
AC151_Review
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University
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Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Account balances are always computed as: Sum of debits minus sum of credits, Sum of credits minus sum of debits, Sum of larger side minus sum of the smaller side, Sum of smaller side minus sum of the larger side
Back
Sum of larger side minus sum of the smaller side
2.
FLASHCARD QUESTION
Front
All of the following normally have debit balances except: Cash, Interest Receivable, Prepaid Expense, Accounts Payable
Back
Accounts Payable
3.
FLASHCARD QUESTION
Front
A company’s Assets is $45,000; Liabilities is $32,000; its Owner's Equity balance is:
Back
$13,000
4.
FLASHCARD QUESTION
Front
Compute Owner's Equity from the following: Owners Capital - $40,000; Owners Drawings - $12,000; Revenue - $38,000 and Expenses - $25,000
Back
$41,000
5.
FLASHCARD QUESTION
Front
Compute Net Income when: Revenue - $97,000; Expenses - $76,000; Cash - $4,000
Back
$21,000
6.
FLASHCARD QUESTION
Front
All of the following normally have credit balances except: Sales Revenue, Fee Income, Accumulated Depreciation.
Back
Prepaid Expense
7.
FLASHCARD QUESTION
Front
On the bank reconciliation statement, a ‘dishonored’ (NSF) check from a customer will appear as:
Back
Decrease to book balance
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