Intermediate Accounting Chapter 2 Review
Authored by Kieva Brock
Financial Education
University
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65 questions
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1.
MULTIPLE CHOICE QUESTION
10 mins • 2 pts
Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash. What is the debited account?
Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash. What is the debited account?
Cash
Common Stock
Equipment
Notes Payable
2.
MULTIPLE CHOICE QUESTION
10 mins • 2 pts
Purchased equipment at a cost of $40,000. Cash of $10,000 was paid and a note payable to the seller was signed for the balance owed. What is the debited account?
Purchased equipment at a cost of $40,000. Cash of $10,000 was paid and a note payable to the seller was signed for the balance owed. What is the debited account?
Cash
Common Stock
Equipment
Notes Payable
3.
MULTIPLE CHOICE QUESTION
10 mins • 2 pts
Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash. What is the credited account?
Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash. What is the credited account?
Cash
Common Stock
Equipment
Notes Payable
4.
MULTIPLE SELECT QUESTION
10 mins • 2 pts
Purchased equipment at a cost of $40,000. Cash of $10,000 was paid and a note payable to the seller was signed for the balance owed. What is/are the credited account(s)?
Purchased equipment at a cost of $40,000. Cash of $10,000 was paid and a note payable to the seller was signed for the balance owed. What is/are the credited account(s)?
Cash
Common Stock
Equipment
Notes Payable
5.
MULTIPLE CHOICE QUESTION
10 mins • 2 pts
Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Which is the debited account?
Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Which is the debited account?
Inventory
Accounts Receivable
Accounts Payable
Sales Revenue
6.
MULTIPLE CHOICE QUESTION
10 mins • 2 pts
Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Which is the credited account?
Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Which is the credited account?
Inventory
Accounts Receivable
Accounts Payable
Sales Revenue
7.
MULTIPLE CHOICE QUESTION
10 mins • 2 pts
PART 1: Sold goods to customers on account for $120,000. The cost of the goods sold was $70,000. Which is the debited account?
PART 1: Sold goods to customers on account for $120,000. The cost of the goods sold was $70,000. Which is the debited account?
Inventory
Accounts Receivable
Accounts Payable
Sales Revenue
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