Ferg-Exinfm.com Starting the Business C2L1 (11)

Accounting is a _______________ entry process.

• double

• single

• triple

Debit means _____________ side

• left

• right

Credit means ____________ side

• Right

• Left

When debits and credits equal the same amount, your accounts are ____________.

• balanced

• heavy

• light

• equal

If we wanted to do our accounting manually, then we would maintain a ______________ to record all transactions.

• journal

• notebook

• account

• entry

We must maintain a centralized record of all entries to account for the economic _________________ of the business.

• transactions

• debits

• credits

• errors

When Harold Jones initially invests in his business the correct entry is:

• DB - Cash

  CR - Capital - Harold Jones

• DB - Capital, Harold Jones

  CR - Cash

• DB - Cash

  CR- Owner's Withdrawal

• DB - Owner's Withdrawals

  CR - Cash

If you deposit $30,000 cash and pay utilities of $500 and rent of $2,000, what is your balance in the cash account?

• $27,500

• $32,500

• $24,500

• $35,500

If you deposit $5,000 cash and pay utilities of $400 and rent of $1,500, your balance will be:

• $3,400

• $3,100

• $3,600

• $3,900

You have deposits of $5,000; $7,500; $1,255, $3,800 and will pay the $1,000 utility bill NEXT MONTH. What is your deposit balance?

• $17,555

• $16,555

• $18,555

• $15,555