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97 Free Test Bank for Financial Accounting 2nd

Edition Kemp

Multiple Choice

Marketing expenditures account 511 would belong to what

category of accounts?

1 A) Assets

2 B) Expenses

3 C) Revenues

4 D) Liabilities

The stockholders' equity accounts dividends, revenues and

expenses have normal balances of:

1 A) credit, debit, and debit, respectively

2 B) debit, credit, and credit, respectively

3 C) debit, credit, and debit, respectively

4 D) credit, credit, and credit, respectively

An account starting with a number 1 would indicate:

1 A) an asset

2 B) stockholders' equity

3 C) a revenue

4 D) a liability

Payment of a telephone bill which was not previously recorded represents a(n):

1 A) asset

2 B) liability

3 C) revenue

4 D) expense

A type of company asset in which a customer owes the company money would be a:

1 A) dividend.

2 B) receivable

3 C) payable

4 D) sale

Obligations that are owed to others due to past transactions are categorized as:

1 A) stockholders' equity

2 B) expenses

3 C) assets

4 D) liabilities

The order in which accounts appear in the chart of accounts is:

1 A) liabilities, assets, revenues, stockholders' equity, expenses

2 B) stockholders' equity, expenses, revenue, liabilities, assets

3 C) assets, stockholders' equity, revenues, expenses, liabilities

4 D) assets, liabilities, stockholders' equity, revenues, expenses

Cash, Common Stock, and Advertising Expense have normal balances of:

1 A) credit, credit, and credit, respectively

2 B) debit, credit, and debit, respectively

3 C) debit, debit, and credit, respectively

4 D) credit, debit, and debit, respectively

Which is NOT a part of stockholders' equity?

1 A) Revenues

2 B) Expenses

3 C) Accounts Receivable

4 D) Dividends

Collection of money from a cash customer represents a(n):

1 A) liability

2 B) expense

3 C) revenue

4 D) stock.

Dividends are paid with cash to shareholders Dividends are in what category of the chart of accounts?

1 A) Revenue

2 B) Assets

3 C) Stockholders' equity

4 D) Liabilities

Accounts payable, taxes payable, and notes payable:

1 A) increase on the debit side, decrease on the credit side and are assets

2 B) decrease on the debit side, increase on the credit side and are liabilities

3 C) increase on the debit side, decrease on the credit side and are

expenses

4 D) decrease on the debit side, increase on the credit side and are

revenues

Accounts that start with the numbers 6-9 would probably be:

1 A) other revenues and expenses

2 B) other assets and liabilities

3 C) other stockholders' equity

4 D) other assets and revenues

Monies owed to a company on a written promise to pay a fixed amount of money by a certain date would be called a(n):

1 A) note payable

2 B) note receivable

3 C) account payable

4 D) account receivable

Dividends, revenues, and expenses all:

1 A) start with the same chart of account number

2 B) start with different chart of accounts numbers

3 C) appear in the chart of accounts under assets

4 D) appear in the chart of accounts under liabilities

A promissory note owed to another company would most likely appear in which of the following accounts?

1 A) Accounts Receivable

2 B) Accounts Payable

3 C) Notes Receivable

4 D) Notes Payable

Expenses paid in advance such as rent and insurance are classified as prepaid expenses Into what category are they placed?

1 A) Liabilities

2 B) Revenues

3 C) Expenses

4 D) Assets

Obligations owed by a company to banks, for instance, are called:

1 A) notes receivable

2 B) notes payable

3 C) accounts receivable

4 D) accounts payable

Net income and dividends are part of:

1 A) liabilities

2 B) stockholders' equity

3 C) assets

4 D) net income

Which of the following would start with a 1 in the chart of

accounts?

1 A) Land and Buildings

2 B) Depreciation Expense and Marketing Expense

3 C) Merchandise Sales and Rent Revenue

4 D) Common Stock and Cash

How does an account receivable differ from a note receivable?

1 A) A note receivable is an asset while an account receivable is not

2 B) An account receivable is a written pledge while a note receivable is not

3 C) An account receivable is always an amount due from the company's customers while a note receivable is always an amount due from a bank

4 D) Notes receivable are written pledges while accounts receivable are not

Accounts starting with the number 4 would represent:

1 A) assets

2 B) liabilities

3 C) revenues

4 D) expenses

Dividends, Accounts Receivable, and Buildings have normal balances of:

1 A) credit, debit, and debit, respectively

2 B) debit, debit, and credit, respectively

3 C) credit, credit, and credit, respectively

4 D) debit, debit, and debit, respectively

A chart of accounts does NOT include:

1 A) stockholders' equity

2 B) assets

3 C) names of customers

4 D) liabilities

Which of the following would start with a 2 in the chart of

accounts?

