSETS ARE NOW

Back 37

$19,500.00

Front 38

IF A BUSINESS PAID CASH FOR REPAIRS TO EQUIPMENT , THIS WOULD

Back 38

DECREASE OWNERS EQUITY

Front 39

WHEN CASH IS RECEIVED FROM SALES

Back 39

ASSETS INCREASE ; OWNERS EQUITY INCREASE

Front 40

A BUSINESS HAS THE FOLLOWING EXPENSE ACCOUNTS : 510, ADVERTISING EXPENSE; 520, MISCELLANEOUS EXPENSE; 530, REPAIR EXPENSE. A NEW ACCOUNT TITLED UTLITIES EXPENSE IS ADDED. THE ACCOUNT NUMBER FOR THIS NEW ACCOUNT IS

Back 40

540

Front 41

IF POSTING IS INTERRUPTED , THE ACCOUNTING PERSONNEL KNOW TO RESUME POSTING

Back 41

ON THE LINE WITH A BLANK POST. REF. COLUMN IN THR JOURNAL

Front 42

AN ENDORSEMENT ON THR BACK OF A CHECK CONSISTING ONLY OF A SIGNATURE IS

Back 42

A BLANK ENDORSEMENT