
Mid-year Accounting Review
Authored by Colleen Barber
Business
9th - 12th Grade
Used 3+ times

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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an error is recorded in a journal entry,
cancel the error by drawing a neat line through the error.
correct the entry by writing the correct item above the canceled error.
do not erase the incorrect item.
all of these.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The first step in the posting procedure is writing the
entry date in the Date column of the account.
journal page number in the Post. Ref. column of the journal.
account number in the Post. Ref. column of the account.
entry amount in the Debit or Credit column of the account.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income Summary is a(n)
asset account.
liability account.
temporary account.
permanent account.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets taken out of a business for the personal use of the owner are called
net income.
net loss.
investments.
withdrawals.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is
increased.
descreased.
unaffected.
correct.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On a work sheet, the balance of the owner's drawing account is extended to the
Income Statement Debit column.
Income Statement Credit column.
Balance Sheet Debit column.
Balance Sheet Credit column.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When cash is paid for insurance,
Prepaid Insurance is decreased.
Prepaid Insurance is credited.
Prepaid Insurance is increased.
none of these.
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