AMEDD CCC Mid-Term exam with correct answers

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
|!| |!|