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A02 Principles of Accounting I Exam 3 Answers (Ashworth College)

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A02 Principles of Accounting I Exam 3 Answers (Ashworth College)

EXAM 3

Part 1 of 1 -

100.0/ 100.0 Points

 

Question 1 of 20

5.0/ 5.0 Points

One asset would be debited and another credited if __________.

 

 

 

A. the business provided services to a cash customer

 

 

B. the business paid a creditor

 

 

C. the business bought supplies paying cash

 

 

D. the business provided services to a credit customer

 

 

Question 2 of 20

5.0/ 5.0 Points

A debit increases the balance in all of the following accounts, except __________.

 

 

 

A. cash

 

 

B. withdrawals

 

 

C. expenses

 

 

D. accounts payable

 

 

Question 3 of 20

5.0/ 5.0 Points

The beginning balance in the Computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is __________.

 

 

 

A. debit of $2,000

 

 

B. credit of $3,000

 

 

C. debit of $3,000

 

 

D. credit of $2,000

 

 

Question 4 of 20

5.0/ 5.0 Points

A liability would be credited and an expense debited if __________.

 

 

 

A. the business paid a creditor

 

 

B. the business incurred an expense and did not pay the expense immediately

 

 

C. the business bought supplies on account

 

 

D. the business bought supplies for cash

 

 

Question 5 of 20

5.0/ 5.0 Points

Jim Walton performed services on credit for $2,450. A debit for this transaction should be recorded to __________.

 

 

 

A. revenue

 

 

B. accounts receivable

 

 

C. accounts payable

 

 

D. cash

 

 

Question 6 of 20

5.0/ 5.0 Points

Office Supplies had a normal starting balance of $75. There were debit postings of $80 and credit postings of $60 during the month. The ending balance is __________.

 

 

 

A. $55 debit

 

 

B. $55 credit

 

 

C. $95 debit

 

 

D. $95 credit

 

 

Question 7 of 20

5.0/ 5.0 Points

A debit balance is a normal balance for which type of account?

 

 

 

A. accounts payable

 

 

B. revenue

 

 

C. accounts receivable

 

 

D. owner’s capital

 

 

Question 8 of 20

5.0/ 5.0 Points

A chart of accounts __________.

 

 

 

A. is set up in alphabetical order

 

 

B. includes account balances

 

 

C. is a listing of all the accounts used by a company

 

 

D. All of the above answers are correct.

 

 

Question 9 of 20

5.0/ 5.0 Points

The left side of any account is the __________.

 

 

 

A. debit side

 

 

B. credit side

 

 

C. ending balance

 

 

D. footings

 

 

Question 10 of 20

5.0/ 5.0 Points

What would be the effect on accounts if the owner withdrew cash?

 

 

 

A. An asset would be debited and an expense credited.

 

 

B. Withdrawals would be debited and an asset credited.

 

 

C. An asset would be debited and a revenue credited.

 

 

D. An asset would be debited and Capital credited.

 

 

Question 11 of 20

5.0/ 5.0 Points

An account that would be increased by a credit is __________.

 

 

 

A. cash

 

 

B. accounts receivable

 

 

C. utilities expense

 

 

D. accounts payable

 

 

Question 12 of 20

5.0/ 5.0 Points

The right side of any account is the __________.

 

 

 

A. debit side

 

 

B. credit side

 

 

C. ending balance

 

 

D. footings

 

 

Question 13 of 20

5.0/ 5.0 Points

Which of the following types of accounts has a normal credit balance?

 

 

 

A. withdrawals

 

 

B. assets

 

 

C. expenses

 

 

D. revenues

 

 

Question 14 of 20

5.0/ 5.0 Points

Accounts Payable had a normal starting balance of $800. There were debit postings of $600 and credit postings of $300 during the month. The ending balance is __________.

 

 

 

A. $500 credit

 

 

B. $1,000 debit

 

 

C. $500 debit

 

 

D. $1,000 credit

 

 

Question 15 of 20

5.0/ 5.0 Points

The owner invested personal equipment in the business. To record this transaction __________.

 

 

 

A. debit Equipment and credit Accounts Payable

 

 

B. debit Accounts Payable and credit Equipment

 

 

C. debit Equipment and credit Capital

 

 

D. credit Equipment and debit Capital

 

 

Question 16 of 20

5.0/ 5.0 Points

Which of the following entries records the investment of cash by John, owner of a sole proprietorship?

 

 

 

A. debit John, Capital; credit Cash

 

 

B. debit Cash; credit John, Withdrawals

 

 

C. debit John, Withdrawals; credit Cash

 

 

D. debit Cash; credit John, Capital

 

 

Question 17 of 20

5.0/ 5.0 Points

The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1100. The balance of the account is __________.

 

 

 

A. $800 debit

 

 

B. $800 credit

 

 

C. $2,600 credit

 

 

D. $2,600 debit

 

 

Question 18 of 20

5.0/ 5.0 Points

The owner of BobCats R Us paid his personal MasterCard bill using a company check. The correct entry to record the transaction is __________.

 

 

 

A. credit Cash; debit Capital

 

 

B. credit Cash; debit Supplies Expense

 

 

C. credit Cash; debit Withdrawals

 

 

D. credit Cash; debit Accounts Receivable

 

 

Question 19 of 20

5.0/ 5.0 Points

An asset would be debited and a liability credited if __________.

 

 

 

A. the business bought supplies for cash

 

 

B. the business incurred an expense and paid it

 

 

C. the business incurred an expense and did not pay for the expense immediately

 

 

D. the business bought equipment on account

 

 

Question 20 of 20

5.0/ 5.0 Points

A liability would be credited and an expense debited if __________.

 

 

 

A. the business paid a creditor

 

 

B. the business incurred an expense and did not pay the expense immediately

 

 

C. the business bought supplies on account

 

 

D. the business bought supplies for cash

 

 

 

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