Acctg 102 Final Exam MCQ's

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Acctg 102 Final Exam MCQ's




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School of Nursing

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Acctg 102 Final Exam MCQ's

Which of the followng journal entries to record the payment of expenses is

recorded correctly and in the basic format?



a. Dr Wages Expense 550 / Cr Cash 1500 / Dr Advertising Expense 950

b. Dr Advertising Expense 950 / Dr Wages Expense 550 / Dr Cash 1500

c. Dr Cash 1500 / Cr Wages Expense 550 / Cr Advertising Expense 950

d. Dr Wages Expense 550 / Dr Advertising Expense 950 / Cr Cash 1500

d. Dr Wages Expense 550 / Dr Advertising Expense 950 / Cr Cash 1500

If total liabilities increased $5000, then:



a. assets have decreased $5000

b. Shareholders' equity has increased $5000

c. Assets have increased $5000 or owners' equity has decreased $5000

d. Assets and shareholders equity each increased $2500

c. Assets have increased $5000 or owners' equity has decreased $5000

When a retailer makes a sale to a customer, the amount of GST from the sale

that needs to be remitted to the Australian Taxation Office is determined by