MCA TEST EXAM QUESTIONS WITH
ACCURATE RIGHT ANSWERS | GRADED A+ .
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____ to
"Accounts Receivable- Agents" - correct Answers -Credit (CR)
Recording depreciation affects the accounts below. Please select the appropriate debit(DR) and
credit(CR) - correct Answers -(DR) Depreciation Expense
(CR) Accumulated Depreciation
Accumulated Interest - correct Answers -goes up annually until you sell it
When the proceeds from a loan are received, the entry to "notes payable" is a __________. - correct
Answers -Credit (CR)
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____ to
"cash- operating account" - correct Answers -Debit (DR)
Items were returned to the vendor. The vendor them issued a credit memo for $55 prior to the invoice
being paid. The entry should be recorded as __________ - correct Answers -(DR) Accounts Payable 55
(CR) Supplies 55
Which of the following would be a Debit (DR) on the balance sheet? - correct Answers -Prepaid Expense
- office lease
Which of the following would be a (CR) on the balance sheet? - correct Answers -Common Stock
When you receive the payment from the agent for the $40 copier invoice the entry should be recorded
as - correct Answers -DR Cash- operating
, CR Accounts Receivable
Which of the following are NOT on the Income Statement? - correct Answers -Cash
Notes Payable
Which of the following would be a Debit (DR) on the Income Statement? - correct Answers -Insurance
Expense
Which of the following would be a credit on the Income Statement? - correct Answers -Other income-
Rent
A refund check issued to an agent for the amount he overpaid for his office rent is a ______ to "other
income- rent" and a _______ to "cash- operating" account - correct Answers -Debit
Credit
Which of the following would be a Debit (DR) on the balance sheet? - correct Answers -
Distribution/Dividend
Which of the following would be a Credit (CR) on the balance sheet? - correct Answers -Accumulated
Depreciation
Upon receipt of a vendor's invoice ($100) for the purchase of for sale signs, an entry should be made in
______________ - correct Answers -Purchases
Upon receipt of a vendor's invoice where office supplies were bought for $300, the initial entry would be
recorded as - correct Answers -DR Supplies
CR Accounts payable
ACCURATE RIGHT ANSWERS | GRADED A+ .
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____ to
"Accounts Receivable- Agents" - correct Answers -Credit (CR)
Recording depreciation affects the accounts below. Please select the appropriate debit(DR) and
credit(CR) - correct Answers -(DR) Depreciation Expense
(CR) Accumulated Depreciation
Accumulated Interest - correct Answers -goes up annually until you sell it
When the proceeds from a loan are received, the entry to "notes payable" is a __________. - correct
Answers -Credit (CR)
A check deposited to the bank for payment of an agent's bill (from the market center) is a _____ to
"cash- operating account" - correct Answers -Debit (DR)
Items were returned to the vendor. The vendor them issued a credit memo for $55 prior to the invoice
being paid. The entry should be recorded as __________ - correct Answers -(DR) Accounts Payable 55
(CR) Supplies 55
Which of the following would be a Debit (DR) on the balance sheet? - correct Answers -Prepaid Expense
- office lease
Which of the following would be a (CR) on the balance sheet? - correct Answers -Common Stock
When you receive the payment from the agent for the $40 copier invoice the entry should be recorded
as - correct Answers -DR Cash- operating
, CR Accounts Receivable
Which of the following are NOT on the Income Statement? - correct Answers -Cash
Notes Payable
Which of the following would be a Debit (DR) on the Income Statement? - correct Answers -Insurance
Expense
Which of the following would be a credit on the Income Statement? - correct Answers -Other income-
Rent
A refund check issued to an agent for the amount he overpaid for his office rent is a ______ to "other
income- rent" and a _______ to "cash- operating" account - correct Answers -Debit
Credit
Which of the following would be a Debit (DR) on the balance sheet? - correct Answers -
Distribution/Dividend
Which of the following would be a Credit (CR) on the balance sheet? - correct Answers -Accumulated
Depreciation
Upon receipt of a vendor's invoice ($100) for the purchase of for sale signs, an entry should be made in
______________ - correct Answers -Purchases
Upon receipt of a vendor's invoice where office supplies were bought for $300, the initial entry would be
recorded as - correct Answers -DR Supplies
CR Accounts payable
