financial accounting II chpt II

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kuroihikigaeru
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164063
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financial accounting II chpt II
Updated:
2012-07-26 17:21:58
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financial accounting II chapter quiz
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chapter II quiz accounting
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  1. Which of the items below ar examples of assets?
    A. cash adn accounts receivable.
    B. cash and rent expense
    C. investments by the owner and revenue.
    D. cash adn revenue
    A. cash and accounts receivable
    (this multiple choice question has been scrambled)
  2. Accountants sue credits to record what activities?
    A. decreases in assests and stockholders equity and increases in liabilities.
    B. decreases in assets, liabilities, and stockholders equity.
    C. decreases in liabilities and increases in assets and stokholders equity.
    D. increases in liabilities and stockholders equity.
    D. increases in liabilities and stockholders equity.
    (this multiple choice question has been scrambled)
  3. Accountants use debits to recor increases in which accounts?
    A. assets and liabilities
    B. assets and expenses.
    C. assets and revenue.
    D. revenue and stock holders equity.
    B. assets and expenses.
    (this multiple choice question has been scrambled)
  4. How would an accountant record a payment of cash to pay a debt?
    A. debit accounts receivalble and credit cash
    B. debit accounts payable adn credit cash.
    C. debit cash and credit accounts payable.
    D. debit cash and credit accounts recieveable.
    B. debit accounts payable and credit cash.
    (this multiple choice question has been scrambled)
  5. How does an accountant record the receipt of cash from a credit customer?
    On the debit side of the cash account and the credit side of the accounts receivable account.
  6. Which stockholders equity account increases as a result of the sale of goods or services to a customer?
    A. the stock account.
    B. the revenue account.
    C. the cash account.
    D. the dividends account
    B. the revenue account.
    (this multiple choice question has been scrambled)
  7. Which of the account types listed below normally carry a debit balance?
    A. assets, liabilities, and stockholders equity.
    B. liabilities and stockholders equity.
    C. assets and revenue
    D. expenses and assets.
    D. expenses and assets.
    (this multiple choice question has been scrambled)
  8. Which of the accounts listed below normally carry a credit balance?
    A. fees income adn stock
    B. accounts receivalble and fees income.
    C. salaries expense adn accounts payable
    D.accounts payable and equipment
    A. fees income and stock (fees income aka revenue)
    (this multiple choice question has been scrambled)
  9. How does an accountant journalize the sale of services on account?
    A. a debit to A/R and a credit to fees income
    B. a debit to fees income adn a credit to accounts receivable
    C. debit to A/R and a credit to stock.
    D. a debit to cash and a credit to A/R
    A. a debit to A/R and a credit to fees income.
    (this multiple choice question has been scrambled)
  10. The journal entry to record the pruchase of equiment for a $300 cash down payment adn a balance of $700 due in 30 days would include?
    A. a debit to equipment for 1000, a credit to cash for 300 and a credit to A/P for 700.
    B. a debit to equipment for 300 and a credit to cash for 700
    C. debit to equipment for 1000 and a credit to cash for 1000.
    D. a debit to equipment for 1000 and a credit to A/P for 7000.
    A. a debit to equipment for 1000 and a credit to cash for 300, and a credit to A/P for 700.
    (this multiple choice question has been scrambled)

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