AIT Mock
AIT Mock 21 Exam Questions
And Answers
1. Things owed by the facility are called ______.
1. Debentures
2. Liabilities
3. Assets
4. Possessions - ANSWER ✔ - 2
2. Money Invested in a facility is called ______.
1. Stock
2. Collateral
3. Capital
4. Liabilities - ANSWER ✔ - 3
3. If the administrator wants to see the journals, she wants to see the _____.
1. Original entries
2. Debits
3. Owner's equity
4. Net profit - ANSWER ✔ - 1
4. Making a debit and credit entry is known as the _________ system.
1. Cash
2. Double entry
3. Adjusting entry
4. Journaling - ANSWER ✔ - 2
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, AIT Mock
5. The bookkeeper sends the resident a bill for $3000 and makes a debit entry as an increase in capital
and would then make a (n) ___ entry to increase revenue.
1. Credit
2. Adjusting
3. Bookkeeping
4. Accounting - ANSWER ✔ - 1
6. Using the accrual system, the purchase of a six month supply of briefs would be made in the _______.
1. General journal
2. Balance Sheet
3. General Ledger
4. Notes to financial Statements - ANSWER ✔ - 1. This is a prepaid expense that is entered in the general
journal
7. When errors are made in other journals they can be corrected n the _____.
1. Statement of Changes in Financial Condition
2. General Journal
3. General Ledger
4. Notes to financial Statements - ANSWER ✔ - 2
8. When debits do not match credits in the general ledger, the NHA can assume an error was made in
________.
1 Recording the transactions or posting them from the journals to the ledger
2. Preparing the financial statements from the journals
3. Recording the revenues and expenses in the profit and loss statement
4. Preparing the balance sheet from the general ledger - ANSWER ✔ - 1
9. GAAP does not require investors to be provided the ________.
1. Balance Sheet
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, AIT Mock
2. Income Statement
3. Notes to the Financial Statement
4. Chart of accounts. - ANSWER ✔ - 4
10. At month's end, the expenses are deducted from the revenues to determine the ____ .
1. Investor equity
2. Accounts payables
3. Net income or profit
4. Capital expenses - ANSWER ✔ - 3
11. When the NHA asks for a statement showing the ending balance of the revenue and expense
accounts, he wants to see the ______ .
1. Income statement
2. Chart of Accounts
3. Balance sheet
4. Statement of changes in financial condition - ANSWER ✔ - 1
12. An asset that can be turned into cash within 12 months is a ______.
1. Non-current asset
2. Current liability
3. Current asset
4. Capital asset - ANSWER ✔ - 3
13. Bills from suppliers for food and office supplies are classified as _______.
1. Liabilities
2. Notes payables
3. Assets
4. Capital - ANSWER ✔ - 1
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AIT Mock 21 Exam Questions
And Answers
1. Things owed by the facility are called ______.
1. Debentures
2. Liabilities
3. Assets
4. Possessions - ANSWER ✔ - 2
2. Money Invested in a facility is called ______.
1. Stock
2. Collateral
3. Capital
4. Liabilities - ANSWER ✔ - 3
3. If the administrator wants to see the journals, she wants to see the _____.
1. Original entries
2. Debits
3. Owner's equity
4. Net profit - ANSWER ✔ - 1
4. Making a debit and credit entry is known as the _________ system.
1. Cash
2. Double entry
3. Adjusting entry
4. Journaling - ANSWER ✔ - 2
PAGE 1 OF 23
, AIT Mock
5. The bookkeeper sends the resident a bill for $3000 and makes a debit entry as an increase in capital
and would then make a (n) ___ entry to increase revenue.
1. Credit
2. Adjusting
3. Bookkeeping
4. Accounting - ANSWER ✔ - 1
6. Using the accrual system, the purchase of a six month supply of briefs would be made in the _______.
1. General journal
2. Balance Sheet
3. General Ledger
4. Notes to financial Statements - ANSWER ✔ - 1. This is a prepaid expense that is entered in the general
journal
7. When errors are made in other journals they can be corrected n the _____.
1. Statement of Changes in Financial Condition
2. General Journal
3. General Ledger
4. Notes to financial Statements - ANSWER ✔ - 2
8. When debits do not match credits in the general ledger, the NHA can assume an error was made in
________.
1 Recording the transactions or posting them from the journals to the ledger
2. Preparing the financial statements from the journals
3. Recording the revenues and expenses in the profit and loss statement
4. Preparing the balance sheet from the general ledger - ANSWER ✔ - 1
9. GAAP does not require investors to be provided the ________.
1. Balance Sheet
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, AIT Mock
2. Income Statement
3. Notes to the Financial Statement
4. Chart of accounts. - ANSWER ✔ - 4
10. At month's end, the expenses are deducted from the revenues to determine the ____ .
1. Investor equity
2. Accounts payables
3. Net income or profit
4. Capital expenses - ANSWER ✔ - 3
11. When the NHA asks for a statement showing the ending balance of the revenue and expense
accounts, he wants to see the ______ .
1. Income statement
2. Chart of Accounts
3. Balance sheet
4. Statement of changes in financial condition - ANSWER ✔ - 1
12. An asset that can be turned into cash within 12 months is a ______.
1. Non-current asset
2. Current liability
3. Current asset
4. Capital asset - ANSWER ✔ - 3
13. Bills from suppliers for food and office supplies are classified as _______.
1. Liabilities
2. Notes payables
3. Assets
4. Capital - ANSWER ✔ - 1
PAGE 3 OF 23
