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Accounting I - Objective 2 Keller

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Test review for objective 2 in Accounting I
Kathleen Keller
Test por Kathleen Keller, actualizado hace más de 1 año
Kathleen Keller
Creado por Kathleen Keller hace alrededor de 9 años
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Resumen del Recurso

Pregunta 1

Pregunta
Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Repair Expense, $250. What is the entry to correct the error?
Respuesta
  • Debit Utilities Expense, $250; credit Cash, $250
  • Debit Utilities Expense, $250; credit Repairs Expense, $250
  • Debit Repair Expense, $250; credit Utilities Expense, $250
  • Debit Cash, $250; debit Utilities Expense, $250

Pregunta 2

Pregunta
Please use the following passage for this question. Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 What is the component percentage for Rent Expense?
Respuesta
  • 12%
  • 2.5%
  • 2.3%
  • 16%

Pregunta 3

Pregunta
Mary is preparing a Balance Sheet. What must she do after she completes the heading information?
Respuesta
  • Prepare the Asset section.
  • Write the titles of all the liability accounts.
  • Prepare the Owner's Equity section.
  • Double rule across the left and right columns.

Pregunta 4

Pregunta
On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a...
Respuesta
  • Net income of $400
  • Net loss of $400
  • Net income of $2,000
  • Net loss of $2,000

Pregunta 5

Pregunta
Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Assets for the Balance Sheet?
Image:
25315199-9c2b-4025-9134-ac0ceffe01e9 (image/png)
Respuesta
  • $1,700
  • $2,000
  • $2,900
  • $3,000

Pregunta 6

Pregunta
Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 In Scenario 2.02 B, what is the component percentage for Utilities Expense?
Respuesta
  • 2%
  • 2.5%
  • 2.3%
  • 16%

Pregunta 7

Pregunta
Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 In Scenario 2.02 B, what is the component percentage for Total Expenses?
Respuesta
  • 36.6%
  • 20.9%
  • 46.3%
  • 51.3%

Pregunta 8

Pregunta
The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a...
Respuesta
  • Net loss of $150
  • Net income of $150
  • Net income of $1,350
  • Net loss of $1,350

Pregunta 9

Pregunta
Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Net Income?
Image:
e231ed32-9c58-419a-9bc9-ccfe3317729e (image/png)
Respuesta
  • 33.3%
  • 60%
  • 66.7%
  • 100%

Pregunta 10

Pregunta
Scenario 2.02 B Jackson Company has Sales of $7,500. The company has the following expenses: Advertising Expense - $1,300 Insurance Expense - $850 Rent Expense - $900 Supplies Expense - $250 Utilities Expense - $175 In Scenario 2.02 B, what is the component percentage for Net Income?
Respuesta
  • 62.5%
  • 53.7%
  • 100%
  • 63.4%

Pregunta 11

Pregunta
When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement?
Respuesta
  • Write the name of the company.
  • Prepare the Assets Section.
  • Calculate the total of the liabilities.
  • Double rule across the left and right columns.

Pregunta 12

Pregunta
On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a:
Respuesta
  • Net income of $4,550
  • Net income of $250
  • Net loss of $4,550
  • Net loss of $250

Pregunta 13

Pregunta
Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Total Expenses?
Image:
0c5f1c60-cf35-465c-ad7b-3bbe10168da8 (image/png)
Respuesta
  • 33.3%
  • 60%
  • 66.7%
  • 100%

Pregunta 14

Pregunta
Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Liabilities for the Balance Sheet?
Image:
cd620b20-b2e1-4773-b470-d514e114c437 (image/png)
Respuesta
  • $975
  • $1.075
  • $1,125
  • $2,000

Pregunta 15

Pregunta
John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT?
Respuesta
  • Record the balance of the revenue account.
  • Write the balance of each expense account.
  • Calculate the net income or net loss.
  • Double rule across both amount columns.

Pregunta 16

Pregunta
Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be?
Respuesta
  • The Total Assets are greater than the Total Liabilities.
  • The Total Assets are less than the Owner's Equity.
  • The Total Assets should equal Total Liabilities plus Owner's Equity.
  • The Total Assets plus Total Liabilities equal Owner's Equity.

Pregunta 17

Pregunta
Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement?
Respuesta
  • Write the name of the company.
  • Prepare the Revenue Section.
  • Calculate the net income or net loss.
  • Calculate the component percentages.