1 A) Income Taxes Payable and Salaries Payable

2 B) Common Stock and Dividends

3 C) Cash and Accounts Receivable

4 D) Sales and Service Revenue

Items such as salaries and interest that have been incurred, but not yet paid, are called:

1 A) accrued assets.

2 B) accrued liabilities

3 C) accrued revenues

4 D) accrued notes

Which of the following is TRUE regarding the accounts supplies payable and supplies expense?

1 A) These account titles both mean the same thing and are used

interchangeably

2 B) Supplies payable represents the cost of supplies bought on account but not yet paid for, while supplies expense represents the cost of the supplies which have been paid for

3 C) Supplies payable represents the cost of supplies bought on account but not yet paid for, while supplies expense represents the cost of supplies used

to deliver goods or services to customers

4 D) Supplies expense represents the cost of supplies bought on account but not yet paid for, while supplies payable represents the cost of supplies used

to deliver goods or services to customers

All payables are listed as:

1 A) assets

2 B) liabilities

3 C) stockholders' equity

4 D) revenue

Land, Cash, Office Equipment and Accounts Receivable belong

to what category of accounts?

1 A) Liabilities

2 B) Revenues

3 C) Expenses

4 D) Assets

Which of the following is an expense account?

1 A) Prepaid Insurance

2 B) Advertising

3 C) Accounts Payable

4 D) Cash

Which of the following is NOT a revenue account?

1 A) Salaries

2 B) Sales

3 C) Fees Earned

4 D) Professional Fees

97 Free Test Bank for Financial Accounting 2nd

Edition Kemp Multiple Choice Questions - Page 2

A T-account has a $509 debit balance This account is most likely NOT:

1 A) Common Stock

2 B) Land

3 C) Advertising Expense

4 D) Dividends

The account "Notes Payable" began with a zero balance and then had the following changes: increase of $500, increase of $200, decrease of $550, and an increase of $250 The final balance is a:

1 A) credit balance of $550

2 B) debit balance of $950

3 C) credit balance of $400

4 D) debit balance of $400

Debit means:

1 A) decrease

2 B) increase

3 C) the right side of an account

4 D) the left side of an account

The total amount of debits must equal the total amount of credits This is a rule of:

1 A) T-accounts.

2 B) the chart of accounts

3 C) double-entry accounting

4 D) normal balances

ARCO pays wages in the amount of $13,579 This transaction includes a:

1 A) debit to Cash

2 B) credit to Wages Expense

3 C) credit to Cash

4 D) credit to Revenue

T-accounts aid in separating:

1 A) increases and decreases in an account

2 B) the equality of the credits

3 C) the equality of debits and credits in the accounting equation

4 D) the balances of all of the accounts

A T-account has a $299 credit balance This account is most likely NOT:

1 A) Accounts Receivable

2 B) Bicycle Repair Revenue

3 C) Wages Payable

4 D) Common Stock

A company has a fifty million dollar debit balance in its' cash

account Given this information, which of the following is a TRUE statement?

1 A) It is not normal for a business to have this much cash, therefore this is NOT a normal account balance

2 B) It is NOT ever normal for the cash account to have a debit balance

3 C) Normal account balances differ from company to company; therefore it is impossible to evaluate the given statement without more information

4 D) It is ALWAYS normal for the cash account to have a debit balance

A T-account has a $382 debit balance This account is most

likely:

1 A) Income Taxes Payable

2 B) Common Stock

3 C) Cash

4 D) Magazine Sales

The account "Cash" began with a zero balance and then had the following changes: increase of $250, decrease of $75, increase of

$113 and a decrease of $35 The final balance is a:

1 A) debit balance of $253

2 B) credit balance of $253

3 C) debit balance of $363

4 D) credit balance of $110

The difference between the total debits and total credits of an account is called a:

1 A) trial balance

2 B) sub-total

3 C) ruling

4 D) balance

The second step in analyzing a transaction is to determine:

1 A) if the account balance will increase or decrease

2 B) the accounts that are involved

3 C) the type of accounts that are involved

4 D) which accounts are to debited and credited

A T-account has a $922 credit balance This account is most likely:

1 A) Office Equipment

2 B) Rent Expense

3 C) Dividends

4 D) Sales Revenue

An example of accounts with normal credit balances would be:

1 A) revenues

2 B) assets

3 C) expenses

4 D) dividends

A T-account has a $388 credit balance This account is most likely:

1 A) an expense

2 B) a dividend account

3 C) an asset

4 D) a stock account

When the bank takes money out of a company's account, why does the bank say that they have debited that account?

