Pre-final Examination

What will usually cause an asset account to increase?

• Debit

• Credit

• Not a transaction

• No effect

Posting is the process of -

• Reconciling entries from the journal to the ledger

• Transferring entries from the journal to the ledger

• Reconciling entries from the ledger to the journal

• Transferring entries from the ledger to the journal

Which of the following results in a Net Loss?

• Revenue is more than the Expenses

• Revenue is equal to Expenses

• Revenue is less than Expenses

• Expenses is greater than Assets

The first step in the accounting process is-

• Prepare a trial balance

• Correcting a journal entry

• Posting journal entries to the ledger

• Identifying and recording transactions in the journal

Which of the following is considered partly real and partly nominal account?

• Mixed accounts

• Nominal accounts

• Real accounts

• Temporary accounts

Chronological recording of transactions is very essential in bookkeeping process. Chronological means______.

• based on accounting document

• based on the date of occurrence

• based on timely recording

• the debit is equal to credit

The drawing account is extended to what section of the worksheet?

• Debit side of income statement

• Debit side of balance sheet

• Credit side of income statement

• Credit side of balance sheet

When special books of accounts are used, merchandise bought on account is recorded in the-

• Cash disbursement journal

• General journal

• Purchase journal

• Sales journal

The portion of the property and equipment that have been allocated to the number of years is called_____.

• Appreciation

• Consumption

• Depreciation

• Deterioration

Transactions and events happened or took place within the business enterprise best describe the-

• Eventual transactions

• External transactions

• Internal transactions

• Occurrence of a transactions