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Which the the following describes the classification and normal balance that the fees deserve account?

A. One asset through a credit transaction balance

B. A liability through a credit transaction balance

C. An expense with a debit balance

D. A revenue v a credit transaction balance

Definition D. A revenue through a credit transaction balance
Term

Which that the following types of accounts have actually a normal credit balance?

A. Capital stock and also dividends

B. Revenues and liabilities

C. Assets and liabilities 

D. Liabilities and expenses

Definition B. Revenues and liabilities
Term

A list of the accounts is called

A. T account

B. Ledger

C. Debit

D. Graph of accounts

Definition D. Graph of accounts
Term

The classification and also normal balance the the supplies expense account is a(n)

A. Asset through a debit balance

B. Expense with a debit balance

C. Asset through a credit transaction balance

D. Liability with a credit transaction balance

Definition B. Cost with a debit balance
Term

Accounts are documents of increases and decreases in separation, personal, instance financial statement items.

You are watching: Which of the following groups of accounts increase with a credit?

True

 

False

Definition True
Term

Journal entries have the right to have more than two accounts as long as the debits same the credits.

True

 

False

Definition True
Term

The write-up reference notation supplied in the journal is the web page number. 

True

 

False

Definition False
Term

A chart of accounts is a listing of accounts that consist of the journal.

True

 

False

Definition False
Term

Which of the following entries records the receipt the cash for 2 months" rent? The cash was obtained in advanceof providing the service.

A. Prepaid Rent, debit; rental Revenue, credit.

B. Cash, debit; Rent price credit.

C. Cash, debit; Unearned Rent, credit.

D. Cash, debit; Prepaid Rent, credit.

Definition C. Cash, debit; Unearned Rent, credit.
Term

The trial balance is out of balance and the accountant suspects the a transposition or on slide error has occurred. What will certainly the accountant do to discover the error?

A. Determine the lot of the error and also divide through two, climate look for the amount on the psychological balance.

B. Determine the amount of the error and look for that amount on the attempt balance.

C. Recognize the lot of the error and also divide through nine. If the result is evenly divided, then this kind of error is likely.

D. Identify the amount of the error and also refer come the journal entries for the amount.

Definition

C. Recognize the quantity of the error and divide through nine. If the an outcome is evenly divided, climate this kind of error is likely.

Term

Randomly detailed below room the actions for preparing a trial balance:

(1) Verify the the total of the Debit column equates to the full of the credit transaction column.

(2) perform the account from the ledger and enter your debit or credit transaction balance in the Debit or credit transaction column

of the psychological balance.

(3) list the name of the company, the title of the attempt balance, and the date the psychological balance is prepared.

(4) complete the Debit and also Credit columns that the trial balance.

What is the suitable order of this steps?

A. (3), (2), (4), (1)

B. (2), (3), (4), (1)

C. (3), (2), (1), (4)

D. (4), (3), (2), (1)

Definition A. (3), (2), (4), (1)
Term

Which of the following entries records the payment the rent for the existing month?

A. Rent Expense, debit; Cash, credit

B. Cash, debit; rent Expense, credit

C. Rent Expense, debit; accounts Receivable, credit

D. Accounts Payable, debit; rental Expense, credit

Definition A. Rental Expense, debit; Cash, credit
Term

An account is said to have a debit balance if

A. Over there are an ext entries on the debit side than on the credit transaction side

B. Over there are much more entries top top the credit side 보다 on the debit side

C. The quantity of the debits over the lot of the credits

D. The very first entry that the accounting duration was posted on the debit side

Definition C. The quantity of the debits over the amount of the credits
Term

Which that the adhering to statements is not true around liabilities?

A. Liabilities room debts owed to outsiders.

B. Receiving cash before a company is performed create a liability.

C. Account title of liabilities often include the hatchet “payable.”

D. Liabilities perform not incorporate wages fan to employee of the company.

Definition D. Liabilities do not include wages owed to employee of the company.
Term

Retained earnings will be diminished by all of the following except

A. Revenues

B. Expenses

C. Dividends

D. All of these

Definition A. Revenues
Term

Which one of the statements listed below is not a objective for the journal?

A. To display increases and decreases in accounts

B. To show a finish transaction in one place

C. To aid posting transactions to ledger 

D. To display a chronological stimulate by date

Definition A. To show increases and also decreases in accounts
Term

Which that the adhering to accounts rise with a credit?

A. Funding stock, revenues, expenses

B. Assets, resources stock, revenues

C. Liabilities, resources stock, revenues

D. Kept earnings, resources stock, assets

Definition C. Liabilities, resources stock, revenues
Term

Which that the following group of account are enhanced with a debit?

A. Assets, revenues, expenses

B. Assets, liabilities, revenues

C. Assets, dividends, expenses

D. Assets, liabilities, stockholders’ equity

Definition C. Assets, dividends, expenses
Term

Revenue need to be well-known when

A. The client charges one order

B. The service is performed

C. The customer places an order

D. Cash is received

Definition B. The company is performed
Term

The totals in ~ the bottom that the psychological balance and the totals in ~ the bottom that the balance sheet both present equality and balancing, and therefore should be equal.

True

 

False

Definition False
Term

The cash account will always be debited

True

 

False

Definition False
Term

The erroneous setup of digits, such as writing $45 as $54, is called a slide.

True

 

False

Definition False
Term

For a month"s transactions because that a common medium-sized business, the account payable account is most likely to have only credit entries.

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True

 

False

Definition False
Term

The unearned profits account is an example of a liability.