ACC 101 Test questions and answers
graded A+
Where do we first record a transaction? - ANS✅✅Journal
Where do we first record a transaction?
A. A trial balance is the same as a balance sheet.
B. A trial balance lists all the accounts with their current balances.
C. A trial balance can be taken at any time.
D. A trial balance can verify the equality of debits and credits. - ANS✅✅A. A trial balance is the
same as a balance sheet.
Which of the following is not an asset account?
A. Salary Expense
B. Service Revenue
C. Common Stock
D. None of the above accounts is an asset. - ANS✅✅D. None of the above accounts is an asset.
The journal entry to record the receipt of land and a building and the issuance of common stock
A. debits Land and credits Common Stock.
B. debits Land, Building, and Common Stock.
C. debits Land and Building and credits Common Stock.
D. debits Common Stock and credits Land and Building. - ANS✅✅C. debits Land and Building and
credits Common Stock.
Which statement is false?
A. Dividends are increased by credits.
graded A+
Where do we first record a transaction? - ANS✅✅Journal
Where do we first record a transaction?
A. A trial balance is the same as a balance sheet.
B. A trial balance lists all the accounts with their current balances.
C. A trial balance can be taken at any time.
D. A trial balance can verify the equality of debits and credits. - ANS✅✅A. A trial balance is the
same as a balance sheet.
Which of the following is not an asset account?
A. Salary Expense
B. Service Revenue
C. Common Stock
D. None of the above accounts is an asset. - ANS✅✅D. None of the above accounts is an asset.
The journal entry to record the receipt of land and a building and the issuance of common stock
A. debits Land and credits Common Stock.
B. debits Land, Building, and Common Stock.
C. debits Land and Building and credits Common Stock.
D. debits Common Stock and credits Land and Building. - ANS✅✅C. debits Land and Building and
credits Common Stock.
Which statement is false?
A. Dividends are increased by credits.