Pregunta 18

Pregunta
If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the worksheet is to debit:
Respuesta
  • Insurance Expense and credit Prepaid Insurance $1,200.
  • Insurance Expense and credit Prepaid Insurance $2,200.
  • Prepaid Insurance and credit Insurance Expense $1,200.
  • Prepaid Insurance and credit Insurance Expense $2,200.

Pregunta 19

Pregunta
If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the worksheet is to debit:
Respuesta
  • Supplies and credit Supplies Expense $500.
  • Supplies and credit Supplies Expense $1,000.
  • Supplies Expense and credit Supplies $500.
  • Supplies Expense and credit Supplies $1,500.

Pregunta 20

Pregunta
Mary is preparing a Balance Sheet. What must she do after she completes the Assets section?
Respuesta
  • Prepare the Expense section.
  • Prepare the Liability section.
  • Prepare the Owner's Equity section.
  • Double rule across the left and right columns.

Pregunta 21

Pregunta
If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the worksheet is to debit:
Respuesta
  • Supplies and credit Supplies Expense $700.
  • Supplies and credit Supplies Expense $1,500.
  • Supplies Expense and credit Supplies $700.
  • Supplies Expense and credit Supplies $1,500.

Pregunta 22

Pregunta
When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step?
Respuesta
  • Add each column to verify that debits equal credits.
  • Write each column's total below the single line.
  • Double rule across both amount columns.
  • Single rule across both amount columns below the last amounts.

Pregunta 23

Pregunta
If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the worksheet is to debit:
Respuesta
  • Insurance Expense and credit Prepaid Insurance $1,200.
  • Insurance Expense and credit Prepaid Insurance $800.
  • Prepaid Insurance and credit Insurance Expense $1,200.
  • Prepaid Insurance and credit Insurance Expense $800.

Pregunta 24

Pregunta
Michael is preparing the closing entries for his company. He has closed all the income statement accounts that have a credit balance. What is the NEXT step that he will perform?
Respuesta
  • Journalize an entry to transfer net income or net loss to the owner's capital account and close the Income Summary account.
  • Journalize an entry to close the owner's drawing account.
  • Journalize an entry to close income statement accounts that have a debit balance.
  • Journalize an entry to close income statement accounts that have a credit balance.

Pregunta 25

Pregunta
The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit:
Respuesta
  • Drawing, credit owner's equity account for $275.
  • Drawing, credit Income Summary for $275.
  • Owner's equity account, credit drawing account for $275.
  • Income summary, credit drawing account for $275.

Pregunta 26

Pregunta
Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit:
Respuesta
  • Drawing, and credit Income Summary, $2,000.
  • Owner's equity, and credit Income Summary, $2,000.
  • Sales, and credit Income Summary, $2,000.
  • Income Summary, and credit Drawing, $2,000.

Pregunta 27

Pregunta
The Sales account has a balance of $3,875. To close the Sales account, debit:
Respuesta
  • Sales $3,875 and credit Income Summary $3,875.
  • Income Summary $3,875 and credit Sales $3,875.
  • Sales $3,875 and credit Owner's Equity $3,875.
  • Owner's Equity $3,875 and credit Sales $3,875.

Pregunta 28

Pregunta
When closing the Advertising Expense account, debit:
Respuesta
  • Owner's Equity and credit Advertising Expense.
  • Advertising Expense and credit Income Summary.
  • Income Summary and credit Advertising Expense.
  • Advertising Expense and credit Owner's Equity.

Pregunta 29

Pregunta
The beginning supplies balance is $2,300 and the ending supplies balance is $2,200. The correct adjusting entry will be to debit:
Respuesta
  • Supplies and credit Supplies Expense $100.
  • Supplies and credit Supplies Expense $2,300.
  • Supplies Expense and credit Supplies $100.
  • Supplies Expense and credit Supplies $2,300.

Pregunta 30

Pregunta
The beginning Prepaid Insurance balance is $3,700 and the ending Prepaid Insurance balance is $2,200. The correct adjusting entry will be to debit:
Respuesta
  • Prepaid Insurance and credit Insurance Expense $1,500.
  • Insurance Expense and credit Prepaid Insurance $1,500.
  • Prepaid Insurance and credit Insurance Expense $3,700.
  • Insurance Expense and credit Prepaid Insurance $3,700.

