Question 1The left side of an account is Answers: a.the balance of the account b.Blank c.the debit sided. A description of the accountResponse Feedback:Try again Question 2 In the first month of operations, the total of the debit entries to the Cash account amounted to $1,400 and the total of the credit entries to the Cash account amounted to $800. The Cash account has a Answers: a.$600 debit balance b.$1,400 debit balance c.$600 credit balanced.$800 credit balanceResponse Feedback:Try again .Question 3 All of the following are characteristics of every accounting information system except it is a system Answers: a.of data storage hardware for the chart of accounts b.that processes transaction data c.that collects transaction data d.that communicates financial information to decision makersResponse Feedback:You are correct! Question 4 Debits Answers:a.increase both assets and liabilities b.decrease assets and increase liabilities c.decrease both assets and liabilities d.increase assets and decrease liabilities Response Feedback:You are correct! Question 5 Jamal Company began the year with $84,000 in its Common Stock account and a debit balance in Retained Earnings of $36,000. During the year, the company earned net income of $18,000 and declared and paid $6,000 of dividends. In addition, the company sold additional common stock amounting to $22,000. Based on this information, what should the transaction analysis show for the ending total of all stockholders’ equity accounts?Answers:a.$166,000 b.$110,000 c.$82,000 d.$154,000 Response Feedback:Try again Question 6 Barnes Company showed the following balances at the end of its first year:Cash $14,000Prepaid insurance 700Accounts receivable 3,500Accounts payable 2,800Notes payable 4,200Common stock 5,400Dividends 700Revenues 24,000Expenses 17,500 Answers:a.$37,100 b.$37,800 c.$36,400 d.$35,700 Response Feedback:Try again. Question 7 An account is a part of the financial information system and is described by each one of the following except Answers:a.an account has a debit and credit side b.an account has a title c.an account consists of three partsd.an account is a source document Response Feedback:Try again. Question 8 Which of the following items has no effect on retained earnings? Answers:a.Expense b.Revenue c.Land Purchased d.Dividends Response Feedback:You are correct! Question 9 Which one of the following is not a part of an account?Answers:a.Title b.Trial Balance c.Debit Sided. d.Credit SideResponse Feedback:You are correct! Question 10 Which one of the following represents the basic accounting equation? Answers:a.Assets = Liabilities + Stockholder’s Equityb.Assets = Liabilities + Common Stock + Dividends – Revenue – Expensesc.Assets = Revenues + Expenses – Liabilitiesd.Assets + Dividends + Expenses = Liabilities + Common Stock + RevenuesResponse Feedback:Try again.

Question 1The left side of an account is Answers: a.the balance of the account b.Blank c.the debit sided. A description of the accountResponse Feedback:Try again Question 2 In the first month of operations, the total of the debit entries to the Cash account amounted to $1,400 and the total of the credit entries to the Cash account amounted to $800. The Cash account has a Answers: a.$600 debit balance b.$1,400 debit balance c.$600 credit balanced.$800 credit balanceResponse Feedback:Try again .Question 3 All of the following are characteristics of every accounting information system except it is a system Answers: a.of data storage hardware for the chart of accounts b.that processes transaction data c.that collects transaction data d.that communicates financial information to decision makersResponse Feedback:You are correct! Question 4 Debits Answers:a.increase both assets and liabilities b.decrease assets and increase liabilities c.decrease both assets and liabilities d.increase assets and decrease liabilities Response Feedback:You are correct! Question 5 Jamal Company began the year with $84,000 in its Common Stock account and a debit balance in Retained Earnings of $36,000. During the year, the company earned net income of $18,000 and declared and paid $6,000 of dividends. In addition, the company sold additional common stock amounting to $22,000. Based on this information, what should the transaction analysis show for the ending total of all stockholders’ equity accounts?Answers:a.$166,000 b.$110,000 c.$82,000 d.$154,000 Response Feedback:Try again Question 6 Barnes Company showed the following balances at the end of its first year:Cash $14,000Prepaid insurance 700Accounts receivable 3,500Accounts payable 2,800Notes payable 4,200Common stock 5,400Dividends 700Revenues 24,000Expenses 17,500 Answers:a.$37,100 b.$37,800 c.$36,400 d.$35,700 Response Feedback:Try again. Question 7 An account is a part of the financial information system and is described by each one of the following except Answers:a.an account has a debit and credit side b.an account has a title c.an account consists of three partsd.an account is a source document Response Feedback:Try again. Question 8 Which of the following items has no effect on retained earnings? Answers:a.Expense b.Revenue c.Land Purchased d.Dividends Response Feedback:You are correct! Question 9 Which one of the following is not a part of an account?Answers:a.Title b.Trial Balance c.Debit Sided. d.Credit SideResponse Feedback:You are correct! Question 10 Which one of the following represents the basic accounting equation? Answers:a.Assets = Liabilities + Stockholder’s Equityb.Assets = Liabilities + Common Stock + Dividends – Revenue – Expensesc.Assets = Revenues + Expenses – Liabilitiesd.Assets + Dividends + Expenses = Liabilities + Common Stock + RevenuesResponse Feedback:Try again.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Question 1The left side of an account is

