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- 1. Multiple Choice
Apply the rules of Debit and Credit to the following accounts:
A decrease to cash is a _______?DebitCredit - 2. Multiple ChoiceAn increase to cash is ________?DebitCredit
- 3. Multiple ChoiceAn increase to Utilities Expense is aDebitCredit
- 4. Multiple ChoiceThe normal balance for Cash is aDebitCredit
- 5. Multiple ChoiceAn increase to a revenue account is aDebitCredit
- 6. Multiple ChoiceAn increase to Supplies is aDebitCredit
- 7. Multiple ChoiceAn increase to Office Furniture is aDebitCredit
- 8. Multiple ChoiceA decrease to Accounts Payable is aDebitCredit
- 9. Multiple ChoiceThe Accounting Equation must always be in balance?TrueFalse
- 10. Multiple ChoiceAssetsAnything owed by the companyAnything owned of value by the company
- 11. Multiple ChoiceSupplies purchased on account that will be paid for at a later date is a liability.TrueFalse
- 12. Multiple ChoiceThe owner's worth after assets are used to pay all liabilities is the definition ofOwner's EquityLiabilitiesAssets
- 13. Multiple ChoiceAlways keep business and personal records separate?TrueFalse
- 14. Multiple ChoiceCash received means Cash is:DecreasedIncreased
- 15. Multiple ChoicePaid Cash means cash has:DecreasedIncreased
- 16. Multiple ChoiceBought supplies on account means Supplies has increased and what other account has changed?Cash has decreasedAccount Payable has increased
- 17. Multiple ChoiceAmounts to be received in the future due to the sale of goods or servicesaccounts receivableaccounts payableowner's equitycash
- 18. Multiple ChoiceReceived cash from owner as an investment.
What would be the debit?cashowner's equitysuppliescapital - 19. Multiple ChoiceAn amount recorded on the left side of a T account is a:debitcreditnormal balance
- 20. Multiple ChoiceThe values of all equities or claims against the assets (L & OE) are on the accounting equation's:left sideright sidedebit side
- 21. Multiple ChoiceThe normal balance side of an owner's capital account is thedebit sidecredit sideleft sideright side
- 22. Multiple ChoiceDebits must equal creditsin a T accounton the equation's left sideon the equation's right sidefor each transaction
- 23. Multiple ChoiceIncreases in any liability account are shown on the T account'sdebit sidecredit side
- 24. Multiple ChoiceIncreases in an expense account are shown on a T account'sdebit sidecredit side
- 25. Multiple ChoiceThe normal balance side of any expense account is thedebit sidecredit side
- 26. Multiple ChoiceThe normal balance side of an owner's drawing account is thedebit sidecredit side
- 27. Multiple ChoiceAn account device used to analyze transactions is a T account.TrueFalse
- 28. Multiple ChoiceBusinesses use accounts to summarize all the information pertaining to a single item.TrueFalse
- 29. Multiple ChoiceA drawing account is decreased by debits and increased by credits.TrueFalse
- 30. Multiple ChoiceA list of accounts used by a business is a chart of accounts.TrueFalse
- 31. Multiple ChoiceAccounts payable accounts are increased with a debit.TrueFalse
- 32. Multiple ChoiceAccounts receivable accounts are increased with a debit.TrueFalse
- 33. Multiple ChoiceAll owner's equity accounts are increased on the credit side because the owner's capital account has a normal balance on the credit side.TrueFalse
- 34. Multiple ChoiceAll owner's equity accounts are increased on the credit side because the owner's capital account has a normal balance on the credit side.TrueFalse
- 35. Multiple ChoiceAn amount recorded on the left side of a T account is a credit.TrueFalse
- 36. Multiple ChoiceAsset accounts increase on the credit side.TrueFalse
- 37. Multiple ChoiceWhen services are sold on account for $500.00,Sales is decreased with a debit & an accounts receivable account is increased with a credit.Sales is increased with a debit & Cash is increased with a credit.Sales is increased with a credit & an accounts receive account is increased with a debit.Sales is increased with a credit & Cash is increased with a debit.
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