1 A) The bank has increased the company's assets and assets increase with debits

2 B) The bank has decreased its' liability to the company and liabilities

decrease with debits

3 C) The bank has decreased the company's assets and assets decrease with debits

4 D) The bank has increased its' liability to the company and liabilities

increase with debits

A T-account has a $759 credit balance This account is most likely NOT:

1 A) Accounts Payable

2 B) Sales Revenue

3 C) Accounts Receivable

4 D) Common Stock

The first step in analyzing a transaction is to determine:

1 A) if the account balance will increase or decrease

2 B) the accounts that are involved

3 C) the type of accounts that are involved

4 D) which accounts are to be debited and credited.

An example of accounts with normal debit balances would be:

1 A) liabilities

2 B) expenses

3 C) revenues

4 D) stockholders' equity

Office Furniture, Wages Payable and Dividends have normal balances of:

1 A) credit, credit, and credit, respectively

2 B) debit, credit, and debit, respectively

3 C) debit, debit, and credit, respectively

4 D) credit, debit, and debit, respectively

The general ledger is arranged in the:

1 A) numerical order of the chart of accounts

2 B) alphabetical order of the account names

3 C) order with normal debit balance accounts first

4 D) order with normal credit balance accounts first

An investment of cash in a business:

1 A) represents an obligation of the business

2 B) decreases stockholders' equity

3 C) increases cash

4 D) appears in a liability account

The fourth step in analyzing a transaction is to determine:

1 A) if the account balance will increase or decrease

2 B) the accounts that are involved

3 C) the type of accounts that are involved

4 D) which accounts are to debited and credited

Which of the following is an unofficial tool of accounting?

1 A) Account

2 B) T-account

3 C) Debit

4 D) Credit

The third step in analyzing a transaction is to determine:

1 A) if the account balance will increase or decrease

2 B) the accounts that are involved

3 C) the type of accounts that are involved

4 D) which accounts are to debited and credited

Revenues, Accounts Receivable, and Common Stock have

normal balances of:

1 A) credit, debit, and credit, respectively

2 B) debit, debit, and credit, respectively

3 C) credit, credit, and credit, respectively

4 D) debit, debit, and debit, respectively

The fact that each transaction has a dual effect on the accounting equation provides the basis for what is called:

1 A) single-entry accounting

2 B) double-entry accounting

3 C) compound-entry accounting

4 D) multiple-entry accounting

A T-account has which of the following three major parts?

1 A) A debit side, a credit side, and a balance

2 B) A debit side, a credit side, and a total column

3 C) A title, a current date, and a balance

4 D) A title, a debit side, and a credit side

Credit means:

1 A) decrease

2 B) increase

3 C) the right side of an account

4 D) the left side of an account

97 Free Test Bank for Financial Accounting 2nd

Edition Kemp Multiple Choice Questions - Page 3

Which of the following has a four column format?

1 A) Income statement

2 B) Balance sheet

3 C) General ledger sheet

4 D) General journal

The second step in recording a transaction in the general journal

is to record the:

1 A) explanation of the entry

2 B) account(s) to be credited and the amount(s)

3 C) date of the entry

4 D) account(s) to be debited and the amount(s)

A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375 The entry needed

to correct this error is:

1 A) Debit Accounts Payable for $375 and credit Cash for $375

2 B) Debit Accounts Receivable for $375 and credit Cash for $375

3 C) Debit Cash for $375 and credit Accounts Payable for $375

4 D) Debit Cash for $375 and credit Accounts Receivable for $375

Able and Sons, Inc purchases a building for $35,000 cash The journal entry would include a:

1 A) debit to Building and a credit to Cash

2 B) debit to Common Stock and a credit to Building

3 C) debit to Building and a credit to Accounts Payable

4 D) debit to Building and a credit to Common Stock

Binford Corporation purchased a $600 two-year insurance policy for cash The journal entry would require a:

1 A) debit to Prepaid Insurance and a credit to Cash

2 B) debit to Insurance Expense and credit to Cash.

3 C) debit to Insurance Expense and a credit to Accounts Payable

4 D) debit to Insurance Expense and a credit to Retained Earnings

One of the customers of Rodriguez Roofing, Inc paid $223 on her bill The journal entry that Rodriguez Roofing, Inc would record is:

1 A) debit Accounts Receivable and credit Sales

2 B) debit Cash and credit Sales

3 C) debit Accounts Receivable and credit Cash

4 D) debit Cash and credit Accounts Receivable

The columns on a trial balance represent:

1 A) revenues and expenses

2 B) debits and credits

3 C) common stock and dividends

4 D) subtotals and totals

The information from the general journal is transferred to the:

1 A) balance sheet

2 B) income statement

3 C) general ledger

4 D) statement of retained earnings

A trial balance will determine if:

1 A) an entry was recorded twice

2 B) an entry was posted twice

3 C) debits equal credits

4 D) the right accounts were debited or credited

The first step in recording a transaction in the general journal is to record the:

1 A) explanation of the entry

2 B) account(s) to be credited and the amount(s)

3 C) date of the entry