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Which of the following explains the classification and also normal balance the the fees deserve account?

A. One asset with a credit transaction balance

B. A liability through a credit transaction balance

C. An expense with a debit balance

D. A revenue through a credit balance

Definition D. A revenue v a credit balance
Term

Which the the following types of accounts have actually a normal credit balance?

A. Funding stock and dividends

B. Revenues and also liabilities

C. Assets and also liabilities 

D. Liabilities and also expenses

Definition B. Revenues and also liabilities
Term

A perform of the accounts is called

A. T account

B. Ledger

C. Debit

D. Chart of accounts

Definition D. Graph of accounts
Term

The classification and normal balance that the supplies price account is a(n)

A. Asset v a debit balance

B. Cost with a debit balance

C. Asset v a credit balance

D. Liability through a credit balance

Definition B. Cost with a debit balance
Term

Accounts are records of increases and also decreases in individual financial explain items.

You are watching: Which of the following groups of accounts increase with a credit?

True

 

False

Definition True
Term

Journal entries have the right to have much more than two accounts as lengthy as the debits equal the credits.

True

 

False

Definition True
Term

The article reference notation supplied in the journal is the web page number. 

True

 

False

Definition False
Term

A chart of account is a listing of account that make up the journal.

True

 

False

Definition False
Term

Which that the following entries records the receipt the cash for two months" rent? The cash was obtained in advanceof providing the service.

A. Prepaid Rent, debit; rent Revenue, credit.

B. Cash, debit; Rent price credit.

C. Cash, debit; Unearned Rent, credit.

D. Cash, debit; Prepaid Rent, credit.

Definition C. Cash, debit; Unearned Rent, credit.
Term

The psychological balance is out of balance and the accountant suspects that a transposition or on slide error has occurred. What will certainly the accountant do to discover the error?

A. Identify the quantity of the error and divide through two, climate look for the amount top top the trial balance.

B. Identify the lot of the error and also look for that amount on the psychological balance.

C. Recognize the quantity of the error and also divide through nine. If the an outcome is evenly divided, climate this type of error is likely.

D. Determine the lot of the error and also refer to the journal entries for the amount.

Definition

C. Recognize the lot of the error and also divide through nine. If the an outcome is same divided, then this type of error is likely.

Term

Randomly provided below are the actions for prepare a trial balance:

(1) Verify the the full of the Debit column equates to the complete of the credit transaction column.

(2) perform the accounts from the ledger and enter your debit or credit balance in the Debit or credit transaction column

of the attempt balance.

(3) perform the name of the company, the location of the attempt balance, and the day the psychological balance is prepared.

(4) complete the Debit and also Credit columns the the psychological balance.

What is the ideal order of this steps?

A. (3), (2), (4), (1)

B. (2), (3), (4), (1)

C. (3), (2), (1), (4)

D. (4), (3), (2), (1)

Definition A. (3), (2), (4), (1)
Term

Which that the adhering to entries documents the payment of rent for the current month?

A. Rental Expense, debit; Cash, credit

B. Cash, debit; rent Expense, credit

C. Rental Expense, debit; account Receivable, credit

D. Account Payable, debit; rent Expense, credit

Definition A. Rental Expense, debit; Cash, credit
Term

An account is said to have a debit balance if

A. There are an ext entries top top the debit side 보다 on the credit transaction side

B. Over there are more entries ~ above the credit side 보다 on the debit side

C. The amount of the debits above the quantity of the credits

D. The first entry of the accounting period was post on the debit side

Definition C. The quantity of the debits exceeds the quantity of the credits
Term

Which of the complying with statements is not true around liabilities?

A. Liabilities are debts fan to outsiders.

B. Receiving cash prior to a service is performed creates a liability.

C. Account title of liabilities often encompass the ax “payable.”

D. Liabilities execute not include wages fan to employee of the company.

Definition D. Liabilities carry out not include wages fan to employees of the company.
Term

Retained revenue will be lessened by all of the complying with except

A. Revenues

B. Expenses

C. Dividends

D. Every one of these

Definition A. Revenues
Term

Which one of the statements listed below is not a objective for the journal?

A. To display increases and also decreases in accounts

B. To show a complete transaction in one place

C. To aid posting transactions to ledger 

D. To display a chronological stimulate by date

Definition A. To show increases and decreases in accounts
Term

Which that the adhering to accounts rise with a credit?

A. Funding stock, revenues, expenses

B. Assets, funding stock, revenues

C. Liabilities, capital stock, revenues

D. Maintained earnings, resources stock, assets

Definition C. Liabilities, capital stock, revenues
Term

Which that the adhering to group of accounts are raised with a debit?

A. Assets, revenues, expenses

B. Assets, liabilities, revenues

C. Assets, dividends, expenses

D. Assets, liabilities, stockholders’ equity

Definition C. Assets, dividends, expenses
Term

Revenue need to be well-known when

A. The customer charges an order

B. The business is performed

C. The customer places an order

D. Cash is received

Definition B. The company is performed
Term

The totals at the bottom of the trial balance and also the totals at the bottom of the balance sheet both show equality and balancing, and therefore must be equal.

True

 

False

Definition False
Term

The cash account will always be debited

True

 

False

Definition False
Term

The erroneous plan of digits, such as composing $45 together $54, is called a slide.

True

 

False

Definition False
Term

For a month"s transactions for a usual medium-sized business, the accounts payable account is likely to have only credit entries.

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True

 

False

Definition False
Term

The unearned profits account is an instance of a liability.