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Accounting I Final Review

Authored by BRENDA MONROE

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Accounting I Final Review
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The difference between the total debits and credits to an account is called a

trial balance.
ruling
balance
footing.

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A credit represents a decrease in

revenues.
owner's equity.
a liability.
an asset.

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

An increase in an asset account may be offset by a(n)

decrease in a liability account.
increase in owner's equity.
decrease in owner's equity.
increase in an expense account.

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Asset and expense accounts normally have

negative balances.
debit balances.
credit balances.
large balances.

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate may be referred to as a(n)

bookkeeper.
information processor.
accountant.
internal auditor.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A corporation is usually managed by

stockholders.
a proprietor.
a professional manager.
two or more partners.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Posting from the journal to the ledger does NOT involve which of the following steps?

Enter the date of each transaction in the accounts.
Enter the amount of each transaction in the accounts.
Enter the page of the journal from which each transaction is posted in the accounts.
Enter the description of the entry.

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