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accountingquiz

By Deborah Ward,2014-05-20 04:29
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accountingquiz

Quiz (100 marks, 4 mark per each blank)

    1 write down accounting equationbasic form and expanded form.

    ( )

    ( )

    2 When a transaction occurs, the total assets of the business may change, so the equation will not remain in balance. T for true(F for false ( )

    3 If total assets increased $16,000 during a period and total liabilities decreased $5,500 during the same period. Determine the amount of the change in owners equity for that period

    would be: ( )

    4 Determine the net effect of transaction: invested cash and supplies in a business.

     listed below, using I=increase; D=decrease; NE=no effect:

    ?asset account: ( )

    ?liability account: ( )

    ?capital account: ( )

    5 Determine if the following transactions have effect on capital:T or F

    ?Bought a machine by cash. ( )

    ?Received income for selling goods. ( )

    6 The usual order for the asset section of a balance sheet is: ( ) a. Current assets, prepaid expenses, long-term investments, intangible assets. b. Long-term investments, current assets, plant assets, intangible assets. c. Current assets, long-term investments, plant assets, intangible assets. d. Intangible assets, current assets, long-term investments, plant assets

    7 ?Rent expenses should be written in income statement. ( )

    ?Liability should be written in balance sheet. ( )

    ?Asset should be written in statement of owners equity. ( )

    ?Owners withdrawall shoulc be written in statement of owners equity. ( )

    ?Sale revenues should be written in balance sheet. ( )

    8 Which of the following statements is correct? ( ) a. The left side of a T-account is the credit side.

    b. Entries that decrease asset accounts, or increase liability accounts are posted as debits. c. The left side of a T-account is the debit side.

    d. Entries that increase asset accounts and decrease liability accounts are posted as credits.

    9 In each of the following types of T accounts, enter an increase (by writing +)and a decrease (by writing -)

    1

    Liabilities Assets

    Dr. Cr. Dr. Cr.

    Revenues Capital

    Dr. Cr. Dr. Cr.

    Expenses

    Dr. Cr.

    10 Decreases in all liability accounts should be debited.T or F ( )

    11 Increases in all asset accounts should be credited. T or F ( )

12 Filling the blanks with Debited or Credited:

    ? When account payable is increased, the account should be: ( )

    ?When account receivable is decreased, the account should be: ( )

    2

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