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ACCT105 ACCT/105 ACCT 105 CHAPTER 2 THE RECORDING PROCESS 101-120 PART 7

ACCT 105 CHAPTER 2 THE RECORDING PROCESS 101-120  PART 7

101.	The standard format of a journal would not include
a.	a reference column.
b.	an account title column.
c.	a T-account.
d.	a date column.


	102	Transactions in a journal are recorded in
a.	account number order.
b.	dollar amount order.
c.	alphabetical order.
d.	chronological order.

	103	A journal is not useful for
a.	disclosing in one place the complete effect of a transaction.
b.	preparing financial statements.
c.	providing a record of transactions.
d.	locating and preventing errors.


	104	A complete journal entry does not show
a.	the date of the transaction.
b.	the new balance in the accounts affected by the transaction.
c.	a brief explanation of the transaction.
d.	the accounts and amounts to be debited and credited.


	105.	The name given to entering transaction data in the journal is
a.	chronicling.
b.	listing.
c.	posting.
d.	journalizing.


	106.	The standard form of a journal entry has the
a.	debit account entered first and indented.
b.	credit account entered first and indented.
c.	debit account entered first at the extreme left margin.
d.	credit account entered first at the extreme left margin.


	107.	When journalizing, the reference column is
a.	left blank.
b.	used to reference the source document.
c.	used to reference the journal page.
d.	used to reference the financial statements.


	108.	On June 1, 2015 Ted Leo buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will
a.	use two journal entries.
b.	make a compound entry.
c.	make a simple entry.
d.	list the credit entries first, which is proper form for this type of transaction.


 
109.	Which of the following journal entries is recorded correctly and in the standard format?
a.	Salaries and Wages Expense 		500
		Cash 			1,500
	Advertising Expense .		1,000

b.	Salaries and Wages Expense .			500
	Advertising Expense .			1,000
		Cash 		1,500

c.	Cash 		1,500
		Salaries and Wages Expense 			500
		Advertising Expense 			1,000

d.	Salaries and Wages Expense 		500
	Advertising Expense 		1,000
		Cash .			1,500


110.	The ledger should be arranged in
a.	alphabetical order.
b.	chronological order.
c.	dollar amount order.
d.	financial statement order.


	111.	The entire group of accounts maintained by a company is called the
a.	chart of accounts.
b.	general journal.
c.	general ledger.
d.	trial balance.


	112.	An accounting record of the balances of all assets, liabilities, and stockholders’ equity accounts is called a
a.	compound entry.
b.	general journal.
c.	general ledger.
d.	chart of accounts.


	113.	The usual order of accounts in the general ledger is
a.	assets, liabilities, common stock, retained earnings, dividends, revenues, and expenses.
b.	assets, liabilities, dividends, common stock, retained earnings, expenses, and revenues.
c.	liabilities, assets, common stock, retained earnings, revenues, expenses, and dividends.
d.	common stock, retained earnings, assets, liabilities, dividends, expenses, and revenues.


	114.	Management could determine the amounts due from customers by examining which ledger account?
a.	Service Revenue
b.	Accounts Payable
c.	Accounts Receivable
d.	Supplies


115.	The ledger accounts should be arranged in
a.	chronological order.
b.	alphabetical order.
c.	financial statement order.
d.	order of appearance in the journal.


	116.	A three column form of account is so named because it has columns for
a.	debit, credit, and account name.
b.	debit, credit, and reference.
c.	debit, credit, and balance.
d.	debit, credit, and date.


117.	On August 13, 2015, Swell Maps Enterprises purchased equipment for $1,300 and supplies of $200 on account. Which of the following journal entries is recorded correctly and in the standard format?
a.	Equipment		1,300
			Account Payable			1,500
	Supplies		200

b.	Equipment			1,300
	Supplies			200
			Accounts Payable		1,500

c.	Accounts Payable		1,500
		Equipment			1,300
		Supplies			200

d.	Equipment		1,300
	Supplies		200
			Accounts Payable.			1,500


118.	Delta72 Company received a cash advance of $700 from a customer. As a result of this event,
a.	assets increased by $700.
b.	stockholders’ equity increased by $700.
c.	liabilities decreased by $700.
d.	assets and stockholders’ equity increased by $700.


	119.	Camper Van Company purchased equipment for $2,600 cash. As a result of this event,
a.	stockholders’ equity decreased by $2,600.
b.	total assets increased by $2,600.
c.	total assets remained unchanged.
d.	stockholders’ equity decreased and total assets increased by $2,600.


	120.	Beethoven Company provided consulting services and billed the client $3,100. As a result of this event,
a.	assets remained unchanged.
b.	assets increased by $3,100.
c.	stockholders’ equity increased by $3,100.
d.	assets and stockholders’ equity both increased by $3,100.

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24 Oct 2016

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  1. Genius

    ACCT105 ACCT/105 ACCT 105 CHAPTER 2 THE RECORDING PROCESS 101-120 PART 7

    101. The standard format of a journal would not include a. a reference column. b. an account title ****** ******
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