Accounting 1 Final Exam With
Guaranteed Accurate Answers
The right side of a T account is the _____. - correct answer ✔✔credit side
Each time cash or checks are placed in a bank account, the customer prepares a _____. - correct answer
✔✔deposit slip
On a work sheet, the balance of the Sales account is extended to the ____. - correct answer ✔✔income
statement credit column
At the end of a month, even if the journal page is not filled, _____. - correct answer ✔✔the journal page
is proved and ruled
When a business pays cash for supplies,_____. - correct answer ✔✔assets increase and assets decrease
When cash is paid for insurance, ____. - correct answer ✔✔the balance of the prepaid insurance
account is increase
The account debited when cash is paid for supplies is ____. - correct answer ✔✔supplies
The entry to establish a $200 petty cash fund is _____. - correct answer ✔✔debit petty cash, $200;
credit cash, $200
The journal entry to adjust supplies is ____. - correct answer ✔✔debit supplies expense; credit supplies
On a trial balance, ____. - correct answer ✔✔all general ledger account titles are listed
, A lost check with a blank endorsement on it can be cashed by_____. - correct answer ✔✔anyone who
has the check
Changes recorded on work sheet to update general ledger accounts at the of a fiscal period are ___. -
correct answer ✔✔adjustment
The normal balance side of any expense account is ____. - correct answer ✔✔the debit side
An account number in the journal's Post. Ref. column shows____. - correct answer ✔✔the account to
which an amount is posted
An endorsement on the back of a check consisting only of a signature is _____. - correct answer ✔✔a
blank endorsement
A balance sheet reports a business's financial _____. - correct answer ✔✔condition on a specific date
If a check is endorsed on the back with the words "For deposit only," the check can be cashed by______.
- correct answer ✔✔no one-- it must be deposited
Total assets are $19,500. Cash is paid for $1,500 of supplies. The total assets are now ____. - correct
answer ✔✔19500
When cash is received on account, the amount is recorded in the _____. - correct answer ✔✔Cash debit
column and general credit column
When a transaction changes only one side of the equation, if one account is increased, the other account
on the same side must _____. - correct answer ✔✔decrease
When a business receives revenue, sales is ____. - correct answer ✔✔increased by a credit
When the owner withdraws cash, the owner's drawing balances are______. - correct answer
✔✔increased by a debit
Guaranteed Accurate Answers
The right side of a T account is the _____. - correct answer ✔✔credit side
Each time cash or checks are placed in a bank account, the customer prepares a _____. - correct answer
✔✔deposit slip
On a work sheet, the balance of the Sales account is extended to the ____. - correct answer ✔✔income
statement credit column
At the end of a month, even if the journal page is not filled, _____. - correct answer ✔✔the journal page
is proved and ruled
When a business pays cash for supplies,_____. - correct answer ✔✔assets increase and assets decrease
When cash is paid for insurance, ____. - correct answer ✔✔the balance of the prepaid insurance
account is increase
The account debited when cash is paid for supplies is ____. - correct answer ✔✔supplies
The entry to establish a $200 petty cash fund is _____. - correct answer ✔✔debit petty cash, $200;
credit cash, $200
The journal entry to adjust supplies is ____. - correct answer ✔✔debit supplies expense; credit supplies
On a trial balance, ____. - correct answer ✔✔all general ledger account titles are listed
, A lost check with a blank endorsement on it can be cashed by_____. - correct answer ✔✔anyone who
has the check
Changes recorded on work sheet to update general ledger accounts at the of a fiscal period are ___. -
correct answer ✔✔adjustment
The normal balance side of any expense account is ____. - correct answer ✔✔the debit side
An account number in the journal's Post. Ref. column shows____. - correct answer ✔✔the account to
which an amount is posted
An endorsement on the back of a check consisting only of a signature is _____. - correct answer ✔✔a
blank endorsement
A balance sheet reports a business's financial _____. - correct answer ✔✔condition on a specific date
If a check is endorsed on the back with the words "For deposit only," the check can be cashed by______.
- correct answer ✔✔no one-- it must be deposited
Total assets are $19,500. Cash is paid for $1,500 of supplies. The total assets are now ____. - correct
answer ✔✔19500
When cash is received on account, the amount is recorded in the _____. - correct answer ✔✔Cash debit
column and general credit column
When a transaction changes only one side of the equation, if one account is increased, the other account
on the same side must _____. - correct answer ✔✔decrease
When a business receives revenue, sales is ____. - correct answer ✔✔increased by a credit
When the owner withdraws cash, the owner's drawing balances are______. - correct answer
✔✔increased by a debit
