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  • Chapter 4 - The Accounting Process

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    sablu khan
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    Identify the choice that best completes the statement or answers the question. A debt account decreases on the debit side b. On the credit side c. Neither a. Nor b d. Both a. And b. If you increase an asset account, you could increase a liability account.

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    Identify the choice that best completes the statement or answers the question. A debt account decreases on the debit side b. On the credit side c. Neither a. Nor b d. Both a. And b. If you increase an asset account, you could increase a liability account.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    85 просмотров3 страницы

    Chapter 4 - The Accounting Process

    Загружено:

    sablu khan
    Identify the choice that best completes the statement or answers the question. A debt account decreases on the debit side b. On the credit side c. Neither a. Nor b d. Both a. And b. If you increase an asset account, you could increase a liability account.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 3

    Name:

    Score:0/10points(0%)

    Chapter4Theaccountingprocess
    MultipleChoice
    Identifythechoicethatbestcompletesthestatementoranswersthequestion.

    1.Wheredoesadebtaccountdecrease?
    a. Onthedebitside
    b. Onthecreditside
    c. Neithera.norb.
    d. Botha.andb.
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page139

    2.Ingeneral,theassetsideofthebalancesheetisdesignedtosummarizebalancesheet
    accountswith:
    a. Creditbalances.
    b. Debitbalances.
    c. Neithera.norb
    d. Botha.andb
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page139

    3.AlfsellsmerchandiseoncredittoBobfor100CU.Howwillthetransactionberecorded
    inAlfsaccountingrecords?
    a. Salesofmerchandise

    b.

    c.

    d.

    |Credit:100
    CustomerBob
    Debit:100|
    Salesofmerchandise
    |Credit:100
    CustomerBob
    |Credit:100
    Salesofmerchandise
    Debit:100|
    CustomerBob
    Debit:100|
    Salesofmerchandise
    Debit:100|
    CustomerBob
    |Credit:100

    ANSWER:A
    Moderate
    POINTS: 0/1
    REF:
    pages139,140


    4.Whichmechanismisentirelybasedonthefundamentalideathateachindividual
    accountingtransactionhastwosides,whicharealwaysbalanced?
    a. Accrualaccounting
    b. Doubleentrybookkeeping
    c. Prudenceprinciple
    d. Cashaccounting
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page141

    5.Whichofthefollowingstatementsisfalse?
    a. Ifyouincreaseanassetaccount,youcouldincreasealiabilityaccount.
    b. Ifyoudecreaseanassetaccount,youcouldincreaseashareholdersequity
    account.
    c. Ifyouincreaseanassetaccount,youcoulddecreaseanassetaccount.
    d. Ifyoudecreaseanassetaccount,youcoulddecreaseashareholdersequity
    account.
    ANSWER:B
    Moderate
    POINTS: 0/1
    REF:
    page141

    6.Eachaccountingtransactionoriginatesina:
    a. Document.
    b. Ledger.
    c. Journal.
    d. Trialbalance.
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page142

    7.Inwhichorderdoesthejournallisttransactions?
    a. Alphabetical
    b. Decreasing
    c. Increasing
    d. Chronological
    ANSWER:D
    Easy
    POINTS: 0/1
    REF:
    page142

    8.Whichofthefollowingaccountsisexpectedtopresentadebitbalance?
    a. Bankoverdrafts
    b. Financialincome
    c. Financialinterest
    d. Bankborrowing
    ANSWER:C
    Moderate

    POINTS: 0/1
    REF:
    page148

    9.Whatisthefinalstageoftheaccountingprocess?
    a. Journal
    b. Financialstatement
    c. Ledger
    d. Trialbalance
    ANSWER:B
    Easy
    POINTS: 0/1
    REF:
    page149

    10.Achartofaccountsisalogicallyorganizedlistofallrecognizedaccountsusedin
    recordingalltransactionsinafirm.
    a. True
    b. False
    ANSWER:A
    Easy
    POINTS: 0/1
    REF:
    page150

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