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Chapter 4 Review

Total questions: 69

Worksheet time: 53mins

Name
Class
Date
1.

A tool used to analyze a business transaction's effect on an account.

a)

Chart of Accounts

b)

Business Transaction

c)

Ledger

d)

T Account

2.

The amount entered on the left side of an account

a)

Credit

b)

Debit

c)

Normal Balance

d)

Decrease Side

3.

This requires a debit and a credit for each transaction

a)

Chart of Accounts

b)

Double Entry Accounting

c)

Ledger

d)

T Account

4.

This is always on the increase side of an account

a)

Credit

b)

Debit

c)

Normal Balance

d)

Decrease Side

5.

An amount entered on the right side of an account

a)

Credit

b)

Debit

c)

Increase Side

d)

Decrease Side

6.

An "official" list of all the accounts used by a business to record its transactions.

a)

Chart of Accounts

b)

Ledger

c)

T Accounts

d)

Double Entry Accounting

7.

The normal balance for asset accounts

a)

Debit

b)

Credit

8.

The normal balance for the owner's capital account

a)

Debit

b)

Credit

9.

An increase in a liability account is recorded as a

a)

Debit

b)

Credit

10.

A decrease in the owner's capital account is recorded as a

a)

Debit

b)

Credit

11.

The normal balance for Accounts Receivable

a)

Debit

b)

Credit

12.

The normal balance for Accounts Payable

a)

Debit

b)

Credit

13.

An increase to Office Furniture

a)

Debit

b)

Credit

14.

An increase to Susan Dixon, Capital

a)

Debit

b)

Credit

15.

A decrease to Accounts Payable

a)

Debit

b)

Credit

16.

The top of the T account is used for account titles. Credits are entered on the left side of the T; debits, on the right.

a)

True

b)

False

17.

Debit and credit rules for accounts on one side of the accounting equation are mirror images of those on the other side.

a)

True

b)

False

18.

A credit to an account always increases it; a debit to an account always decreases it.

a)

True

b)

False

19.

An asset account appears on the right side of the accounting equation and is also increased on the right side of its T account.

a)

True

b)

False

20.

The payment of a liability is recorded by a debit to the liability account and a credit to the owner's capital account.

a)

True

b)

False

21.

Every transaction affects two or more accounts and is recorded by equal amounts of debits and credits.

a)

True

b)

False

22.

A business groups its accounts in a ledger.

a)

True

b)

False

23.

A business transaction can affect two accounts on the same side of the accounting equation and still leave the equation in balance.

a)

True

b)

False

24.
Apply the rules of Debit and Credit to the following accounts:
A decrease to cash is a _______?
a)
Debit
b)
Credit
25.
An increase to cash is ________?
a)
Debit
b)
Credit
26.
The normal balance for Cash is a 
a)
Debit
b)
Credit
27.
An increase to Supplies is a
a)
Debit
b)
Credit
28.
An increase to Office Furniture is a 
a)
Debit
b)
Credit
29.
A decrease to Accounts Payable is a
a)
Debit
b)
Credit
30.
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
a)
balance sheet
b)
income statement
c)
work sheet
d)
trial balance
31.
What is the normal balance for Accounts Receivable?
a)
Debit
b)
Credit
32.
What is the normal balance for Accounts Payable?
a)
Debit
b)
Credit
33.
What is the increase side for Office Supplies?
a)
Debit
b)
Credit
34.
What is the increase side for Maria Sanchez, Capital?
a)
Debit
b)
Credit
35.
The owner transfers a phone into the business. Office Equipment is:
a)
Debited
b)
Credited
36.
The business writes a check. Cash in Bank is:
a)
Debited
b)
Credited
37.
The business sells an old desk. Office Furniture is:
a)
Debited
b)
Credited
38.
The owner invest money in the business. Cash in Bank is:
a)
Debited
b)
Credited
39.
The business sells something on account. Accounts Receivable is:
a)
Debited
b)
Credited
40.
The business buys something on account. Accounts Payable is:
a)
Debited
b)
Credited
41.
The business receives money from the customer that previously owed on account. Accounts Receivable is:
a)
Debited
b)
Credited
42.
The business receives money from the customer that previously owed on account. Accounts Receivable is:
a)
Debited
b)
Credited
43.
The business pays the creditor for what was previously owed on account. Accounts Payable is:
a)
Debited
b)
Credited
44.
The business received cash for a service. Cash in bank is:
a)
Debited
b)
Credited
45.
Computer Equipment is classified as a:
a)
Asset
b)
Liability
c)
Owners Equity
46.
Maria Sanchez, Capital is classified as:
a)
Asset
b)
Liability
c)
Owners Equity
47.
Accounts Receivable is classified as a:
a)
Asset
b)
Liability
c)
Owners Equity
48.
Accounts Payable is classified as a:
a)
Asset
b)
Liability
c)
Owners Equity
49.
Cash in Bank is classified as a:
a)
Asset
b)
Liability
c)
Owners Equity
50.
When the business sells an old cash register on account what two accounts are effected.
a)
Cash in Bank and A/R
b)
Cash in Bank and Office Equipment
c)
A/R and Office Equipment
51.
When the owner transfers a computer into the business what two accounts are effected.
a)
Computer Equipment and Cash in Bank
b)
Computer Equipment and A/P
c)
Computer Equipment and Owner, Capital
52.
When business makes a partial payment on account what two accounts are effected.
a)
A/R and Cash in Bank
b)
A/P and Cash in Bank
c)
A/P and Owner, Capital
53.
When the customer makes a partial payment on account to the business what two accounts are effected.
a)
Cash in Bank and A/R
b)
Cash in Bank and A/P
c)
Cash in Bank and Owner, Capital
54.
When the business buys a new computer on account what two accounts are effected.
a)
Computer Equipment and Cash in Bank
b)
Computer Equipment and A/R
c)
Computer Equipment and A/P
55.
An accounting device used to analyze transactions is a T Account.
a)
True
b)
False
56.
An amount recorded on the left side of a T account is a credit.
a)
True
b)
False
57.
Each asset account has a normal debit balance.
a)
True
b)
False
58.
Each liability account has a normal credit balance.
a)
True
b)
False
59.
The balance of an account increases on the same side as the normal balance side.
a)
True
b)
False
60.
Asset accounts increase on the credit side.
a)
True
b)
False
61.
Each transaction changes the balances in at least two accounts.
a)
True
b)
False
62.
A list of accounts used by a business is a chart of accounts.
a)
True
b)
False
63.
When cash is paid for supplies, the supplies account is increased by a debit.
a)
True
b)
False
64.
Accounts receivable accounts are increased with a debit.
a)
True
b)
False
65.
Asset accounts increase on the credit side.
a)
True
b)
False
66.
Prepaid insurance is increased with a debit.
a)
True
b)
False
67.
Cash is increased with a credit.
a)
True
b)
False
68.
The balance of an account decreases on the side opposite the normal balance side.
a)
True
b)
False
69.
The left side of an asset account is the credit side becuase asset accounts are on the left side of the accounting equation.
a)
True
b)
False

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