Accounting Quiz
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Angie Sass
Used 4+ times
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64 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 2 pts
If total liabilities are $75,000 and owner’s equity is $150,000, total assets must be
$75,000.
$150,000.
$250,000.
$225,000.
2.
MULTIPLE CHOICE QUESTION
15 mins • 2 pts
Jackson Company received cash on account from customers, $2,300. The accountant would record a
debit to income from services, $2,300.
credit to income from services, $2,300.
debit to accounts receivable, $2,300.
credit to accounts receivable, $2,300.
3.
MULTIPLE CHOICE QUESTION
15 mins • 2 pts
Kaufman Company had a beginning normal balance of $15,000 in the accounts payable account. The accountant posted a $5,000 credit on May 6, a $2,500 credit on May 14, and a $8,000 debit on May 26. What is the balance of accounts payable in the general ledger?
$15,500 credit
$4,500 debit
$14,500 credit
$15,500 debit
4.
MULTIPLE CHOICE QUESTION
15 mins • 2 pts
In the accounting process, the second step is to
record the information from a source document.
record the account numbers in the journal.
post entries to the ledger accounts.
prepare a trial balance.
5.
MULTIPLE CHOICE QUESTION
15 mins • 2 pts
Anderson’s Architectural Design works a five-day workweek and pays $30,000 in salaries every Friday. If the accounting period ended on a Wednesday, which of the following would be the proper adjusting entry?
Debit Salaries Expense $12,000; credit Salaries Payable $12,000
Debit Salaries Expense $18,000; credit Salaries Payable $18,000
Debit Salaries Expense $24,000; credit Salaries Payable $24,000
Debit Salaries Expense $30,000; credit Salaries Payable $30,000
6.
MULTIPLE CHOICE QUESTION
15 mins • 2 pts
If the Income Statement Debit and Credit columns on a worksheet are not equal after adding the respective columns,
the company either generated a net income or incurred a net loss.
an error has been made.
the liabilities must exceed the assets.
the company incurred a net loss.
7.
MULTIPLE CHOICE QUESTION
15 mins • 2 pts
After journalizing and posting adjusting entries to the general ledger, the balances in the accounts should agree with the balances shown on the
trial balance.
income statement.
chart of accounts.
adjusted trial balance.
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