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Which of the following defines the classification and also normal balance that the fees earned account?

A. An asset through a credit transaction balance

B. A liability through a credit balance

C. An price with a debit balance

D. A revenue through a credit transaction balance

Definition D. A revenue through a credit balance
Term

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

A. Resources stock and dividends

B. Revenues and liabilities

C. Assets and also liabilities 

D. Liabilities and also expenses

Definition B. Revenues and liabilities
Term

A list of the accounts is called

A. T account

B. Ledger

C. Debit

D. Chart of accounts

Definition D. Chart of accounts
Term

The classification and normal balance of the supplies expense account is a(n)

A. Asset v a debit balance

B. Price with a debit balance

C. Asset through a credit transaction balance

D. Liability through a credit balance

Definition B. Price with a debit balance
Term

Accounts are records of increases and also decreases in separation, personal, instance financial explain items.

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

True

 

False

Definition True
Term

Journal entries have the right to have an ext than two accounts as lengthy as the debits same the credits.

True

 

False

Definition True
Term

The post reference notation provided in the newspaper is the web page number. 

True

 

False

Definition False
Term

A graph of account is a listing of account that comprise the journal.

True

 

False

Definition False
Term

Which the the following entries documents the receipt of cash for two months" rent? The cash was got in advanceof offering the service.

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

B. Cash, debit; Rent cost credit.

C. Cash, debit; Unearned Rent, credit.

D. Cash, debit; Prepaid Rent, credit.

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

The attempt balance is out of balance and also the accountant suspects the a transposition or slide error has actually occurred. What will the accountant execute to find the error?

A. Determine the quantity of the error and divide by two, then look for that amount ~ above the attempt balance.

B. Identify the quantity of the error and also look for that amount top top the psychological balance.

C. Identify the lot of the error and also divide by nine. If the an outcome is evenly divided, climate this form of error is likely.

D. Recognize the lot of the error and also refer to the newspaper entries for that amount.

Definition

C. Identify the lot of the error and divide by nine. If the an outcome is same divided, then this form of error is likely.

Term

Randomly provided below room the measures for prepare a psychological balance:

(1) Verify the the full of the Debit column equals the full of the credit transaction column.

(2) perform the account from the ledger and enter their debit or credit balance in the Debit or credit column

of the trial balance.

(3) perform the name of the company, the title of the attempt balance, and also the date the trial balance is prepared.

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

What is the ideal order of these 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 the the adhering to entries documents the payment of rent for the present month?

A. Rent Expense, debit; Cash, credit

B. Cash, debit; rent Expense, credit

C. Rental Expense, debit; account Receivable, credit

D. Accounts Payable, debit; rent Expense, credit

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

An account is claimed to have a debit balance if

A. There are an ext entries ~ above the debit side than on the credit side

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

C. The lot of the debits exceeds the amount of the credits

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

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

Which that the following statements is not true about liabilities?

A. Liabilities space debts owed to outsiders.

B. Receiving cash prior to a company is performed create a liability.

C. Account titles of liabilities often include the ax “payable.”

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

Definition D. Liabilities do not incorporate wages fan to employees of the company.
Term

Retained income will be diminished by every one 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 below is not a objective for the journal?

A. To show increases and also decreases in accounts

B. To show a finish transaction in one place

C. To help posting transactions come ledger 

D. To display a chronological order by date

Definition A. To display increases and also decreases in accounts
Term

Which the the following accounts rise with a credit?

A. Capital stock, revenues, expenses

B. Assets, resources stock, revenues

C. Liabilities, resources stock, revenues

D. Retained earnings, resources stock, assets

Definition C. Liabilities, resources stock, revenues
Term

Which the the complying with group of account are boosted 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 must be recognized when

A. The client charges an order

B. The company is performed

C. The customer locations an order

D. Cash is received

Definition B. The company is performed
Term

The totals in ~ the bottom of the attempt balance and the totals at the bottom the the balance paper both display equality and balancing, and therefore need to be equal.

True

 

False

Definition False
Term

The cash account will always be debited

True

 

False

Definition False
Term

The erroneous setup of digits, together as composing $45 together $54, is referred to as 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.

See more: Which Type Of Network Threat Is Intended To Prevent Authorized Users From Accessing Resources?

True

 

False

Definition False
Term

The unearned revenues account is an example of a liability.