Answers: a.the balance of the account

b.Blank c.the debit sided.

A description of the accountResponse

Feedback:Try again

Question 2 In the first month of operations, the total of the debit entries to the Cash account amounted to $1,400 and the total of the credit entries to the Cash account amounted to $800. The Cash account has a

Answers: a.$600 debit balance

b.$1,400 debit balance

c.$600 credit balanced.$800 credit balanceResponse

Feedback:Try again

.Question 3 All of the following are characteristics of every accounting information system except it is a system

Answers: a.of data storage hardware for the chart of accounts

b.that processes transaction data

c.that collects transaction data

d.that communicates financial information to decision makersResponse

Feedback:You are correct!

Question 4 Debits

Answers:a.increase both assets and liabilities

b.decrease assets and increase liabilities

c.decrease both assets and liabilities

d.increase assets and decrease liabilities

Response Feedback:You are correct!

Question 5 Jamal Company began the year with $84,000 in its Common Stock account and a debit balance in Retained Earnings of $36,000. During the year, the company earned net income of $18,000 and declared and paid $6,000 of dividends. In addition, the company sold additional common stock amounting to $22,000. Based on this information, what should the transaction analysis show for the ending total of all stockholders’ equity accounts?Answers:a.$166,000

b.$110,000 c.$82,000 d.$154,000

Response Feedback:Try again

Question 6 Barnes Company showed the following balances at the end of its first year:Cash $14,000Prepaid insurance 700Accounts receivable 3,500Accounts payable 2,800Notes payable 4,200Common stock 5,400Dividends 700Revenues 24,000Expenses 17,500

Answers:a.$37,100

b.$37,800

c.$36,400

d.$35,700

Response Feedback:Try again.

Question 7 An account is a part of the financial information system and is described by each one of the following except

Answers:a.an account has a debit and credit side

b.an account has a title

c.an account consists of three partsd.an account is a source document

Response Feedback:Try again.

Question 8 Which of the following items has no effect on retained earnings?

Answers:a.Expense

b.Revenue c.Land Purchased d.Dividends

Response Feedback:You are correct!

Question 9 Which one of the following is not a part of an account?Answers:a.Title

b.Trial Balance

c.Debit Sided.

d.Credit SideResponse

Feedback:You are correct!

Question 10 Which one of the following represents the basic accounting equation?

Answers:a.Assets = Liabilities + Stockholder’s Equityb.Assets = Liabilities + Common Stock + Dividends – Revenue – Expensesc.Assets = Revenues + Expenses – Liabilitiesd.Assets + Dividends + Expenses = Liabilities + Common Stock + RevenuesResponse Feedback:Try again.

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