The bookkeeping process - normal account balance
9 important questions on The bookkeeping process - normal account balance
1. In double-entry accounting:
a. for every entry on the balance sheet, a corresponding and equal entry must be made on the income statement.
b. each entry on the chart of accounts must have a corroborating entry on the statement of cash flows.
c. two sets of accounting books are maintained, one for external use and one accessible only to certain officers of the company.
d. every business transaction affects two or more bookkeeping accounts.
The bookkeeping accounts kept by a business are referred to collectively as the:
a. chart of accounts.
b. general ledger.
c. subsidiary ledger.
d. general journal.
The monetary amount that results from summarizing a bookkeeping account is referred to as the account:
a. summary.
b. credit.
c. balance.
d. capital.
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When the owner of a proprietorship invests personal cash in the business, the two accounts affected are cash and:
a. retained earnings.
b. donated capital.
c. additional paid-in capital.
d. capital.
How does the purchase of advertising on open account affect the accounting record?
a. It increases an asset account and decreases a liability account.
b. It decreases an asset account and increases a liability account.
c. It increases both an expense account and a liability account.
d. It decreases both an expense account and a liability account.
In a two-column T-account format:
a. increases are recorded on the left side and decreases are recorded on the right side.
b. debits are recorded on the left side and credits are recorded on the right side.
c. credits are recorded on the left side and debits are recorded on the right side.
d. the left side is for “minus” entries and the right side is for “plus” entries.
Under the central rule of increase:
a.a debit is used to increase an asset or expense account.
b. a credit is used to increase an asset or expense account.
c. a debit is used to increase an expense (liability) account.
d. a credit is used to increase a revenue (asset) account.
The rule of increase for contra accounts states that:
a. a debit is used to increase a contra-asset account.
b. a credit is used to increase a contra-equity account.
c. a credit is used to increase a contra-revenue account.
d. a credit is used to increase a contra-asset account
d. a credit is used to increase a contra-asset account
Under the normal account balance rule:
a. credit balances are expected in asset accounts.
b. credit balances are expected in expense accounts.
c. debit balances are expected in asset and expense accounts.
d. debit balances are expected in liability accounts.
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