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Normal Balances Account Classi- fication Source Documents Journal Entries Skills & Ethics 10 Point 20 Points 30 Points 40 Points 50 Points 10 Point 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points Transaction Effects

What is an example of an account that has a normal credit balance? a. Advertising Expense b. Accounts Receivable/Davis Company c. Delivery Revenue d. Samuel Johnson, Drawing}

C

What is an example of an account that has a normal debit balance? a. Accounts Receivable/Oakdale School b. Accounts Payable/Jones Supply c. Mary Johnson, Capital d. Sales

A

What is an example of an account that has a normal debit balance? a. Accounts Payable/Adam's Office Supply b. Advertising Expense c. Mary Johnson, Capital d. Sales

B

What is an example of an account that has a normal debit balance? a. Mary Johnson, Capital b. Accounts Payable/Ray's Office Equipment c. Rent Expense d. Sales

C

What is an example of an account that has a normal credit balance? a. Cash b. Joan Brown, Drawing c. Supplies d. Tyler Jackson, Capital

D

Cash, Office Equipment, and Prepaid Insurance are all classified as: a. assets. b. liabilities. c. owner's equity. d. revenue.

A

Rent, the telephone bill, and advertising costs are all classified as: a. assets. b. expenses. c. liabilities. d. revenue.

B

Sales is classified as: a. assets. b. expenses. c. liabilities. d. revenue.

D

Mariah Smith, Capital and Mariah Smith, Drawing are both classified as: a. owner's equity b. expenses. c. liabilities. d. revenue.

A

Mariah Smith, Capital and Mariah Smith, Drawing are both classified as: a. owner's equity b. expenses. c. liabilities. d. revenue.

C

What is the effect when $300 cash is paid to Accounts Payable/Bob's Office Supply? a. Assets decrease $300 and owner's equity decreases $300. b. Assets increase $300 and owner's equity increases $300. c. Assets increase $300 and liabilities decreases $300. d. Assets decrease $300 and liabilities decrease $300

D

What is the effect when $200 cash is paid to an advertising agency for advertisements for the business? a. Assets decrease $200 and owner's equity decreases $200. b. Assets increase $200 and owner's equity increases $200. c. Assets increase $200 and owner's equity decreases $200. d. Liabilities increase $200 and owner's equity decreases $200

A

What is the effect on owner's equity when a business receives $2000 cash from sales? a. Decreased by $2000 b. Increased by $2000 c. Decreased by $4,000 d. Increased by $4,000

B

What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business? a. Decreased by $1,000 b. Decreased by $2,000 c. Increased by $1,000 d. Increased by $2,000

C

What is the effect on assets when the owner decreases owner's equity by withdrawing $1,000 in the business? a. Decreased by $1,000 b. Decreased by $2,000 c. Increased by $1,000 d. Increased by $2,000

A

In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an: a. check stub. b. invoice. c. memorandum. d. receipt

B

In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an a. check stub. b. invoice. c. memorandum. d. receipt

B

In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an: a. calculator tape. b. check stub. c. invoice. d. receipt

D

In the transaction, PAID CASH TO OWNER FOR PERSONAL USE, the source document is a/an: a. calculator tape. b. check. c. invoice. d. receipt

B

In the transaction, RECEIVED CASH FROM JONES SUPPLY COMPANY ON ACCOUNT, the source document is a/an: a. calculator tape. b. check stub. c. invoice. d. receipt

D

The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? a. Debit Cash and credit Miscellaneous Expense b. Debit Cash and debit Miscellaneous Expense c. Debit Miscellaneous Expense and credit Cash d. Debit Supplies and credit Miscellaneous Expense

C

The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? a. Debit Accounts Receivable/Beth Parker and credit Cash b. Debit Accounts Receivable/Beth Parker and credit Sales c. Debit Cash and credit Accounts Receivable/Beth Parker d. Debit Cash and credit Sales

B

The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? a. Debit Accounts Payable/Davis Supply Store and credit Supplies b. Debit Supplies and credit Accounts Payable/Davis Supply Store c. Debit Supplies and credit Supplies Expense d. Debit Supplies Expense and credit Supplies

B

The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? a. Debit Accounts Receivable/Parker INC., and credit Cash b. Debit Cash and credit Accounts Receivable/Parker, INC. c. Debit Cash and credit Supplies d. Debit Supplies and credit Cash

B

The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? a. Debit Cash and credit Frank Harper, Capital b. Debit Cash and credit Frank Harper, Drawing c. Debit Frank Harper, Capital and credit Cash d. Debit Frank Harper, Drawing and credit Cash

A

Jason demonstrates accuracy and truthfulness when he works with his accounting clients. This is an example of which key principle for ethics in accounting? a. Competence b. Confidentiality c. Independence d. Integrity

D

John has applied for a position as Chief Financial Officer for a Fortune 500 company. He listed as his qualifications that he is a problem-solver and has the ability to plan and resolve issues. This is classified as which skill? a. 21st Century Skills b. Workplace Skills c. Foundation Skills d. Communication Skills

A

Jamie is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors her friend will suffer consequences for misappropriation of funds. Jamie submits an accurate report and follows which key principle for ethics in accounting? a. Competencec. Confidentiality b. Independenced. Objectivity

D

Lisa is applying for a position in a small insurance agency. The company is looking to hire an individual that can convert their manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems. This is classified as which skill? a. Basic Skillsc. Workplace Skills b. Foundations Skillsd. Communication

C

Brian is an accountant in a local firm. He submits an accounting report to his manager that suggests an action that will ultimately benefit him monetarily. This example is a violation of which key principle for ethics in accounting? a. Competence b. Confidentiality c. Independence d. Objectivity

C

Make your wager

Mary has applied for a position as an accounting clerk for a local company. She listed as her qualifications that she is a problem-solver and needs little direction to complete assigned tasks. This is classified as which skill? a. 21st Century Skills b. Workplace Skills c. Foundation Skills d. Communication Skills

A