Acct 201A Michael Manning (iCLicker
quizzes ch 1-5 for exam #1)WITH
CORRECT SOLUTIONS!!
transaction analysis - ANSWERThe process of identifying the specific effects of
economic events on the accounting equation is referred to as
when cash is received before services have been performed, which accounts are
increased? - ANSWERcash and unearned revenue
the basic steps in the recording process, in order, are: - ANSWERanalyze the
transaction
enter the transaction in the journal
transfer the information to the general ledger
all of the following accounts have debit balances with the exception of:
a. cash
b. wages expense
c. unearned advertising fees
d. prepaid insurance - ANSWERc. unearned advertising fees
all of the following accounts would have credit balances with the exception of:
a. accounts payable
b. notes payable
c. unearned advertising fees
d. dividends - ANSWERd. dividends
dividends are: - ANSWERDecreases on the retained earnings statement
items such as a sales slip, a check, a bill, or a cash register tape are examples of: -
ANSWERsource documents
Jornalizing - ANSWERthe process of entering transaction data into the journal
which of the following is not a contribution of the general journal to the recording
process? - ANSWERthe determination of net income
which of the following mistakes will a trial balance most likely detect?
a. a transaction is not journalized
b. a debit balance is recorded as a credit balance
c. a journal entry is posted twice
d. incorrect accounts are used in journalizing or posting - ANSWERb. a debit
balance is recorded as a credit balance
if an individual asset is increased then there could be an equal decrease in... -
ANSWERanother asset
quizzes ch 1-5 for exam #1)WITH
CORRECT SOLUTIONS!!
transaction analysis - ANSWERThe process of identifying the specific effects of
economic events on the accounting equation is referred to as
when cash is received before services have been performed, which accounts are
increased? - ANSWERcash and unearned revenue
the basic steps in the recording process, in order, are: - ANSWERanalyze the
transaction
enter the transaction in the journal
transfer the information to the general ledger
all of the following accounts have debit balances with the exception of:
a. cash
b. wages expense
c. unearned advertising fees
d. prepaid insurance - ANSWERc. unearned advertising fees
all of the following accounts would have credit balances with the exception of:
a. accounts payable
b. notes payable
c. unearned advertising fees
d. dividends - ANSWERd. dividends
dividends are: - ANSWERDecreases on the retained earnings statement
items such as a sales slip, a check, a bill, or a cash register tape are examples of: -
ANSWERsource documents
Jornalizing - ANSWERthe process of entering transaction data into the journal
which of the following is not a contribution of the general journal to the recording
process? - ANSWERthe determination of net income
which of the following mistakes will a trial balance most likely detect?
a. a transaction is not journalized
b. a debit balance is recorded as a credit balance
c. a journal entry is posted twice
d. incorrect accounts are used in journalizing or posting - ANSWERb. a debit
balance is recorded as a credit balance
if an individual asset is increased then there could be an equal decrease in... -
ANSWERanother asset
