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- 1. Multiple Choice
The left side of a T account is the
Debit side
Credit side
Normal balance side
Equity side
- 2. Multiple Choice
If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is
Increased
Decreased
Unaffected
Correct
- 3. Multiple Choice
The normal balance side of a liability account is the
Debit side
Credit side
Decrease side
Right side
- 4. Multiple Choice
When an owner invests cash in a business, the owner’s capital account is
Increased by a debit
Increased by a credit
Decreased by a debit
Decreased by a credit
- 5. Multiple Choice
When a business pays cash on account, a liability account is
Increased by a debit
Increased by a credit
Decreased by a debit
Decreased by a credit
- 6. Multiple Choice
When cash is received from sales, the change in the owner’s equity is usually recorded
On the debit side
Directly in the owner’s capital account
As interest revenue
In a separate revenue account
- 7. Multiple Choice
Increases in a revenue account are shown on a T account’s
Debit side
Credit side
Decrease side
Right side
- 8. Multiple Choice
The normal balance side of any revenue account is the
Debit side
Credit side
Decrease side
Right side
- 9. Multiple Choice
When $1,500 cash is received on account,
Sales is increased with a credit and Cash is increased with a credit
Accounts Receivable is increased with a debit and Cash is increased with a credit
Accounts Receivable is decreased with a credit and Cash is increased with a debit
Accounts Receivable is decreased with a debit and Cash is increased with a debit
- 10. Multiple Choice
The first digit in the account number 520 means that the account is in the
Expense division of the general ledger
Revenue division of the general ledger
Liability division of the general ledger
Asset division of the general ledger
- 11. Multiple Choice
When accounts are arranged in a general ledger, account numbers are assigned, and the chart of accounts is kept up to date, the accounting personnel
Posting
Journalizing
Doing file maintenance
Doing correcting entries
- 12. Multiple Choice
The procedure for transferring information from a journal entry to a ledger account is
Posting
Journalizing
Doing file maintenance
Doing correcting entries
- 13. Multiple Choice
The last step in the posting procedure is to write the
Entry date in the Date column of the account
Journal page number in the Post. Ref. column of the account
Account number in the Post. Ref. column of the journal
Entry amount in the Debit or Credit column of the account
- 14. Multiple Choice
The second step in the posting procedure is to write the
Entry date in the Date column of the account
Journal page number in the Post. Ref. column of the account
Account number in the Post. Ref. column of the journal
Entry amount in the Debit or Credit column of the account
- 15. Multiple Choice
An account number in the journal’s Post. Ref. column shows
The date of the entry
That work on that journal page is completed
The account to which an amount is posted
The journal page number
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