16636506
Pregunta 1
Pregunta
A shareholder’s investment of cash into the business will
Respuesta
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decrease total assets.
-
decrease total liabilities.
-
increase shareholders’ equity
-
have no effect on total assets.
Pregunta 2
Pregunta
Purchasing a laptop computer on account will
Respuesta
-
increase total assets.
-
have no effect on shareholders’ equity
-
increase total liabilities.
-
all of the above.
Pregunta 3
Pregunta
Performing a service on account will
Respuesta
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increase total liabilities.
-
increase shareholders’ equity
-
. increase total assets.
-
both b and c
Pregunta 4
Pregunta
Receiving cash from a customer on account will
Respuesta
-
increase total assets.
-
decrease liabilities.
-
increase shareholders’ equity
-
have no effect on total assets.
Pregunta 5
Pregunta
Purchasing computer equipment for cash will
Respuesta
-
decrease both total assets and shareholders’ equity
-
decrease both total liabilities and shareholders’ equity.
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have no effect on total assets, total liabilities, or shareholders’ equity
-
increase both total assets and total liabilities.
Pregunta 6
Pregunta
Purchasing a building for $110,000 by paying cash of $15,000 and signing a note
payable for $95,000 will
Respuesta
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decrease total assets and increase total liabilities by $15,000.
-
increase both total assets and total liabilities by $95,000.
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. increase both total assets and total liabilities by $110,000.
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decrease both total assets and total liabilities by $15,000.
Pregunta 7
Pregunta
What is the effect on total assets and shareholders’ equity of paying the telephone bill
as soon as it is received each month?
Respuesta
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total assets: decrease Shareholders' equity: decrease
-
Total assets: no effect Shareholders' equity: decrease
-
Total assets: no effect Shareholders' equity: No effect
-
Total assets: decrease Shareholders' equity: no effect
Pregunta 8
Pregunta
Which of the following transactions will increase an asset and increase a liability?
Respuesta
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Purchasing office equipment for cash
-
Paying an account payable
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Buying equipment on account
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Issuing shares
Pregunta 9
Pregunta
Which of the following transactions will increase an asset and increase shareholders’
equity?
Respuesta
-
Performing a service on account for a customer
-
Borrowing money from a bank
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Purchasing supplies on account
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Collecting cash from a customer on an account receivable
Pregunta 10
Pregunta
Where do we first record a transaction?
Respuesta
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Journal
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Account
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Ledger
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Trial balance
Pregunta 11
Pregunta
Which of the following is not an asset account?
Respuesta
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Service Revenue
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Share Capital
-
Salary Expense
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None of the above accounts is an asset.
Pregunta 12
Pregunta
Which statement is false?
Respuesta
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Dividends are increased by credits.
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Assets are increased by debits.
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Revenues are increased by credits.
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Liabilities are decreased by debits.
Pregunta 13
Pregunta
The journal entry to record the receipt of land and a building and issuance of ordinary
shares
Respuesta
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debits Share Capital and credits Land and Building.
-
debits Land and Building and credits Share Capital.
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debits Land and credits Share Capital.
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debits Land, Building, and Share Capital
Pregunta 14
Pregunta
The journal entry to record the purchase of supplies on account
Respuesta
-
debits Supplies Expense and credits Supplies.
-
debits Supplies and credits Accounts Payable.
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credits Supplies and debits Cash
-
credits Supplies and debits Accounts Payable.
Pregunta 15
Pregunta
If the credit to record the purchase of supplies on account is not posted,
Respuesta
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liabilities will be understated.
-
expenses will be overstated.
-
assets will be understated.
-
shareholders’ equity will be understated
Pregunta 16
Pregunta
The journal entry to record a payment on account will
Respuesta
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debit Expenses and credit Cash
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debit Cash and credit Expenses.
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debit Accounts Payable and credit Retained Earnings.
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debit Accounts Payable and credit Cash.
Pregunta 17
Pregunta
If the credit to record the payment of an account payable is not posted,
Respuesta
-
cash will be overstated
-
liabilities will be understated.
-
expenses will be understated.
-
cash will be understated.
Pregunta 18
Pregunta
Which statement is false?
Respuesta
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A trial balance lists all the accounts with their current balances.
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A trial balance can be taken at any time
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A trial balance can verify the equality of debits and credits.
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A trial balance is the same as a Balance Sheet.
Pregunta 19
Pregunta
A business’s receipt of a $105,000 building, with a $65,000 mortgage payable and
issuance of $40,000 of ordinary shares, will
Respuesta
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increase shareholders’ equity by $40,000
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increase assets by $65,000.
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decrease assets by $65,000
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increase shareholders’ equity by $105,000.
Pregunta 20
Pregunta
. Gartex, a new company, completed these transactions.
1. Shareholders invested $45,000 cash and inventory worth $28,000.
2. Sales on account, $20,000.
What will Gartex’s total assets equal?
Respuesta
-
$93,000
-
. $73,000
-
$65,000
-
$53,000
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