Pregunta 31

Pregunta
When closing the Miscellaneous Expense account, debit:
Respuesta
  • Owner's Equity and credit Miscellaneous Expense.
  • Miscellaneous Expense and credit Owner's Equity.
  • Miscellaneous Expense and credit Income Summary.
  • Income Summary and credit Miscellaneous Expense.

Pregunta 32

Pregunta
James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit:
Respuesta
  • Drawing, and credit Income Summary, $900.
  • Income Summary, and credit Drawing, $900.
  • Sales, and credit Income Summary, $900.
  • Income Summary, and credit Owner's Equity, $900.

Pregunta 33

Pregunta
Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT?
Respuesta
  • Journalize an entry to transfer net income or net loss to the owner's capital account and close the income summary account
  • Journalize an entry to close the owner's drawing account
  • Journalize an entry to close income statement accounts that have a debit balance
  • Journalize an entry to close income statement accounts that have a credit balance

Pregunta 34

Pregunta
In preparing adjusting entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT?
Respuesta
  • Record the debit amount in the General Debit column
  • Record the credit amount in the General Credit column
  • Write the title of the account debited in the Account Title column
  • Write the title of the account credited in the Account Title column

Pregunta 35

Pregunta
Group Material 2.03 B contains a partial worksheet. The correct closing entry for the revenue account is to debit:
Image:
b28c9d4d-d9bb-478a-9391-052a5d741f80 (image/png)
Respuesta
  • Anthony Coleman, Capital $7,225 and credit Sales $7,225.
  • Income Summary $7,225 and credit Sales $7,225.
  • Sales $7,225 and credit Income Summary $7,225.
  • Sales $7,225 and credit Anthony Coleman, Capital $7,225.

Pregunta 36

Pregunta
Group Material 2.03 B contains a partial worksheet. The correct closing entry for the income summary account is to debit:
Image:
7f11a847-2b34-4a96-9edb-c5d7b5cec7ed (image/png)
Respuesta
  • Anthony Coleman, Drawing $325 and credit Income Summary $325.
  • Anthony Coleman, Capital $1,875 and Income Summary $1,875.
  • Income Summary $4,625 and credit Anthony Coleman, Capital $4,625.
  • Income Summary $1,875 and credit Anthony Coleman, Capital $1,875.

Pregunta 37

Pregunta
Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column. What will he do NEXT?
Respuesta
  • Rule a single line below the last amount in each column
  • Write the account balance in either the debit or credit column
  • Write the account titles of all general ledger accounts that have balances in the Account Title column
  • Write the heading

Pregunta 38

Pregunta
Group Material 2.03 B contains a partial worksheet. The correct closing entry for the owner's drawing account is to debit:
Image:
fb73fd4d-1eff-4bda-8e84-92454d0da353 (image/png)
Respuesta
  • Anthony Coleman, Capital $325 and credit Anthony Coleman Drawing $325.
  • Amos Maxwell, Drawing $325 and credit Income Summary $325.
  • Amos Maxwell, Drawing $325 and credit Amos Maxwell, Capital $325.
  • Income Summary $325 and credit Anthony Coleman, Drawing $325.

Pregunta 39

Pregunta
On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do NEXT?
Respuesta
  • Record the credit amount in the General Credit column
  • Record the debit amount in the General Debit column
  • Write the title of the account credited in the Account Title column
  • Write the title of the account debited in the Account Title column

Pregunta 40

Pregunta
Group Material 2.03 B contains a partial worksheet. The correct closing entry for the Advertising Expense account is to debit:
Image:
71dc23c9-d569-403e-bcf2-7a486307e31f (image/jpeg)
Respuesta
  • Advertising Expense $550 and credit Anthony Coleman, Capital $550.
  • Income Summary $550 and credit Advertising Expense $550.
  • Anthony Coleman, Capital $550 and credit Advertising Expense $550.
  • Advertising Expense $550 and credit Income Summary $550.

Pregunta 41

Pregunta
Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the heading section, what will he do NEXT?
Respuesta
  • Rule a single line below the last amount in each column
  • Write the account balance in either the debit or credit column
  • Write the account titles of all general ledger accounts that have balances in the Account Title column
  • Write the account totals
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