MCA TEST exam with correct answers
A check deposited to the bank for payment of an agent's bill (from the
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
market center) is a _____ to "Accounts Receivable- Agents" - correct
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
answer ✔Credit (CR) |!| |!|
Recording depreciation affects the accounts below. Please select the
|!| |!| |!| |!| |!| |!| |!| |!| |!|
appropriate debit(DR) and credit(CR) - correct answer ✔(DR) Depreciation
|!| |!| |!| |!| |!| |!| |!| |!| |!|
Expense
(CR) Accumulated Depreciation
|!| |!|
Accumulated Interest - correct answer ✔goes up annually until you sell it
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
When the proceeds from a loan are received, the entry to "notes payable"
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
is a __________. - correct answer ✔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 answer
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
✔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 answer ✔(DR) Accounts Payable 55
|!| |!| |!| |!| |!| |!| |!| |!| |!|
(CR) Supplies 55 |!| |!|
Which of the following would be a Debit (DR) on the balance sheet? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔Prepaid Expense - office lease
|!| |!| |!| |!| |!| |!|
, Which of the following would be a (CR) on the balance sheet? - correct
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
answer ✔Common Stock |!| |!|
When you receive the payment from the agent for the $40 copier invoice
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
the entry should be recorded as - correct answer ✔DR Cash- operating
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
CR Accounts Receivable
|!| |!|
Which of the following are NOT on the Income Statement? - correct
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
answer ✔Cash |!| |!|
Notes Payable |!|
Which of the following would be a Debit (DR) on the Income Statement? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔Insurance Expense
|!| |!| |!| |!|
Which of the following would be a credit on the Income Statement? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔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 answer ✔Debit |!| |!| |!| |!| |!|
Credit
Which of the following would be a Debit (DR) on the balance sheet? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔Distribution/Dividend
|!| |!|
A check deposited to the bank for payment of an agent's bill (from the
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
market center) is a _____ to "Accounts Receivable- Agents" - correct
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
answer ✔Credit (CR) |!| |!|
Recording depreciation affects the accounts below. Please select the
|!| |!| |!| |!| |!| |!| |!| |!| |!|
appropriate debit(DR) and credit(CR) - correct answer ✔(DR) Depreciation
|!| |!| |!| |!| |!| |!| |!| |!| |!|
Expense
(CR) Accumulated Depreciation
|!| |!|
Accumulated Interest - correct answer ✔goes up annually until you sell it
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
When the proceeds from a loan are received, the entry to "notes payable"
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
is a __________. - correct answer ✔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 answer
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
✔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 answer ✔(DR) Accounts Payable 55
|!| |!| |!| |!| |!| |!| |!| |!| |!|
(CR) Supplies 55 |!| |!|
Which of the following would be a Debit (DR) on the balance sheet? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔Prepaid Expense - office lease
|!| |!| |!| |!| |!| |!|
, Which of the following would be a (CR) on the balance sheet? - correct
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
answer ✔Common Stock |!| |!|
When you receive the payment from the agent for the $40 copier invoice
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
the entry should be recorded as - correct answer ✔DR Cash- operating
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
CR Accounts Receivable
|!| |!|
Which of the following are NOT on the Income Statement? - correct
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
answer ✔Cash |!| |!|
Notes Payable |!|
Which of the following would be a Debit (DR) on the Income Statement? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔Insurance Expense
|!| |!| |!| |!|
Which of the following would be a credit on the Income Statement? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔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 answer ✔Debit |!| |!| |!| |!| |!|
Credit
Which of the following would be a Debit (DR) on the balance sheet? -
|!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!| |!|
correct answer ✔Distribution/Dividend
|!| |!|