Introduction Start

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When an item is sold on account it is recorded as a: $100 Question When an item is sold on account it is recorded as a: A. credit B. Bank C. Accounts Payable D. debit

When an item is sold on account it is recorded as a: $100 Answer Next $100 Question When an item is sold on account it is recorded as a: D. debit

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Another word for a “cash” account is: $200 Question Another word for a “cash” account is: A. asset B. bank loan C. debit D. bank

Another word for a “cash” account is: Next $200 Question $200 Answer Another word for a “cash” account is: D. bank

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The first dollar amount recorded in an account is placed: $300 Question The first dollar amount recorded in an account is placed: A. on the same side that it appears on a balance sheet B. under assets C. under liabilities D. under debits

The first dollar amount recorded in an account is placed: Next $300 Question $300 Answer The first dollar amount recorded in an account is placed: A. on the same side that it appears on a balance sheet

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A liability with a debit balance is an example of: $500 Question A liability with a debit balance is an example of: A. Owner’s Equity B. an exceptional balance C. a credit D. a debit

A liability with a debit balance is an example of: Next $500 Question $500 Answer A liability with a debit balance is an example of: B. An exceptional balance

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$1,000 Question When the owner invests $1000 into the business which accounts are affected? A. Bank and Bank Loan B. Bank Loan and Owner’s Equity C. Bank and Capital D. None because it is a personal transaction

Next $1,000 Question $1,000 Answer When the owner invests $1000 into the business which accounts are affected? C. Bank and Capital

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If a business purchases an item on account then: $2,000 Question If a business purchases an item on account then: A. accounts receivable decreases B. accounts receivable increases C. accounts payable decreases D. accounts payable increases

If a business purchases an item on account then: Next $2,000 Question $2,000 Answer If a business purchases an item on account then: D. accounts payable increases

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Business transactions are recorded in a: $4,000 Question Business transactions are recorded in a: A. balance sheet B. trial balance C. ledger D. income statement

Business transactions are recorded in a: Next $4,000 Question $4,000 Answer Business transactions are recorded in a: C. ledger

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To check the accuracy of a ledger: $8,000 Question To check the accuracy of a ledger: A. we use the fundamental accounting equation B. we ensure debits and credits equal zero C. we take off a trial balance to make sure everything is in balance D. we make sure there are no exceptional balances

To check the accuracy of a ledger: Next $8,000 Question $8,000 Answer To check the accuracy of a ledger: C. we take off a trial balance to make sure everything is in balance

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Which of the following is not an example of a form of a ledger: $16,000 Question Which of the following is not an example of a form of a ledger: A. cards B. electronic files C. paper in binders D. trial balance

Which of the following is not an example of a form of a ledger: Next $16,000 Question $16,000 Answer Which of the following is not an example of a form of a ledger: D. trial balance

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For every transaction there is ALWAYS: $32,000 Question For every transaction there is ALWAYS: A. one asset and one capital or liability, which are equal B. one debit and one credit, which are equal C. at least one asset and one capital or liability, which are equal D. at least one debit and one credit, which are equal

For every transaction there is ALWAYS: Next $32,000 Question $32,000 Answer For every transaction there is ALWAYS: D. at least one debit and one credit, which are equal

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What is the benefit of buying goods on short-term credit? $64,000 Question What is the benefit of buying goods on short-term credit? A. the business can p B. the business can make more money C. the business can inspect the goods before paying for them D. there are no benefits

What is the benefit of buying goods on short-term credit? Next $64,000 Answer $64,000 Question What is the benefit of buying goods on short-term credit? C. the business can inspect the goods before paying for them

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The ledger and the balance sheet both show: $125,000 Question The ledger and the balance sheet both show: A. Financial Postion B. Transactions C. Debits and Credits D. All of the above

The ledger and the balance sheet both show: Next $125,000 Question $125,000 Answer The ledger and the balance sheet both show: A. Financial Position

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$250,000 Question The equipment accounts has a debit balance, which means this account is most likely: A. owner’s equity B. an asset C. a liability D. none of the above

Next $250,000 Question $250,000 Answer The equipment accounts has a debit balance, which means this account is most likely: B. An asset

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$500,000 Question ABC Company’s spends $1000 to repair their computer systems. This changes the balances for: A. Bank and Capital B. Bank, Equipment, and Capital C. Bank and equipment D. Accounts Payable and Equipment

Next $500,000 Question $500,000 Answer ABC Company’s spends $1000 to repair their computer systems. This changes the balances for: A. Bank and Capital

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Which worksheet did we study in this unit? $1,000,000 Question Which worksheet did we study in this unit? A. T-accounts B. The Simple Ledger C. Balance Sheet D. Transaction Analysis Sheet

Which worksheet did we study in this unit? Next $1,000,000 Question $1,000,000 Answer Which worksheet did we study in this unit? B. The Simple Ledger

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